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Strategies & Market Trends : Value Investing

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To: Brumar89 who wrote (29123)	11/30/2007 12:10:38 PM
From: Jurgis Bekepuris	Read Replies (1) of 78520

The problem with any kind of deal-maker companies is that you really have to trust the people making the deals. And whenever I compare them against the gold standard: BRK and WSC, I am never quite sure why I should select them vs. Warren and Charlie. Sure, FNF is trading at book value right now, but if I got rid of goodwill and intangibles, it is trading at 1.57 net tangibles (WSC is trading at 1.27 net tangibles, BRKa is trading at 2.47 of net tangibles though). It might be cheap if you really believe they are good investors. It also might be cheap if you believe that their main business will recover soon. It's funny how the guys in your article do not mention FNFs co-acquisition of CEN that is quite big for FNF. Also, there is no explanation of the whole co-acquisition structure that strikes me as a bit weird. Do I really want to trust their analysis after that? ;)

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