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  • MPG Office Trust: Time for Another Look [View article]
    And that does not even include that most maturities are in 2017 and 2013.
    Dec 22 12:22 PM | Likes Like |Link to Comment
  • MPG Office Trust: Time for Another Look [View article]
    Ross, you are not including the parking properties. They did not have problems in 2006 to refinance SOME of their buildings to buy the OC properties when cap rates were in the 6%.

    For top notch properties, and there are few like MPG's, cap rates are back to 2006 levels. And some like USBank Tower were not even refinanced.
    Dec 22 12:19 PM | Likes Like |Link to Comment
  • Investing in Hard Assets - Bruce Flatt on Maguire Properties [View article]
    You might want to check the Bruce Flatt video to understand what I see in the common. I added the link below
    Dec 17 04:27 PM | Likes Like |Link to Comment
  • Investing in Hard Assets - Bruce Flatt on Maguire Properties [View article]
    This post started included a link to the excellent Bruce Flatt presentation
    whitman.syr.edu/video/...

    and the title of the post was "Bruce Flatt on Investing in Hard Assets", the current title wrongly implies that BPO has disclosed an interest on MPG.
    variantperceptions.wor.../
    Dec 17 04:27 PM | Likes Like |Link to Comment
  • FHFA Implies Freddie Mac Will Be Profitable in 2011 [View article]
    Derek, is not it amazing that this report has not been widely discussed?

    I could not believe my eyes when I saw that report some days ago. The FHFA under DeMarco has been a pain for the GSEs every step of the way. Now they say plain and simple that the GSEs are financially viable institutions and nobody notices it?
    Nov 3 10:41 AM | Likes Like |Link to Comment
  • Bank of America - Undervalued here [View instapost]
    Good job junto
    Oct 18 01:40 AM | Likes Like |Link to Comment
  • Property and Casualty Insurance Industry's Historic Profitability [View article]
    I have never felt that financials are a buy and hold, I much rather treat them as cyclicals. So the trick this time seems to be to search for companies with an emphasis on having their profits coming from the U/W side, so when the ones hooked on investment profits start to play defense they can start playing offense. WRB seems like a good candidate. I imagine that David Merkel's favorites PRE and AIZ should also do well.

    Are you following AIG? It might be cheap on historic valuation and current cash flow but I am not sure I understand it completely. Also I hear everyone complaining about their pricing but a GAO report absolve them.
    Sep 18 10:33 PM | Likes Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    Banamex? it just shows once again that you do not know how dominant and profitable it is. A safe financial group with $14B in equity with those characteristics could easily sell at 2x BV, I wanted to be conservative with the $25B.

    Let's keep my final word short: the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations. The rest is just words.
    Sep 16 10:32 AM | 1 Like Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    I suppose that is a joke, you seemed smarter than that.
    Sep 15 11:25 PM | Likes Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    OK; I am back from taking my kid to the 200 years Mexican celebration parade.

    Pee Dee, you seem like a smart man and it seems you have enough time to write long comments. Can you use a little of that time to check your facts first or at least stop being overconfident and use words like never?

    Banks are regulated institutions and their information is public. Banamex can be sold today at more than $25 billion. We are not talking about BBVA or Santander here so please stop changing the subject every time you are caught in an error.

    Banamex is a very successful and profitable institution. Its former head Medina Mora was mentioned in the short list to replace Chuck Prince. That reminds me of something.... where are those form 4s

    P 2009-03-03 2009-03-04 16:36:48 CITIGROUP INC C MEDINA-MORA MANUEL CEO 1,500,000 $1.24 $1,860,000.00 2,427,310 129.84% view
    P 2009-03-02 2009-03-04 16:31:07 CITIGROUP INC C HERNANDEZ ROBERTO director 6,000,000 $1.25 $7,500,000.00 6,000,000 119.20% view
    P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $15.15 $757,350.00 50,000 -49.16% view
    P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $13.63 $681,500.00 50,000 -43.51% view
    P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 250,000 $9.45 $2,362,500.00 1,844,950 -18.52% view
    P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 186,900 $9.52 $1,780,220.00 1,594,950 -19.16% view
    P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 313,100 $8.92 $2,791,910.00 1,408,050 -13.65% view

    Yes, those insiders have not bought a single share mmmm.

    Pee Dee, I really do not have time to discuss every single Citibank crown jewel when you are not willing to do some basic research. And the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations.

    Wrong on GSTC, wrong on Citibank's earnings potential, wrong on insiders buying, wrong on Banamex value. Can we just please stop this?
    Sep 15 11:17 PM | 2 Likes Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    Never say never, "Goldman Sachs, The Culture of Success" by Lisa Endlich former VP and foreign exchange trader at.... Goldman Sachs. She got full cooperation from GS an even interviewed John Weinberg so get your facts straight and stop the innuendo.

    Regarding #3 Banamex at the top of my mind. #1 and #2 again just innuendo. You should check Yes Prime MInister on character assassination.
    Sep 15 02:08 PM | 1 Like Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    "The firm's eight partners had not sold any of their 10 percent holding in the original trust, and by the end their extensive legal costs coupled with the trading losses amounted to about $13 million. In the aftermath, the firm's capital was reduced to $5 million by 1936, a devastating blow considering that the partnership capital had been $4.5 million thirty years earlier. With the Depression and World War II, it would take decades to rebuild the firm's business, and it was not until the mid-1950s that the firm's capital would again rise above $10 million"

    Never say never.
    Sep 15 01:05 PM | 1 Like Like |Link to Comment
  • Property and Casualty Insurance Industry's Historic Profitability [View article]
    Thanks Tom, big fan of your insurance articles. Are not you a bit worried that insurance companies dependent on investment income could get crashed over the next Qs? Is not going to be easy for them to transition to an underwriting environment with their capital stressed.
    Sep 15 12:53 PM | Likes Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    I do not dispute Citigroup past issues, I am discussing their present. A bank cash flow is very relevant 3 years into a recession. If those loans were really that bad should not C be getting a large interest income hit? Nowhere to be seen.

    An regarding GSTC, an investment bank reputation is their equity (check Drexler, Salomon and several other examples). And BTW, Citigroup is much, much more than an investment bank.
    Sep 15 12:43 PM | 1 Like Like |Link to Comment
  • Bruce Berkowitz on Financials [View article]
    When provisions are much high higher than charge offs and the credit metrics (30-90d, NPAs) are improving PTPP earnings are VERY meaningful. You do not believe the accounting? check the cash flow. If those loans are really that bad, should not they be getting a large hit in the cash flow?

    Regarding history, never say never. Goldman Sachs for example had a couple of near death experiences in the Great Depression that crystallized their now praised culture. Just google for "Goldman Sachs Trading Corp"... and I would not mind them selling more divisions, it would unlock the substantial value. I do think that Citi is too big and unrelated to manage.
    Sep 15 10:18 AM | Likes Like |Link to Comment
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