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HEROES

In keeping with the "eat or be eaten" environment that has typified the U.S.steel industry in the 1990s, steel products and services provider Inland Steel Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IAD)") else Response.Write("(NYSE: IAD)") end if %> today agreed to sell its Inland Steel Co. steel-making subsidiary to Holland's Ispat International N.V. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IST)") else Response.Write("(NYSE: IST)") end if %> for $888.2 million in cash and $538.6 million in assumed debt. The deal pushed shares of Inland Steel up $4 3/8 to $27 3/4, while Ispat rose $1 1/14 to $26. Inland's 87%-owned steel service centers subsidiary Ryerson Tull <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RT)") else Response.Write("(NYSE: RT)") end if %> also rose $1 1/2 to $19 5/8 on the news. Investors, speculating that the consolidation trend still has some legs to it, drove up the shares of other steel makers as well. Bethlehem Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BS)") else Response.Write("(NYSE: BS)") end if %> added $7/8 to $13 3/16, National Steel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NS)") else Response.Write("(NYSE: NS)") end if %> advanced $1 7/8 to $18 11/16, LTV Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LTV)") else Response.Write("(NYSE: LTV)") end if %> tacked on $1/2 to $12 7/8, Armco Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AS)") else Response.Write("(NYSE: AS)") end if %> climbed $11/16 to $5 15/16, AK Steel Holding Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AKS)") else Response.Write("(NYSE: AKS)") end if %> rose $1 5/16 to $20, and Nucor Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NUE)") else Response.Write("(NYSE: NUE)") end if %> gained $2 5/8 to $55 1/2.

H. F. Ahmanson & Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AHM)") else Response.Write("(NYSE: AHM)") end if %> jumped $12 3/8 to $77 7/8 after announcing a definitive agreement to merge with Seattle-based thrift Washington Mutual <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WAMU)") else Response.Write("(Nasdaq: WAMU)") end if %> in a stock swap valued at $9.9 billion. Each Ahmanson share will be converted into 1.12 shares of Washington Mutual stock. The conversion rate represents a purchase price of $80.36 per Ahmanson share, or a 23% premium to the stock's closing price of $65 1/2 yesterday. Last year, the two thrifts were at each others' throats over Great Western Financial, for which Ahmanson launched a hostile takeover offer and said it would take all job cuts out of Great Western's employee base. WAMU, as it's called, came to the rescue to merge with Great Western and became the country's largest thrift, surpassing Ahmanson. The combined entity will rank among the country's largest banks, serving 6 million consumer and small business customers through 2,000 branches in Texas and the West Coast. WAMU expects the merger will produce $330 million in annual cost savings by 2000 and will be accretive to earnings starting that same year.

QUICK TAKES: PC-based voice processing systems company Active Voice Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ACVC)") else Response.Write("(Nasdaq: ACVC)") end if %> rose $1 3/16 to $14 1/2 after announcing that its Repartee voice processing product will be included in PCs manufactured by direct computer systems retailer Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %>... Vancouver-based Ballard Power Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BLDPF)") else Response.Write("(Nasdaq: BLDPF)") end if %> moved up $11 1/16 to $128 1/16 after the maker of zero-emission fuel cells secured a $2.5 million contract to provide fuel cells for General Motors' <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GM)") else Response.Write("(NYSE: GM)") end if %> electric vehicle R&D program... Sacre bleu! Shares of French telecommunications company France Telecom <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FTE)") else Response.Write("(NYSE: FTE)") end if %> traded up $3 3/8 to $57 1/16 today after the firm acquired a 67% interest in French Internet service provider Oleane.

