What a sweet revenge for the fundamentals based investors... Now think about rating agencies who downgraded the rating for AGO... I would say, even after all the 2008 debacle, they still don't have a clue of strength or weakness of a company.
The next one in agenda is Muni. Economy is becoming strong though at a slower pace. So, muni default is overblown! This one punch is for Meredith Whitney who predicted 10s of billions of dollars of default before the end of 2011!!