For Now, National Atlantic is Giving Me Grief

I will write more about National Atlantic (NAHC) at a later date, but for now I am just holding my head in my hands and moaning. I know there are forced sellers in the name, but to be at 40% of tangible book on a short-tailed name is notable. It indicates that claim reserves at the end of the second quarter would be 50% light, to justify current valuations.

I’m not suggesting that anyone buy the name; for me, if it stays at these levels, it will be my largest personal loss. I teach my children about investing through my losses. If things don’t change, this will be Lesson One.

Full disclosure: long NAHC