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You wrote:
<We have participated in Allied Group for a number of years through their DRIP, and have been very satisfied with the returns, however, I don't know whether this is a fair price for the company as a whole?>

I have also owned Allied Group for some time (1992) and have been accumulating shares through their DRIP. Are you saying that you are skeptical of $47 as a fair price. If so, I agree! During the time I have owned this company, my returns exceed 100% even with many later optional purchases through the DRIP. Based on this company's track record of earnings growth and total return to shareholders, I am not sure that $47 is a fair price when it was recently trading at 33 or so.
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