Supermarket chain Foodarama Supermarkets <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: FSM)") else Response.Write("(AMEX: FSM)") end if %> gained $6 1/4 to $30 1/4 after reporting fiscal Q1 EPS of $0.70, more than five times the $0.13 earned during the same period a year ago... Contract industrial parts manufacturer Washington Scientific Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WSCI)") else Response.Write("(Nasdaq: WSCI)") end if %> added $7/8 to $6 on reporting fiscal Q2 EPS of $0.20 versus $0.09 a year ago... ForeFront Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FFGI)") else Response.Write("(Nasdaq: FFGI)") end if %> stepped up $1 3/16 to $14 9/16 after the provider of training solutions for technical professionals agreed to merge with interactive education software developer CBT Group Plc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CBTSY)") else Response.Write("(Nasdaq: CBTSY)") end if %> in a stock swap valued at $147.4 million... Computer conferencing products maker Microfield Graphics <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MICG)") else Response.Write("(Nasdaq: MICG)") end if %> climbed $1 9/16 to $8 after office furniture manufacturer Steelcase Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCS)") else Response.Write("(NYSE: SCS)") end if %> yesterday agreed to acquire a 9.8% stake in the company as part of a joint agreement to develop products featuring Microfield's digital whiteboard technology.

Glenayre Western Multiplex <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GEMS)") else Response.Write("(Nasdaq: GEMS)") end if %> climbed $1 15/16 to $13 after the provider of wireless communications equipment formed an alliance with privately owned digital transmission equipment supplier Intraplex Inc. to provide spread spectrum wireless link technology to broadcasters... High-speed digital transmission technologies company Adtran Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADTN)") else Response.Write("(Nasdaq: ADTN)") end if %> gained $1 11/16 to $28 9/16 after introducing its new two-wire repeaterless digital data services system yesterday... CollaGenex Pharmaceuticals <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CGPI)") else Response.Write("(Nasdaq: CGPI)") end if %> gained $2 5/8 to $9 11/16 after the pharmaceutical company agreed with the FDA on an action plan and timeline for the review of the company's new drug application for Periostat, its periodontal disease treatment. BT Alex. Brown upgraded the stock to "strong buy" from "buy."

Carpeting and furniture cushioning products maker Foamex International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FMXI)") else Response.Write("(Nasdaq: FMXI)") end if %> advanced $2 5/8 to $17 3/8 after receiving an unsolicited buyout offer from privately owned Trace International Holdings at a price of $17 per share. The offer represents a 22.5% premium to the stock's closing price of $13 7/8 on Friday... Balsa wood products manufacturer and shrimp farmer Baltek Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BTEK)") else Response.Write("(Nasdaq: BTEK)") end if %> was lifted $1 to $8 5/8 after reporting Q4 EPS of $0.31, which was almost four times higher than the $0.08 earned a year ago... Four Media Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FOUR)") else Response.Write("(Nasdaq: FOUR)") end if %> moved $1 11/32 higher to $8 7/8 after the provider of programming support services to TV and feature film studios reported fiscal Q2 EPS of $0.07, which was in line with the First Call mean estimate.

3Dfx Interactive <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TDFX)") else Response.Write("(Nasdaq: TDFX)") end if %> stormed ahead $1 31/32 to $28 25/32 after the company announced that PC multimedia products manufacturer STB Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: STBI)") else Response.Write("(Nasdaq: STBI)") end if %> will adopt 3Dfx's Voodoo2 graphics accelerator chipset for its new 3D accelerator card... Real estate services company Insignia Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IFS)") else Response.Write("(NYSE: IFS)") end if %> rose $1 9/16 to $27 1/16 after real estate investment trust (REIT) Apartment Investment and Management Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AIV)") else Response.Write("(NYSE: AIV)") end if %> agreed to buy the firm's residential property management operations and 75% of its Insignia Properties Trust unit for $350 million in preferred stock and $460 million in assumed debt.

Chase Manhattan Bank <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CMB)") else Response.Write("(NYSE: CMB)") end if %> gained $6 7/16 to $134 3/4 after saying it would cut 4,500 positions, take a $510 million charge to fiscal Q1 earnings, split its stock two-for-one, and increase its quarterly dividend 16% to $0.72. The so-called "money center bank" said the restructuring will result in 10% revenue growth and higher than 18% return on equity within two years... International Isotopes <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INIS)") else Response.Write("(Nasdaq: INIS)") end if %> was lifted $4 1/2 to $26 3/16 today, but the real news for the company happened on January 21. On that date, the firm inked a lucrative contract to provide radioactive "seeds" for a new prostate cancer treatment being developed by urological medical products company Imagyn Medical Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IMTI)") else Response.Write("(Nasdaq: IMTI)") end if %>.

