Berkfan, lord help relying on me for the when of it all. I made an investment in BRO in 1994 then basically paraded my "expertise" (I'm NOT serious here) around claiming wha.t a fantastic business - and as times price - it was...while not once buying more. Then over on the COBF forums we started an insurance broker forum a couple of years ago and a guy using Spekulatius (I know him, we eat lunches together) brought it up to buy more recently in the $60-ish range. And so there I go and buy more.

Obviously I needed prodding to do what I preach. That said, I do not think the brokers are what we call good buys currently. I do read Wells Fargo's insurance broker research and it has proven time and time again to be quite good for years. They have positive views of the brokers including BRO and AJG today. But they are modeling them with good EPS growth and low to mid 20's PE ratios based on free cash flow.

Uggh, I'm just a poor source for the when of it all.

Berkshire Hathaway FAQ

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