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Andre Kostolany July 18, 2019

Kingstone: A simple New York homeowners insurer

Kingstone Insurance Kingstone Insurance (KINS) is a multi-line provider of personal and commercial insurance. The company distributes predominately through independent brokers and agencies with a high touch model. The vast majority of premiums underwritten today have been in the state of NY in home property insurance. More recently, the company has begun branching out into neighboring states such as Pennsylvania, Rhode Island and New Jersey. What is unique about Kingstone is their willingness to operate with smaller rural agencies. While most insurance companies require significant minimum...

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Geoff Gannon July 15, 2019

Truxton (TRUX): A One-Branch Nashville Private Bank and Wealth Manager Growing 10% a Year and Trading at a P/E of 14

by GEOFF GANNON Truxton (TRUX) is an illiquid, micro-cap bank stock. TRUX is not listed on any stock exchange. It trades “over-the-counter”. And it does not file with the SEC. The bank has two locations (one in Nashville, Tennessee and one in Athens, Georgia). However, only one location (the Nashville HQ) is actually a bank branch. So, I’m going to be calling Truxton a “one branch” bank despite it having two wealth management locations. The company doesn’t file with the SEC. But, it is not...

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Geoff Gannon July 12, 2019

Jubilee Holdings Ltd: East Africa’s Largest and Most Profitable Insurer is Hidden Behind a Thinly Traded Stock

Jubilee Holdings Ltd: East Africa’s Largest and Most Profitable Insurance Company Is Hidden Behind a Thinly Traded Stock By John M. Kamara JUBI(Ticker Symbol – “JUBI” in Nairobi) is an insurance holding company listed on the Nairobi Stock Exchange since 1985 that owns and operates an 82 year old insurance operation across the East African region. As of June 28, 2019 the company has a market cap of US$290million (Ksh29 billion). In my view, the stock offers a decent investment opportunity for a buy-and-hold type...

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Geoff Gannon July 1, 2019

United Plantations: A Low-Cost Palm Oil Producer with 11 to 17% Returns on Equity and Excellent Capital Allocation

by WARWICK BAGNALL United Plantations Berhad (KLSE:UTDPLT, UP for the sake of brevity) is an integrated palm oil plantation, milling and refining company (plus a small coconut plantation). It’s currently too expensive for me to buy but it is a company that I would like to own if the price ever drops to an acceptable level. Superficially, there are a lot of reasons why palm oil companies look like a bad investment. Like all agricultural commodities, the price of palm oil fluctuates a lot. There’s...

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