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Strong Buy
Q4 & 2008 ResultsFantastic year, "Best ever year in our 23 year history" according to Prem. In Q4 they got out of govt bonds with a large gain and got into the tax-advantaged munis, essentially doubling the return to ~8%. Same for the stock market hedges, they unwound those and bought over a $1B notch securities very cheap. This while just about every other large financial co out there is on the streets with their begging bowls.Of course the ratings agencies still have these at A rating while FFH just got upgraded from junk status. If there are any value investors out there, there cannot be a better opportunity of ignoring price and just buying underlying(intrinsic) value. FFH is worth way, way more. |
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