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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (44345)9/14/2011 11:14:39 PM
From: Jurgis Bekepuris   of 78634
 
OK, I looked at my calculations on TRV. I actually calculated the growth from 2004 when the big jump in equity happened. So you are correct that they have grown book value per share 10% annually. This was all due to the share buybacks that reduced shares by 30% since 2004. Although book value growth is distorted by share buybacks, the book value per share growth is much less so. So we can use 10% annual growth. This is average and not outstanding. TRV results this year are also average. Their buyback is actually the biggest of all companies I have looked at, so that's impressive.

I still probably won't invest in it.
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