We also added a new position in insurance broker Brown &
) when the stock fell below $29 in February. The company's business
model generates high operating margins and strong free cash flow.
We expect management to remain disciplined acquirers of culturally
compatible companies. In the meantime, Brown & Brown would
benefit from an increase in insurable exposure units in the
middle-market economy. Said more simply, as "Main Street" recovers,
Brown & Brown should do well.
)'s first quarter 2014 report.About GuruFocus: GuruFocus.com tracks
the stocks picks and portfolio holdings of the world's best
investors. This value investing site offers stock screeners and
valuation tools. And publishes daily articles tracking the latest
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