Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Hi xtddd, Sorry for the late response. You can get the statutory book value on the Washington State Insurance Commissioner's Website here: http://1.usa.gov/Sdokvc
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
True. That's a very good possibility because there are a couple of hedge fund guys on the board and they'd have pushed for a higher price if it was to be had. The present offer doesn't provide that much of a gain no matter when they acquired their shares. The only thing that puzzles me is that I'd have expected, in the case of understated liabilities, the management to at least hold a conference call or something to explain. PLFE just suddenly sold the company and there was very little said about it. Perhaps, the management and/or the hedge fund board members have an interest in employment, ownership, etc. company once Athene starts running it? That's just a wild guess. We'll have to wait for the proxy I suppose.
Presidential Life: Another Example Of Market Inefficiency [View article]
Seth, what do you think of the takeover (or take under) multiple that Athene is paying for PLFE? Given your understanding of the company, does it seem fair?
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Plum, Presi Life was acquired yesterday in what, on a first glance, looks like a very cheap price. I hadn't spent too much time on PLFE before so I'm not sure what their legacy issues/exposures are. But doesn't a 52% BV and 97% StatBV multiple for the sale of the company sound too cheap? I don't think they had too many VA issues and their net margin is still positive as of the last filing. The company had no conference call or presentation discussing the sale. The Kurz foundation is a big stockholder along with a couple of other funds. I wonder why they didn't push for a higher price. I must be missing something. If you have some insight, please do let me know. Thanks!
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Traderjoe38, Your concern is very valid and I agree with you. We'll have to keep an eye on the Grow & Diversify initiative to see whether they get up to any unsavory products. I hope they don't.
Thank you for the feedback. I hope you'll continue to read my future articles and ask tough questions.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
traderjoe38, thank you for the comment. I really appreciate it. Your point is excellent and I really like criticism because it sharpens the skills and saves money. So thank you.
I have complimented the management on two sides: investments and liabilities. The investments were and are managed by WM Advisors then and now. So I don't worry about that aspect despite the changes.
On the liability side, I took a look at the management.
The management at IPO was (Lowndes A. Smith, Lois W. Grady, Randall H. Talbot, Margaret A. Meister, Jennifer V. Davies, Michael W. Fry, Richard J. Lindsay, Patrick B. McCormick, George C. Pagos, Tommie D. Brooks, Christine A. Katzmar Holmes, Troy J. Olson-Blair, David T. Foy, Sander M. Levy, Robert R. Lusardi, David I. Schamis). As of year end was (Lowndes A. Smith Lois W. Grady, Thomas M. Marra, Margaret A. Meister, Tommie D. Brooks, David S. Goldstein, Christine A. Katzmar Holmes, George N. McKinnon, Jonathan E. Curley, Michael W. Fry, Daniel R. Guilbert, Richard G. LaVoice, George C. Pagos, Peter S. Burgess David T. Foy, Sander M. Levy, Robert R. Lusardi).
Here is where we probably disagree. For me, from the above list, it's hard to think that the team has changed radically. The board is practically the same and it definitely has "WM" written over it. Perhaps you think the changes that have happened are more substantial than I think they are. And that's a valid disagreement.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Hi Tom, thanks for the comment. I don't have a catalyst in mind unfortunately. Perhaps, M&A but that's just a guess. It's hard to see that happening. A more realistic catalyst is persistent increases in the dividend over time.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
That is a good observation. But by "management" I wasn't implying the CEO alone. The management includes many people who run the business together and I'd include the board in this. So if collectively they have a good culture of making the right decisions, I wouldn't hold it against them that they hired someone from The Hartford. The Hartford is a big institution and almost every company is going to have someone that worked there before.
White Mountains has some directors on Symetra's board (Lon Smith, David Foy, Rob Lusardi). Lon has been around a long time. He also worked for The Hartford before. So did David Foy. Painting them all with the same stroke would be a mistake.
If you look at the way Tom Marra is running the company now, you'd be convinced that he isn't about to take it under. Even if he wanted to, I don't think WTM and BRK would allow it.
