Hi Travis, I think your newsletter is great and like your general analytical approach – I don’t agree w you on this group of stocks, mostly because you are effectively outsourcing on a high fee basis when you yourself are a good stock picker – as old Warren says, tough to make money long term relying on someone else –

I get that Loeb has a pretty good record, but don’t particularly like the fee structure, and think us small guys can do better on our own – for what it’s worth I have done better then he has over comparable time frames, and hope to cont. to do so – and making it easier for me I don’t have a 1/20 fee structure, and I can take big stakes in small companies, which he really can’t do –

Finally, perhaps the cheap float swings the balance in Loeb’s factor -but here I’d just say buy a couple high quality insurance companies around book, and you still benefit from the refresh of their investment book at higher rates, plus are likely to get better underlying insurance businesses – ORI and SAFT are two examples –

anyway, just my two cents on this particularly idea, look fwd to next month
best,
irregular subscriber, CFA, RIA

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