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Strategies & Market Trends : Value Investing
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To: MCsweet who wrote (53375)2/13/2014 2:41:00 AM
From: Spekulatius  Read Replies (1) of 78745
 
Re GTS - the earnings don't look just superficially poor. However, it looks like GTS book value has increased YoY, debt is reduced and sharecount down by a Million shares. Not bad for a stock in the dumps actually.

I have sold my shares @15.8$ (for a loss), which I always do, when something unexpectedly bad happens to one of my holdings . I bought most if my holdings back @15.6$ after analyzing the situation, as I believe that the balance sheet is intact. Probably a little early, but it's a smaller size position and I always can buy more.

I also bought back some AXS (a bermuda insurer) with a pretty good track record in terms of book value growth, combined ratio and reserve development. I think it trades around 0.9x tangible book; not extremely cheap like a couple of years ago, but in a market where it's harder to find decent values, it's good enough for a starter position.
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