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
There is the asset side of things and then there is price. An asset may be mediocre but can be attractive at a price. I think if this (assets) really turns around in two years, I think (and I could be wrong) the shares won't be available at 11 dollars.
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
That's an excellent point and I should've thought about it more and written it in my article. I believe (and I'm not a real estate expert so this is more of an observation) that enclosed malls are able to charge more per sq.ft than shopping centers. So that might explain some of the difference as Rouse has enclosed malls only whereas the other guys have shopping centers as well.
Also, because the rents are a combination of minimum rents and overages (calculated a a percent of sales), it's possible that if sales/sqft are low for the store lessors (which, as you know, they are), the rent/sales ratio is going to look bad as the minimum rent doesn't go down as sales go down. Please let me know what you think. Thank you for your comment!
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
They mention the rights and the Brookfield arrangement in the Form 10. You can find a registration statement for the rights filed by Rouse Properties if you search their name on the SEC website.
2 Strategies to Build Massive Dividend Stock Portfolios [View article]
This is a great strategy. I'll point out one thing to keep in mind though in strategy #1. If you are constantly reinvesting in the "DRIP" part of the strategy, then where will the extra money to "Buy" in the extreme situations come from, unless you are adding it from outside? But if you had excess money outside, you have probably already got it in a DRIP. Also, even though the chosen DRIP stocks may be strong, they are going to go down in those kinds of markets (as proven by the table you've shown) and you are not going to want to sell at that price to buy something else that also seems cheap. So maybe you should always keep some cash on hand for the extreme opportunities.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Presidential Life: Another Example Of Market Inefficiency [View article]
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Thank you for the feedback. I hope you'll continue to read my future articles and ask tough questions.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
I have complimented the management on two sides: investments and liabilities. The investments were and are managed by WM Advisors then and now. So I don't worry about that aspect despite the changes.
On the liability side, I took a look at the management.
The management at IPO was (Lowndes A. Smith, Lois W. Grady, Randall H. Talbot, Margaret A. Meister, Jennifer V. Davies, Michael W. Fry, Richard J. Lindsay, Patrick B. McCormick, George C. Pagos, Tommie D. Brooks, Christine A. Katzmar Holmes, Troy J. Olson-Blair, David T. Foy, Sander M. Levy, Robert R. Lusardi, David I. Schamis). As of year end was (Lowndes A. Smith
Lois W. Grady, Thomas M. Marra, Margaret A. Meister, Tommie D. Brooks, David S. Goldstein, Christine A. Katzmar Holmes, George N. McKinnon, Jonathan E. Curley, Michael W. Fry, Daniel R. Guilbert, Richard G. LaVoice, George C. Pagos, Peter S. Burgess
David T. Foy, Sander M. Levy, Robert R. Lusardi).
Here is where we probably disagree. For me, from the above list, it's hard to think that the team has changed radically. The board is practically the same and it definitely has "WM" written over it. Perhaps you think the changes that have happened are more substantial than I think they are. And that's a valid disagreement.
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
Symetra - A Stock Owned By Buffett/Berkshire That No One Ever Talks About [View article]
White Mountains has some directors on Symetra's board (Lon Smith, David Foy, Rob Lusardi). Lon has been around a long time. He also worked for The Hartford before. So did David Foy. Painting them all with the same stroke would be a mistake.
If you look at the way Tom Marra is running the company now, you'd be convinced that he isn't about to take it under. Even if he wanted to, I don't think WTM and BRK would allow it.
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
Also, because the rents are a combination of minimum rents and overages (calculated a a percent of sales), it's possible that if sales/sqft are low for the store lessors (which, as you know, they are), the rent/sales ratio is going to look bad as the minimum rent doesn't go down as sales go down. Please let me know what you think. Thank you for your comment!
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
Special Situation: Rouse Properties, Inc (RSE, RSEw, RSE-WI) [View instapost]
2 Strategies to Build Massive Dividend Stock Portfolios [View article]