Its time to get rid of Frazier. Frazier had clearly demonstrated today his inability to lead this company and has fully let down Genworth investors, supporters, employees and most importantly its clients. A pitiful Conference Call and an ensuing 15% drop in stock price should fully merit his quick replacement. His inability to effctively perfom the leadership duties both in communication and in the smooth translation of the companies vision, successes and future potential in a positive manner today was totally intolerable.
I vote that the board look to remove him and restore confidence in this comapny for taday and in the future.
I vote no. Frazier has proven to be a straight shooter in the past, and i appreciate candor. Nothing is worse than a CEO who spreads the BS to pump the price of a stock, as the fact that it is BS always comes back to bite the company someday. might as well get bad news out in the open and face up to it.
The 10-year term policy lapsing issue looks it may last a year or two before tapering off - i'm not thrilled about that, but it's probably hard to make predictions about policy lapsing rates 10 years in the future when you have no idea about the future state of the economy. I'll thus give them a pass on that issue for now. However, I expect to see some improved US MI results in 2011 as predicted.
I am worried that the "capital efficient" life products that are driving sales are actually underpriced, but i'm not in this investment for the retirement and protection segment - to me, it's a US MI play with some backstops that the monolines don't have. Just breaking even in US MI would have added .08 or so to the operating earnings - add in a little profit and you have a significant boost to future earnings.
Regarding the stock price move, GNW is just a high-beta stock and always gives a good roller-coaster ride. Its price gyrates all over the place (which always amazes me considering it came from stodgy old GE). I don't know where it will be in six months or a year, but i bet it will have been all over the place between now and then.
Good to hear your opinions whether for or against. All points you make are substantive, colorful language notwithstanding. I know he's done a lot but sometimes new skils are needed to transition to a new phase. Clearly, the call could have been handled better.
Dude you are a complete moron. Frazier helped keep this company from going out of business during the crash.. if it wasn't for his defensive measures this company would have gone bust.. the market is a big casino now, fundamentals DO NOT matter in the short-term anymore, quant funds are manipulating short-term movements in price without any fundamental basis..