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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (44320)	9/14/2011 11:50:15 AM
From: Spekulatius	Read Replies (2) of 78618

re TRV - >>I did not like the very slow book-value-per-share growth at TRV<< You realize that they bought back tons of stock while keeping the tangible equity the same. Since 2006 TRV reduced their outstanding shares from ~680M to ~420M now and equity is around 25B$. So book value has grown substantially per shares. I like what they are doing - they realized the overall market is stagnant (soft market since 2007) and rather than hunt for market share, they are just buying back shares, keeping their equity roughly constant. not a bad capital allocation strategy, imo. I think there is a chance that TRV ends up on BRK shopping list. They already do some business with Geico (reselling property insurance) so it might be a good fit.

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