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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (49952)11/3/2012 2:36:09 AM
From: Spekulatius  Read Replies (1) of 78748
 
Re MHLD it is not the returns that are compelling, it is the (seemingly) low risk way they achieved it. as far as I can tell, they have a loss quarter since 2009, even in quarters with major natural disasters. Their investment portfolio is very high quality (see the link to a presentation in my last post). To achieve a roughly 10% book value growth/year in a soft insurance market without incurring large risks is quite impressive, imo. Either that, or the results are manipulated, but I think the management buys indicate that the books should be alright.
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