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Strategies & Market Trends : Value Investing
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To: rllee who wrote (43018)6/15/2011 10:44:51 PM
From: Spekulatius  Read Replies (1) of 78666
 
rlee
Trading at a 20% book value and near the lows for the year is nothing special for a reinsurer.

FWIW PTP is an OK buy in terms of valuation and track record but again nothing special. AGII, TRH, AWH, ALTE, PRE, XL and many others are valued fairly similar and fairly comparable. It is a good time to establish a position in a couple names with the intention to wait the current dull time (soft market) out and sell them when the trade at 1.2x book again. it's going to happen but it could take a couple of years.
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