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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (42509)	5/8/2011 11:48:37 PM
From: Spekulatius	Read Replies (3) of 78748

recent buys MHLD @7.17$ ( a few shares only on pre earnings day) and ASI at 18.8$. Both insurance companies trade way below tangible book. MHLD had a great quarter (hence shot up after earnings), ASI, was so so (apparently some losses that were compensated with gains from asset sales). I'd rather have those than AIG at current price points. Barron's had a good article about AIG and the impending share sale. it appears that Chartis, AIG property holding, had negative reserve adjustments in 9/10 recent years - last quarter adjustment was >4B$. This sounds like they systematically underreserved. online.barrons.com

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