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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (34832)	7/3/2009 3:25:06 AM
From: Paul Senior	Read Replies (3) of 78735

Yes, ALL's tangible bv has been crushed, and ALL's dividend chopped. Of course, so has the stock price. The current dividend yield annualizes to about 3.3%, which isn't very attractive. And that management had to cut the dividend is itself very worrisome. At the current lowered stock price, p/bv = 1.05 and p/tbv = 1.13. That's not too bad. In normal years p/bv has varied roughly between 1.4-1.8. If credit market improves and/or management can get better control of the company's poor investments, the stock could trade at those p/bv levels once again. (I hope.) Here's where I am with the top market cap P&C companies: biz.yahoo.com BRKA: Looking to short BRKb AIG: Avoiding - I've no interest in looking at it. TRV: Holding an exploratory position. Maybe an add @35 on no adverse news ACE: Building a position if/as stock continues to fall. CB: Building a position if/as stock continues to fall ALL: Holding on to my losing position L, PGR, FFH, etc. -- no interest

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