Third Point Offshore Investors Ltd.

[giofranchi]

http://www.oldschoolvalue.com/blog/ideas/dan-loeb-stock-picks/

 

http://www.bloomberg.com/news/2013-06-10/sony-holdings-blurred-by-third-point-swaps-goldman-bonds.html

 

 

giofranchi

[giofranchi]

Dan Loeb's 2nd Letter to Sony, Pushing For Spin-Off Again

 

http://blogs.wsj.com:80/moneybeat/2013/06/17/loebs-letter-sony-entertainment-lacks-discipline-accountability/

 

giofranchi

 

 

 

[muscleman]

I went to 3rd point's website and found that historically the stock price trades at a 10% discount to NAV even in good years like 2007 and 2008.

Do you know any reason? Is that typical for closed end funds?

[giofranchi]

June 2013 Monthly Report

 

giofranchi

2013-6-June-Monthly-Report-TPOU.pdf

[muscleman]

June 2013 Monthly Report

 

giofranchi

 

No NAV per share in that report?

[giofranchi]

June 2013 Monthly Report

 

giofranchi

 

No NAV per share in that report?

 

NAV is reported on a weekly basis… not on the monthly report. :)

 

giofranchi

[dcollon]

http://www.bloomberg.com/news/2013-07-15/loeb-s-third-point-reinsurance-files-for-250-million-ipo-1-.html

[giofranchi]

http://www.bloomberg.com/news/2013-07-15/loeb-s-third-point-reinsurance-files-for-250-million-ipo-1-.html

 

Thank you, David! Very interesting! In fact, I was wondering when it would happen. The article doesn’t specify the date TPRE will start trading on the NYSE. Do you have any clue?

 

giofranchi

 

[dcollon]

Gio,

 

I will try to find out the timing and let you know.

 

 

[giofranchi]

Gio,

 

I will try to find out the timing and let you know.

 

Great! Thank you very much! :)

 

Gio

[giofranchi]

 

The Growing Trend of Hedge Funds Starting Reinsurers:

 

http://www.marketfolly.com/2013/07/the-trend-of-hedge-funds-starting.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MarketFolly+%28Market+Folly%29

 

 

giofranchi

[giofranchi]

Third Point sells YHOO shares to Yahoo

 

http://www.marketfolly.com/2013/07/third-point-sells-yhoo-shares-to-yahoo.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MarketFolly+%28Market+Folly%29

 

giofranchi

[giofranchi]

Q2 2013 Letter

 

giofranchi

Third-Point-Q2-2013-TPOI-Letter-Final.pdf

[fareastwarriors]

Third Point Reinsurance Fund Arm Seeks Up to $370.6 Million in I.P.O.

 

http://dealbook.nytimes.com/2013/08/05/third-point-reinsurance-fund-arm-seeks-up-to-370-6-million-in-i-p-o/

 

The reinsurance arm of Third Point, the hedge fund run by Daniel S. Loeb, disclosed on Monday that it was seeking to raise up to $370.6 million from its forthcoming initial public offering.

 

Third Point Reinsurance said in an amended prospectus that it planned to sell 22.2 million shares at $12.50 to $14.50 a share. At the midpoint of that range, the reinsurer would be valued at nearly $1.4 billion.

 

...

[fareastwarriors]

http://www.bloomberg.com/news/2013-08-08/loeb-s-reinsurer-with-no-u-s-staff-gains-from-obama-s-jobs-act.html

 

 

Loeb’s Reinsurer With No U.S. Staff Gains From Jobs Act

 

[constructive]

TPRE is IPOing tomorrow, priced at $13.50, 1.1x tangible book.

 

http://seekingalpha.com/article/1636512-ipo-preview-third-point-reinsurance

http://www.thirdpointre.bm

http://www.sec.gov/Archives/edgar/data/1576018/000119312513318106/d532633ds1a.htm

 

Total investments                                                      937,868 (Third Point is the exclusive manager)

Total assets                                                            1,606,495  

Total liabilities                                                            581,634

Shareholders’ equity attributable to shareholders      972,665

 

Book value per share                                                12.40

Diluted book value per share                                    12.07

[no_free_lunch]

Another great write-up from the Brooklyn Investor, this time on the TPRE IPO.

 

So for me, these issues might put a constraint on how much exposure I would want in each of these entities; it is certainly not as rock solid as Berkshire Hathaway (but what is?), but that doesn't mean it can't have an attractive return/risk profile; just don't put 80% of your net worth in it.

..

At 1.1 or 1.2x BPS, I do think TPRE is an attractive opportunity.

..

It won't pay out dividends and doesn't pay taxes (Bermuda) so whatever they earn will compound tax free

 

http://brooklyninvestor.blogspot.ca/2013/08/third-point-reinsurance-ltd-tpre.html