Long-term (6+ mos.) AGO is a very good value here, however, near term the overall mkt (S&P) is headed below 1300. I betting I can pick-it-up $0.50 - $1.00 cheaper. S&P's re-rating won't come until 3rd qtr. I don't think new stress in the muni-bond mkt will result in widespread defaults, but it will be enough to scare AGO shares lower. Finally, until Bosel3 is known, banks don't know how much capital they need and they will be reluctant to settle like BofA did. AGO has just shifted the resources that was working on BofA to begin working on RMBS instruments from other banks. In short, there is more work for AGO to do make their case.