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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (42966)	6/10/2011 3:18:54 PM
From: Paul Senior	Read Replies (2) of 78717

AHL: I'll pass on it. It's a little to tough for me. Book value has dropped because of natural catastrophes. An unusual year for catastrophes. Maybe. I'm holding NWLA, an insurer routinely selling far below stated bv, although its bv keeps increasing. Not the stock price though. So in a sense, a value trap (for me). Often when I consider making an insurance stock purchase, it comes to mind. I don't want to take on what could be another value trap: AHL already under stated bv for a few years now. Although in AHL defense, many insurers are like that-- 2008 to current have not been good years for many. Don't have current info.; I see that Greenlight has a position in AHL. That's a positive. Otoh, J. Gendell (whom I follow sometimes) has closed his.

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