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ORH Revisited


Viking

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Guest Broxburnboy

I see it also... great to see we also have a leg up with gains early into the 3rd quarter.

 

Thanks

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Here is an article discussing investment gains and insurers: http://finance.yahoo.com/news/US-insurers-to-get-2ndquarter-rb-2775308674.html?x=0&.v=1

 

I do find in amazing what Hamblin Watsa has accomplished the past 9 months:

1.) sold CDS (realizing gains)

2.) sold equite hedges (realizing gains)

3.) sold Treasuries (realizing gains)

4.) bought municipals (tax free & insured by BRK)

5.) bought stocks

6.) bought corporate bonds

 

The best part is the investment community still does not understand the size of the gains coming (AGAIN). Analysts look only at operating earnings (underwriting and interest & dividend income) when building their earnings estimates.

 

Regarding the US equities (reported via 13F), we just passed the $1 billion mark in gains today!

March 31    $2.685

April 24      $3,142      $456    17%

June 30      $3,484      $798    30%

July 23        $3,724    $1,039    39%

 

I look forward to not only seeing what changes Hamblin Watsa has made to their investment portfolio in Q2. I also look forward to seeing what rabbits they pull out of their hat...

 

I remember an line from Jim Rogers about how to make money and he said "when you see a $20 bill lying on the ground you pick it up."  Yes, FFH & ORH have traded higher in recent weeks (moving in tandem with the general market and other insurance stocks). I think I see (once again... just like last year and the year before and...) a $20 bill lying on the ground....

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cool stuff!  Lets not count chickens, I was expecting about 50$ a share Q4 08 but they recallibrated,  Changes in book are fun to follow even though they don't have much of an impact on my estimate of intrinsic value. 

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Regarding the US equities (reported via 13F), we just passed the $1 billion mark in gains today!

March 31     $2.685

April 24       $3,142       $456     17%

June 30       $3,484       $798     30%

July 23        $3,724    $1,039     39%

Even remotely close to that coupled with a nom 100% CR would be awesome given what they would be making with some of the other issues they hold.

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