tag:blogger.com,1999:blog-2080506270244832638.post2774448871685123105..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Jackson Financial: Spin/Demerger, Technical SellingMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-2080506270244832638.post-4133553005786761552021-11-16T08:22:32.415-06:002021-11-16T08:22:32.415-06:00Probably something closer to $40, but not itching ...Probably something closer to $40, but not itching to sell, sometimes it just based on what other opportunities I like better.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-56896768124268251522021-11-15T22:59:43.868-06:002021-11-15T22:59:43.868-06:00@MDC : What would be your sell range?@MDC : What would be your sell range?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-25377856335436873582021-11-11T14:24:58.439-06:002021-11-11T14:24:58.439-06:00Thanks! Yeah, still a black box, but I'm goin...Thanks! Yeah, still a black box, but I'm going to continue to hold for now.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-24034313321506128652021-11-11T14:24:17.860-06:002021-11-11T14:24:17.860-06:00Wasn't me that referred to EQH as a comp, I do...Wasn't me that referred to EQH as a comp, I don't really pay much attention to dividend yield but the fact that it does helps widen the shareholder base as I mentioned in the above comment, get its into dividend focused funds.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-78791805027835908122021-11-11T13:33:26.964-06:002021-11-11T13:33:26.964-06:00Thank you for the idea MDC, this worked out well. ...Thank you for the idea MDC, this worked out well. Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-43111395975856724522021-11-11T12:11:56.752-06:002021-11-11T12:11:56.752-06:00Does anyone have a view as to what is an appropria...Does anyone have a view as to what is an appropriate dividend yield for this company? I think we all agree that 6% is far too high. But not that we are here - what does everyone think? I think I saw the author refer to 2% from EQH as a comp - but I defer because I'm not well versed on insurance. Thanks!SMhttps://www.blogger.com/profile/10424154955991610543noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-51314183145425619852021-11-11T08:27:19.258-06:002021-11-11T08:27:19.258-06:00JCS I can't as easily explain, but with JXN it...JCS I can't as easily explain, but with JXN its a recent spin and finding a new shareholder base. Announcing the dividend probably starts to get it into high dividend ETF, funds, other mandates that require a dividend.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49567670022358662992021-11-11T01:58:38.245-06:002021-11-11T01:58:38.245-06:00Why such a spike in the price when they already to...Why such a spike in the price when they already told investors that they would give div/buy back shares? Same happend with Communications Systems, Inc. (though a far greater spike) when they announced their $3.5 div that was planned months back. mgmynoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-80113732627006783782021-11-09T20:56:55.503-06:002021-11-09T20:56:55.503-06:00Yeah, while it makes more academic sense to just b...Yeah, while it makes more academic sense to just buyback shares, the dividend might be helpful in a couple ways: 1) it'll attract yield pig investors; and 2) it proves that the cash flows are real, might actually help firm up the perception of book valueMDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-46949005443914662192021-11-09T16:05:53.009-06:002021-11-09T16:05:53.009-06:00Great & stable results out from Jackson today!...Great & stable results out from Jackson today! Both dividends and a buyback program announced. If the buyback is completed in 12 months then div + buyback gives 19% total shareholder return at current mcap. We are certainty getting paid to wait until the rerate arrives. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-45411863345831752872021-10-06T10:46:20.761-05:002021-10-06T10:46:20.761-05:00https://www.wsj.com/articles/blackrock-is-adding-a...https://www.wsj.com/articles/blackrock-is-adding-annuities-to-401-k-s-11633512600?mod=hp_lead_pos7<br /><br />BlackRock adding annuities to their 401k plan, Brighthouse and Equitable, not Jackson, but interesting nonetheless as Jackson cited the new law as a growth opportunity.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-66551851939273200502021-09-28T08:50:34.179-05:002021-09-28T08:50:34.179-05:00Sorry, I don't know of any offhand. I did spe...Sorry, I don't know of any offhand. I did spend an hour or two bouncing around on YouTube trying to get an idea of the pitch from a client's point of view.