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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (28708)10/26/2007 11:23:18 AM
From: MCsweet  Read Replies (1) | Respond to of 78817
 
GNW,

I like. I think price is actually a tad above tangible book value, but you don't get $12 billion dollar companies as cheap as microcaps (unless the $12 billion companies have a LOT of hair on then them).

I thought they'd have more writedowns.

Thanks,
MC



To: Paul Senior who wrote (28708)10/29/2007 11:58:37 AM
From: MCsweet  Respond to of 78817
 
GNW,

I may do an about face on this one. Still seems like a good value, but I noticed an analyst who was covering it mentioned his surprise at the lack of subprime writedowns and the occurrence of some one-time gains in the quarter.

I thought this quarter would have been a great quarter to writedown subprime and get it out of the system. Since it appears there is potential for this to be a problem later, I'd be a little less aggressive buying GNW right now.

MC


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