That's misleading. The company in its current form hasn't been around that long. If excess acquisition costs can be booked as an asset, I don't see why the commission advances can't. Just recognize what they are when you do your valuation. It's stinky, no doubt. And if the insiders start to bail, I will too. It's like the timeshares, and like Apple. The negative bias is so great, and the shorts so tremendous that it makes the perfect contrarian play. |
Also, its cooperation deals with CNA and other large insurers has yielded low to nil sales. This is most concerning to me, and is the thing that makes me regret bringing it up on this board. When I come right down to it, I own it for reasons other than Buffett's tenets.