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

To: Dan Meleney who wrote (37821)	5/8/2010 1:03:52 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78749

NAVG earnings (and combined ratios) are somewhat lumpy due to their small size and the fluctuations of the insurance business. My view of an insurer like NAVG is simple - it is management job to grow tangible book value/share. Earnings are a way to do that. If the business is soft, it's better for management to shrink their business and buy back shares especially if they can do it below tangible book. NAVG stated already that business is soft, so if that is what they are doing, than that is fine with me.