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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (53775)4/23/2014 12:50:39 AM
From: Shane M2 Recommendations

Recommended By
Jurgis Bekepuris
Spekulatius

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I'm adjusting some of my investing rules to accommodate some of the financials. Up to now I've mostly just used funds to invest in financials, mainly due to a couple blow-up situations I'd gotten into, but I realize the insurance companies are different for me given I have some insight based on my work in the P&C industry (although some of them can have their blow-up moments too as we saw in 07-09). I'm going to change my rules a bit and allow myself a little lee-way there. I already cracked the door by having BRK and AFL, but some of the insurance companies (and their characteristics) are looking attractive to me now compared to other options.

It seems to me that the market is a lot more efficient now than it used to be for stock picking, and I'm more attracted to the insurance companies in relative terms I think due to this. In the past I could find more decent upside ideas to pursue, but it seems those opportunities are more difficult to find now. And it's not that I think the stocks I'm buying are expensive, or that the market is expensive (might be - haven't thought about it much), but simply that it's more difficult to find the really interesting upside situations vs. just going for something steady and dependable. It could also be I have a larger portfolio w/ more position along w/ a changed risk profile that's clouding my perception of things - but it _seems_ tougher to find that mispricing.
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