RATINGS MOVERS: Dermatology and cosmetic products delivery systems developer Advanced Polymer Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: APOS)") else Response.Write("(Nasdaq: APOS)") end if %> advanced $1 /18 to $8 1/4 after SBC Warburg Dillon Read started coverage of the stock with a "buy" rating... J.B. Hunt Transportation Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: JBHT)") else Response.Write("(Nasdaq: JBHT)") end if %> rolled $1 7/16 higher to $29 13/16 after Morgan Stanley upgraded the shares of the transportation and logistics services company to "outperform" from "neutral"... Biopharmaceutical company Centocor Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNTO)") else Response.Write("(Nasdaq: CNTO)") end if %> gained $2 1/8 to $40 11/16 after Merrill Lynch named the company its "Focus 1 Stock of the Week"... Air cargo services company Atlas Air <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CGO)") else Response.Write("(NYSE: CGO)") end if %> rose $11/16 to $34 as Merrill Lynch raised its rating on the company to "outperform" from "neutral"... Memco Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MEMCF)") else Response.Write("(Nasdaq: MEMCF)") end if %> climbed $1 9/16 to $24 14/16 after Bear Stearns started coverage of the security software provider with an "attractive" rating.

GOATS

Integrated circuits, electronics, and PC manufacturer Micron Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MU)") else Response.Write("(NYSE: MU)") end if %> lost $1 13/16 to $31 15/16 after reporting late yesterday a higher-than-expected second quarter loss of $0.23 per share on sales of $755 million. Operating losses incurred by the company's semiconductor memory and PC systems operations were partially offset by the sale of 90% of the company's contract manufacturing subsidiary. Without the gain on that sale, the company's per-share loss looked to be more in the $0.46 range. The company said its semiconductor memory operations have been "severely impacted" by discounting on the part of cash-strapped Asian competitors. Average prices for 16-Megabit dynamic random access memory (DRAM) chips have dropped to under $3 apiece from more than $8 a year ago. According to the IDC, the memory market will shrink 9.7% this year. That will continue to hurt Micron as well as its major Korean competitors, Samsung Electronics and LG Semicon Co.

High-performance aluminum bike manufacturer Cannondale Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BIKE)") else Response.Write("(Nasdaq: BIKE)") end if %> skidded for a loss of $4 1/16 to $16 3/4 after announcing that it expects third quarter earnings will fall below analysts' estimates of $0.72 per share by as much as $0.35. The company blamed bad weather in the United States, dealer inventory realignment, and lower margins due to the strength of the U.S. dollar, which increases the cost of dollar-denominated purchases by the company's foreign subsidiaries. Cannondale trades at 8.8 times 1999 EPS estimates of $1.85 (pared back by $0.15), which is a substantial discount to the 13% EPS growth that it can still achieve in 1999. Combine that with the company's projected 10% penetration of the $400 million sport wheelchair market over the next three years and its yet-to-be-unveiled off-road motorcycles, and investors may want to take a closer look.

Compaq Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %> fell $1 13/16 to $23 11/16 after the world's largest PC maker announced plans to offer free monitors and memory upgrades with its desktop personal computers for businesses in an attempt to slash excess inventory at its distributors, clearing the way for its move to channel assembly. Early this month, Compaq pre-announced a breakeven first quarter instead of the $500 million profit analysts had been expecting. The company blamed the shortfall on overproduction and excess inventory build-up in distributors' warehouses. Although giveaways will cost Compaq a pretty penny, they can be rescinded at any time, and they are also better than making steep price reductions that immediately eat into profits. Assuming that flat earnings had already been priced into the issue, the company's move to try and hold the line on margins should have been a non-event.

