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Annual Report is out.


oec2000
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Guest ericopoly

They paid $21.93 for their Wells Fargo shares. 

 

Still no mention of their total portfolio yield (unless I missed it).

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Vinod,

 

It won't print because the document security settings has been set to forbid printing or copying content from the report.

 

It may not be intentional.  I am not sure why they would do that intentionally.

 

 

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I've perused the AR.  A very complete document, as always.  I really feel better about the company when I look at the accident year loss triangles and see the performance of the past 5 or 6 years at C&F!

 

I am completely baffled about why this company was trading at US$220 over the past week.

 

The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

 

SJ

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Guest ericopoly

 

The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

 

SJ

 

 

Don't forget the $1.5B is the amount they have before they pay for NB.

 

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There already is such a creature...

 

https://www.irexshop.com/product_info.php?cPath=22_35&products_id=69&osCsid=da8958780eeee3476978a3f5a6055df7

 

Plus, there's Plastic Logic's product due out in 2010.  That's the game changer IMO.

 

http://www.plasticlogic.com/product.html

 

Actually, I had an iRex a couple years ago (tested it out for work).  Still not big enough for me, and frankly the construction was clunky and rather difficult to use overall.  But I am looking forward to the latter product!  That's essentially what I've been waiting for.

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The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

 

SJ

 

 

Don't forget the $1.5B is the amount they have before they pay for NB.

 

 

 

Good point.  I guess they can "only" re-purchase a couple million shares before going below Prem's $500m threshold for holding company cash.  ;)  :P

 

SJ

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Regarding hold co cash, yes NB needs to be paid for. Fortunately, they also should have decent capacity at the subs and runoff to pay another round of healthy dividends this year (based on earning last year). Lots of flexibility and lots of good options...

 

I wonder if FFH was in a blackout period prior to the annual being released?

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Guest ericopoly

They list their big three investments to possibly hold for the long term:

Johnson & Johnson

Kraft

Wells Fargo

 

Notice GE isn't on that list?  Strange since GE was a bigger holding on Dec 31st than either Kraft or Wells Fargo.

 

So, GE is either:

1) to be sold after a satisfying pop

2) already sold (I would find that unlikely)

 

I should also think that they've bought a ton more Wells Fargo.  I mean, you don't dress it up as a beauty queen in your annual report if you plan on it being just 3% of your book value as it was on December 31st.  So this ought to be a not-too-subtle hint that they now own a lot more.

 

 

 

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