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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (42825)5/26/2011 11:43:39 PM
From: Jurgis Bekepuris  Read Replies (1) of 78550
 
ENH - they did grow book value per share at 12%, but the book itself only grew at 8%. Repurchases at discount are good, but you have to look at core growth too.

I am not saying ENH is bad.

Right now there's tons of insurers all claiming great growth, conservative underwriting, shareholder value, strategic vision and special business acumen. I must say I doubt at least some of these claims. It's obvious that even with "conservative underwriting" a lot of them are suffering losses this year - including BRK. As Buffett says, in coming year when tide goes out we may see who was swimming naked. ;) (Note that Buffett sidestepped the question of which insurance company is the best apart from BRK...)

So you kinda have to make your picks or just buy a basket and see how it goes. I just decided not to add ENH to the basket, but it's not really clearly worse than companies in the basket.

You did not answer my question why you don't like Fairfax though. ;)
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