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Chris DeMuth Jr.
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"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one." - Charlie Munger I look... More
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  • One Of The Only Things Certain In Life Is TLI 5 comments
    Jan 6, 2013 11:11 PM | about stocks: LPHI

    Life Partners Holdings (NASDAQ:LPHI) operates in the secondary market for life insurance in the United States. This was one of our top three US equity short ideas for 2011. We found a lot of unsavory people and practices in this industry; there was a lot to not like and the short thesis has played out well thus far.

    However, more recently, we stumbled on a long idea worth considering. Alternative Asset Opportunities (TLI on the LON exchange) owns a portfolio of US Traded Life Interests (TLIs). As of today, the fund trades at a 15% discount to NAV. Over time, the fund will liquidate. In the process, it will close the gap between the market price and NAV.

    Do you want to learn more about this market? Consider reading Life Settlements and Longevity Structures: Pricing and Risk Management.

    Disclosure: I am long TLI.

    Additional disclosure: Chris DeMuth Jr is a portfolio manager at Rangeley Capital, a partnership that invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our partners, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.

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Comments (5)
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  • Business Economics Analyst
    , contributor
    Comments (2565) | Send Message
     
    Chris:

     

    Do you have any more information?
    Can you direct me to where the fund provides its filings?
    For U.S. companies, I go to Edgar for free and look up the SEC filings. Is there something similar for the London Stock exchange so I can freely and easily look up this entitie's regulatory filings, particularly its financial filings . . annual and quarterly reports.
    25 Jan 2013, 05:04 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4041) | Send Message
     
    Author’s reply » I would first go here:

     

    http://bit.ly/10RZ8zR

     

    Then I would go here (see the column on the right for filings):

     

    http://bit.ly/VbDbF3
    25 Jan 2013, 07:42 AM Reply Like
  • btthus
    , contributor
    Comments (21) | Send Message
     
    Do you have any thoughts on the FSA signaling that it will ban traded life insurance investments in the UK, it has warned advisers to stop selling these “toxic” products to ordinary investors....
    http://bit.ly/WGmNCm
    12 Mar 2013, 06:43 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4041) | Send Message
     
    Author’s reply » Good question. I don't know the answer (yet).
    12 Mar 2013, 06:53 PM Reply Like
  • George Spritzer, CFA
    , contributor
    Comments (800) | Send Message
     
    There is also a closed-end fund TLI that trades in the US that is totally unrelated. It invests in senior loans.
    13 Mar 2013, 02:20 AM Reply Like
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