Tim Travis
Long only, deep value, registered investment advisor, portfolio strategy

Assured Guaranty - Value Investing 101

In a global economy with anemic growth, the potential for rising interest rates, and the U.S. stock market trading at a considerably high multiple to earnings, there aren't many investment opportunities that offer a considerable margin of safety from taking permanent losses of capital. I believe that GAAP earnings are often the most overrated aspect of a company's intrinsic value. Many analysts' exclusive focus on those numbers is a major reason for the disconnect between publicly traded business values, and the true intrinsic value of a business, whether it be public or private. Assured Guaranty (NYSE:AGO) is a business that has unclear earnings prospects from the sense that they would really benefit when interest rates rise, and when...

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