Oil drilling and service companies continued their slide in heavy trading as West Texas Intermediate crude oil prices fell below $13 a barrel for the first time in almost a decade. Oil service stocks have declined since OPEC announced last November that it would raise production quotas, driving down oil prices and prompting some oil companies to postpone some drilling. Schlumberger Ltd. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SLB)") else Response.Write("(NYSE: SLB)") end if %>, the largest oil service company, fell $2 11/16 to $67 1/8. Halliburton Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HAL)") else Response.Write("(NYSE: HAL)") end if %> lost $1 1/4 to $43 3/16. Noble Drilling Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NE)") else Response.Write("(NYSE: NE)") end if %> dropped $1 5/16 to $24 1/2. Marine Drilling <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MDCO)") else Response.Write("(Nasdaq: MDCO)") end if %> sank $1 1/16 to $18 7/8. EVI Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EVI)") else Response.Write("(NYSE: EVI)") end if %> was down $1 5/8 to $41 1/4. Global Marine <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GLM)") else Response.Write("(NYSE: GLM)") end if %> slipped $1/8 to $22 3/16, and BJ Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BJS)") else Response.Write("(NYSE: BJS)") end if %> shed $1 3/8 to $33.

QUICK CUTS: DAOU Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DAOU)") else Response.Write("(Nasdaq: DAOU)") end if %> plunged $8 1/8 to $16 1/4 after Robert Montague, an analyst at Morgan Keegan, said in a report this morning that the company's profit margins may be improving more slowly than expected, though he didn't change his "buy" rating or his estimate of the company's earnings. DAOU's CFO said the company is "where we are normally in any given quarter"... Ancor Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ANCR)") else Response.Write("(Nasdaq: ANCR)") end if %>, which provides GigWorks high-performance storage and data-intensive network solutions based on Fibre Channel technology, dropped $2 1/4 to $6 9/16 after announcing that it was not selected by Sun Microsystems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SUNW)") else Response.Write("(Nasdaq: SUNW)") end if %> to be the preferred supplier of Fibre Channel switches for Sun's new StorEdge family of products under development.

Equipment rental company U.S. Rentals <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: USR)") else Response.Write("(NYSE: USR)") end if %> fell $3 3/16 to $23 in advance of the company's announcement that first quarter earnings will likely fall below expectations due to the effects of El Nino. The company expects first quarter earnings of $0.13 to $0.15 per share, compared with pro forma earnings of $0.17 in Q1 1997... ENCAD Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ENCD)") else Response.Write("(Nasdaq: ENCD)") end if %>, maker of wide-format color inkjet printers, sank $3 7/16 to $13 5/16 after announcing yesterday that it expects first quarter results to range from breakeven to a loss due to lower-than-anticipated product sales and competitor-driven price cuts for its flagship products. The company also foresees earnings for the year falling "well below" previous-year earnings.

Sheldahl Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SHEL)") else Response.Write("(Nasdaq: SHEL)") end if %>, which makes high-density substrates, flexible printed circuitry, and flexible laminates, lost $3 1/4 to $13 1/2 after announcing that excess inventory resulting from flat demand will hurt second half sales by $6 million. The company also reported a second quarter loss of $0.76 per share, including a one-time $4 million restructuring charge, compared with a loss of $0.17 in the year-earlier period... Satellite and radio communication services provider Datron Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DTSI)") else Response.Write("(Nasdaq: DTSI)") end if %> tumbled $1 3/8 to $7 1/2 after announcing late yesterday that it expects to report a loss for its fiscal year ending March 31 of up to $3.2 million, or $1.20 per share. The shortfall includes a write-off of the company's $1.1 million investment in EarthWatch Inc, and the remainder is primarily due to low gross margins resulting from cost overruns at the company's antenna and imaging systems business segment.

CFM Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CFMT)") else Response.Write("(Nasdaq: CFMT)") end if %>, which manufactures wet processing equipment for the semiconductor and flat panel display industries, slid $1 5/8 to $14 13/16 on announcing a layoff of 78 of its 407 employees. The company expects weak demand from the ailing semiconductor industry to continue over the next several quarters... Electronics products manufacturer Electro Scientific Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ESIO)") else Response.Write("(Nasdaq: ESIO)") end if %> fell $1 3/8 to $36 1/8 after reporting third quarter earnings of $0.65 per share (excluding merger costs), compared with $0.70 in the second quarter and the Zacks mean estimate of $0.68. Sales declined to $57.6 million from second quarter sales of $59.9 million.

