ValueArtifex
Value, growth at reasonable price, small-cap, long-term horizon

State Auto Financial Corporation: Attractively Priced, Moving Towards Profitable Underwriting And A Little Something Extra For Investors

Of Mutual Interest

In an expensive market, it becomes difficult to find companies which are obvious bargains. Often times, investors must peer a little deeper into the operations of a company that appears to be reasonably priced in order to assess the potential of the business going forward. Typically, businesses are afflicted with a superficial disease or difficulty that produces a temporary impairment of their earnings quality, causing short-term investors to punish the stock through heavy selling. In many cases, these issues affecting the business are temporary and as such, short-term selling creates bargains for investors with a longer term orientation.

One such company that I believe is returning to profitability after a period of difficulty is the State Auto...

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