NSEC
I've been selling my shares in NSEC. I like NSEC, but KINS is by far my favorite insurance play, as NSEC has basically no top line growth to speak of. There was also some factor last quarter when I re DD it last week. To me commission expense was abnormally low in q4, by about 1 million (don't know what to make of that), admittingly sga was more then normal about 500k-600K. And One knows historically they have shown much higher loss expense in q1 and q2 then q3 and q4 where they generally come tumbiling down. I think earnings considering the bad weather will not match last year numbers in q1 at the very least, so I have been taking profits, Plus I feel my estimates were a bit too high for the coming year, so I will take my profits and run. Onto the next. All is just my opinion, and I could always be wrong though.
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