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Kind of bored with market right now - not much activity.

I am still intrigued by CNA insurance.  As I posted earlier, this company has a market value of under $4B and book value over $7B (although 1B of the 7B belongs to parent co. Loews).

I bought a lot of shares closer to $10 - but the risk/reward on this is really high.  As with most insurers, hurricanes will be public enemy #1.  I think CNA's bond portfolio will started reversing to the upside from now on. 

I am still short a bunch of Jan 2010 CNA $7.50 puts.  I like the stock in here though if holding for 1+ year.