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Old Republic International Corporation Message Board

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  • quantuon quantuon Jul 30, 2012 2:13 PM Flag

    Reason to buy

    most levered financials are trading a decent discounts to tangible so btw 7 and 8 would be a 60-70% discount to our adjusted BV....not that out of line with others...there are REITs and MLPs etc. out there with much less leverage and simple business models that yield ~10% + have growth prospects. Of course they too have risk, like concentration, but their balance sheets are much easier to get your arms around. If there is no growth then not sure 9% cuts it given annual vol of 25-30%?

    The inter company is not written down because it is baked into their assessment of +tive eventual run-off and I guess is a good sign indicating they believe that NC will not put MI into receivership (neither do I)

    Ultimately, if you close your eyes and hold your nose, you do okay here I think...but plan on holding it for a long, long time and be able to take the gyrations....

18.27-0.06(-0.33%)Oct 21 4:02 PMEDT