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-60950216162201894812021-09-27T09:53:22.463-05:002021-09-27T09:53:22.463-05:00Is there a primer on the annuity businesses? This ...Is there a primer on the annuity businesses? This is a foreign territory for me so any help in understanding the business will be appreciated!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-64592678649178894952021-09-25T10:56:54.818-05:002021-09-25T10:56:54.818-05:00I don't know the timing, but it's plenty b...I don't know the timing, but it's plenty big enough that being included in all the relevant indices shouldn't be a concern. Unless for some reason S&P doesn't like the dual share class, but its not a super-voting situation, only tiny question in the back of my head.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-2530002786600989162021-09-25T10:43:38.733-05:002021-09-25T10:43:38.733-05:00Looks like another interesting idea, thanks!Looks like another interesting idea, thanks!MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-61062167495523353572021-09-25T10:39:49.580-05:002021-09-25T10:39:49.580-05:00I had similar concerns about the ATH writedown, bu...I had similar concerns about the ATH writedown, but I believe they only own 37% directly so its not as big as it appears. Here's the line from the June 2020 press release:<br /><br />"Utilizing the strategic benefits of ACRA, 63% of the total capital deployment will be funded by third-party investors, and 37% will be funded by Athene on a standalone basis."MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-79854911739286044852021-09-24T07:51:19.950-05:002021-09-24T07:51:19.950-05:00Do you guys have any idea when ETF's will need...Do you guys have any idea when ETF's will need to start buying JXN? Can't find info about index inclusion.KLnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-45953316252531006182021-09-23T21:26:31.624-05:002021-09-23T21:26:31.624-05:00@timidbid: I agree that anyone claiming to have an...@timidbid: I agree that anyone claiming to have anything close to an exact idea of what this is worth is probably high or otherwise deluded. But I still think there's enough here to say that it's worth more. <br /><br />I'd argue that BHF had more hair on it, and as a result wasn't able to start returning capital right away, but that it's been a fine investment (as always!) if you bought at the right price. Same here. Einhorn's mistake (maybe) is that he wasn't cheap enough. TBD whether people buying JXN now are.<br /><br />But I think we actually agree. ADLhttps://www.blogger.com/profile/11578314123744054067noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-18090951925447003912021-09-23T19:27:17.343-05:002021-09-23T19:27:17.343-05:00The story of technical selling pressure here is ve...The story of technical selling pressure here is very enticing, but the valuation is hard.<br /><br />Athene purchased a 11.1% stake for ~$45/share as you mention, but they subsequently wrote down their position by ~50% (my best guess from what is disclosed in their 10-K).<br /><br />The book value doesn't mean much either and will likely change materially over the next year as new GAAP accounting goes into effect (ASU 2018-12 and ASU 2019-09). Rate assumptions for statutory capital will likely continue to decrease, eating away at capital there as well.<br /><br />I am long as well betting that muddy financials and technical selling pressure mean a cheap stock, but I still worry I am not learning from Einhorn's mistakes with BHF.timidbidhttps://www.blogger.com/profile/11606303869402287925noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-13447980265059262132021-09-23T15:20:19.521-05:002021-09-23T15:20:19.521-05:00What are they going to do with another 85% of prof...What are they going to do with another 85% of profits?Atonnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-15880696463585625322021-09-22T19:26:37.381-05:002021-09-22T19:26:37.381-05:00Wholly possible the market takes a long time or ev...Wholly possible the market takes a long time or even forever to come around on this, but I bought some -WI and regular-way because it's just so cheap and (low) IG-credit (for now) with a clear capital-return policy that will either boost BV or screen well for income investors. I think it's a really great idea, not least because of the extreme embedded pessimism. Thanks again for mentioning this!<br /><br />Much further down on the quality spectrum, bought some LTSF today. Acquirer Advisor Group has muddled through COVID, and the legacy Ladenburg bonds and prefs have been hammered by forced/spooked sellers as darkness descends on that corner of the OTC. Weirdly, Interactive would still let me buy. I figure it will inch back toward par, and if buyers don't emerge it's a perfectly fine YTM.ADLhttps://www.blogger.com/profile/11578314123744054067noreply@blogger.com