Fast-food restaurant operator CKE Restaurants <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CKR)") else Response.Write("(NYSE: CKR)") end if %> fell $2 3/8 to $38 5/8 after reporting fourth quarter earnings of $0.26 a share versus $0.17 for the prior-year period. The First Call mean estimate was $0.24... Jefferies & Co. downgraded Pier 1 Imports <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PIR)") else Response.Write("(NYSE: PIR)") end if %> to "hold" from "accumulate," sending the home-furnishings retailer down $1 13/16 to $28 3/4... K&G Men's Center <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MENS)") else Response.Write("(Nasdaq: MENS)") end if %> lost $1 to $24 after the men's apparel retailer reported fourth quarter earnings of $0.29, compared with $0.22 in the prior-year period and the First Call mean estimate of $0.29.

FOOL ON THE HILL
An Investment Opinion
by Dale Wettlaufer

How Berkshire Creates Value

Berkshire Hathaway <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BRK.A and BRK.B)") else Response.Write("(NYSE: BRK.A and BRK.B)") end if %> has been on a tear since the early part of the year, rising from around $46,000, or $1,533 per "B" class share, to over $62,000, or $2,072 per "B" share. The company's 1997 annual report containing the famous letter to shareholders from Chairman Warren Buffett debuted on the Internet last Saturday morning, allowing investors around the world a look at the still unusually candid discussion of Berkshire's fortunes in 1997.

For whatever reasons, Berkshire Hathaway is still a vastly misunderstood business. Buffett has controlled the company for decades and has produced a 33-year compound annual return to shareholders of 24%+. The constant rap on Buffett is that he's a great investor. That is meant as "a great financial investor" and not as a great chairman of an operating company. Sure, he's a great financial investor, but anyone who wants to confine the definition in that way should take a look at Buffett's mild bristling in this year's Chairman's letter:

"Pundits who ignore what our 38,000 employees contribute to the company, and instead simply view Berkshire as a de facto investment company, should study the figures in the second column. We made our first business acquisition in 1967, and since then our pre-tax operating earnings have grown from $1 million to $888 million. Furthermore, as noted, in this exercise we have assigned all of Berkshire's corporate expenses -- overhead of $6.6 million, interest of $66.9 million and shareholder contributions of $15.4 million -- to our business operations, even though a portion of these could just as well have been assigned to the investment side."

Before we leave the subject of what Berkshire is, let's get to the assertion that "Berkshire is just a big mutual fund." I might concede that point if the person who puts forth that argument concedes that Aetna or any other insurance company is just a giant bond fund, since the bond and money markets are where these companies park their float. (The float is the cash that insurance companies use between the time they take it in as premiums and have to pay it out as insured losses and other expenses.)

Berkshire is a huge diversified insurance company that generates massive amounts of cash for Warren Buffett to invest (using the term invest in such a way that it includes buying whole companies, and not just common stocks that are classified as "available for sale"). Most of the time when you pay one or two times the value of common shareholders' equity for an insurance company, you're getting a company that generates an underwriting loss on insurance operations but covers that loss and makes some back on the interest and investment income it generates cash by getting the use of premium-payers' cash during the year.

Typically, the run-of-the-mill insurance company will bring to the bottom line $0.05 of every dollar of premiums it collects. Berkshire's most recognizable insurance subsidiary, GEICO, is actually one of the least profitable of the many insurance companies in the fold. Last year, the company generated an underwriting profit margin of 8.1%, or a combined ratio of 91.9% (1 minus the underwriting profit margin). Underwriting profit margin is analogous to a manufacturing company's operating profit margin, and is calculated thusly:

 
               Incurred Losses + Loss  Expense 
 Loss ratio = ---------------------------------- 
                     Earned Premiums 
  
 Added to: 
  
                     Incurred Expenses 
 Expense ratio = --------------------------- 
                     Written premiums

CONFERENCE CALLS

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Dale Wettlaufer (TMF Ralegh), Fool
Alex Schay (TMF Nexus6), Fool
Yi-Hsin Chang (TMF Puck), Fool
Brian Graney (TMF Panic), Fool
Louis Corrigan (TMF Seymor), Fool
Contributing Writers

Brian Bauer (TMF Hoops), Fool
Editor