Ambac Financial Group Inc. (ABK)
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- General Discussion on ABK
- Risk/Reward Analysis Makes Financial Insurers a Buy [view article]
- Financials and Housing: The Outlook Remains Ugly [view article]
- 10 Financial Entities On the Brink [view article]
- Monoline Stock Price Rally Overdone [view article]
- Lehman Brothers Take-over: Implications for Financials [view article]
- Ambac Financial Group Inc. Q2 2008 Earnings Call Transcript [view article]
- 4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
- Seth Klarman, Meryl Witmer and Marty Whitman - Q2 2008 Portfolio Moves [view article]
- Restoring Credibility to Ambac and MBIA [view article]
- Best and Worst Performing Stocks Seven Months Into 2008 [view article]
- Corporate Fraud + Government Intervention = Bailout Nation [view article]
loading ...Recent ABK Articles
- Risk/Reward Analysis Makes Financial Insurers a Buy
- Lehman Brothers Take-over: Implications for Financials
- 4 Tidbits from Third Avenue Value Fund's Q3 Letter
- 10 Financial Entities On the Brink
- Monoline Stock Price Rally Overdone
- Financials and Housing: The Outlook Remains Ugly
- Seth Klarman, Meryl Witmer and Marty Whitman - Q2 2008 Portfolio Moves
- Restoring Credibility to Ambac and MBIA
- The Emperor (Mr. Ackman) Has No Clothes
- Earnings: MBIA Completes the Bond-Insurer Trifecta
- Full List of Articles »
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4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
Oops, s/b GIM, not GMI Reply4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
granger,AVK, ALD, CSE, ESOC, GMI, HTR, JNJ, LYG, MMP, O, PVX,PWE, SDS, UPS, cash. Reply
Lehman Brothers Take-over: Implications for Financials [view article]
I don't know what LFI means either.I do know some helpful ratios and statistics like: book value, tangible book value, debt to equity, total debt to equity, return on assets, return on investment, gross margin, net margin, dividend yield, etc. They are all important to understand. All of this data must be taken into account...as well as the valuation of the underlying assets on the balance sheet and the liabilities before making an investment decision.
I am only familiar with ACAS and I do believe Malon Wilkes when he said that FAS157 has resulted in the decrease in asset values and that without a market for these assets they are hard to value but since these assets will be held to maturity, ACAS will get their money back.
I trust he is right. ACAS has a total debt to equity ratio of less than one and is selling for less than tangible book value ( ACAS has no goodwill or intangible assets on the balance sheet ).
Long ACAS, no other positions, no short selling at all ( I think short selling should be made illegal ). Reply
4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
Woodsey.....SA put the symbol in. Also, Whitman a "young" fellow???I should have disclosed that I am long WTM. Reply
Lehman Brothers Take-over: Implications for Financials [view article]
All this points out is that anyone who puts money into these institutions might as well go to a casino .At least you know your gambling . Reply4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
Third Ave Funds are likely to continue to be poor performers. From a macro perspective U.S. real estate is going nowhere any time soon, due primarily to the ongoing credit crisis. I don't have an opinion about Hong Kong or Japan but the weightings in cash and troubled U.S. stocks portend underperformance and continued redemptions. If this fund group has to start selling core positions, e.g. the large stakes in relatively small companies, the positive feedback loop will move in a negative direction. (Positive feedback loops amplify or accelerate trends, negative feedback loops dampen or decelerate trends). The managers of this fund have fallen in love with some stocks that are facing tremendous headwinds from macroeconomic conditions. Don't make the same mistakes fund management is making and fall in love with the fund because it has done well in the past. It will be of no consolation when your investment in this fund underperforms, that Mr. Whitman's investment also underperformed. ReplyLehman Brothers Take-over: Implications for Financials [view article]
I'm with Pokernut, putting a price on LEH is like trying to value a cloudy swamp--who the hell knows what lurks in those murky waters! IMO LEH is giving off the same panicked stench that Bear emitted before it went down. This may be one token lamb Bernanke and Paulson may be willing to allow to fail. ReplyLehman Brothers Take-over: Implications for Financials [view article]
Hey Benjamin,Maybe everyone else knows the difference between Book Value and Tangible Book Value and knows what LFI is, but I got my Harvard Business masters degree too long ago and would appreciate a little help. Thanks.
Reply
4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
Interesting read. Reply4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
I agree completely. I always enjoy any comments from Whitman.I have been a long term holder of TAVFX for many years.
I recently been doing a similar exercise as Whitman. I have been doing some heavy scrutiny of my portfolio. I have been cutting back my number of holdings and concentratin the assets.
I have been using two criteria of where to park the most capital. One is to individual stocks that have held up well during this entire credit crisis, both fundamentally and technically. Second, is to give capital to proven winners and unique assets.
Whitman fits the bill of my second ctiteria. During August and July, i have sold off several funds. I have given most of the assets to TAVFX. Almost tripling my positions since the beginning of July.
Disclosure: my largest fund & ETF positions are AOD, TAVFX, PRPFX and PDP. Largest individual stock positions: DHR, CNI, VFC, SYY, TECH, BWLD, TSCO and RPM.
What has everyone else been doing.
Reply
4 Tidbits from Third Avenue Value Fund's Q3 Letter [view article]
? ReplyLehman Brothers Take-over: Implications for Financials [view article]
Lehman is insolvent and bankrupt! They are facing $65-70 billion in future writedowns - and have a market cap of $10 billion! This buyout rumor was likely planted by those desperate to unload Lehman stock (using Dick Bove as a conduit). Of course, it will NOT be investigated by the SEC or any other US regulatory agency. When will the crooks go to jail? Hasn't the Street ripped the clueless investor for enough money already?Reply
Lehman Brothers Take-over: Implications for Financials [view article]
On ABK and MBI you are missing the point: adjusted book value is the proper metric.Extrapolating from one troubled investment bank to a variety of other types of financial institutions is an exercise in futility - apples to oranges.
Reply
George
Lehman Brothers Take-over: Implications for Financials [view article]
How can you not point out that BAC has not reported a loss Q but reduced positive earnings. That is #1 and has yet to cut the dividend. Someone needs to adjust perspective. The BAC Board does not have a track record of exploiting Shareholders. Reply10 Financial Entities On the Brink [view article]
Not only that but surely a large percentage if not all folks associated closely with these instruments KNEW of their air-thin validity and NOT ONE came forth, even Greenie didn't mutter anything of understandable suspicion....... or at least not loud enough ......On Aug 23 02:42 PM TinyTim wrote:
> The real culprit here is Moodys / S&P who gave stellar ratings to
> all the CDO's salted with sub-prime loans. They're like the accounting
> firms that close their eyes and hold their nose when they sign the
> audit docs. All just skip away and watch the havoc. Reply