tag:blogger.com,1999:blog-2080506270244832638.post5647202952167741754..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Argo Group International: New Activist Pressure, Pursuing a SaleMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-2080506270244832638.post-71160458911032655322023-02-08T10:32:11.801-06:002023-02-08T10:32:11.801-06:00https://seekingalpha.com/pr/19111458-brookfield-re...https://seekingalpha.com/pr/19111458-brookfield-reinsurance-to-acquire-argo-in-1_1-billion-transaction<br /><br />Acquired by Brookfield for $30. I sold this morning.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-2207639990104627952023-02-08T10:24:42.151-06:002023-02-08T10:24:42.151-06:00Yeah, Brookfield putting them out of their misery ...Yeah, Brookfield putting them out of their misery here. Glad this one is over, terrible pick.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-26100785880036211562023-02-08T09:16:53.303-06:002023-02-08T09:16:53.303-06:00...and it turns out that me thinking $40.70 was ok......and it turns out that me thinking $40.70 was ok was also too optimistic. $30 per share and by Brookfield no less - that's basically bottom of the barrel buyer here.Transverse Slicenoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-41368489449223860562023-01-12T15:04:49.216-06:002023-01-12T15:04:49.216-06:00Thanks, Inside P&C really likes to elbow ARGO ...Thanks, Inside P&C really likes to elbow ARGO every chance they get. "Thinly contested process struggles to reach a conclusion" doesn't quite match up with a new entrant.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-31393922558971740812023-01-12T13:25:02.939-06:002023-01-12T13:25:02.939-06:00https://seekingalpha.com/news/3924188-arch-capital...https://seekingalpha.com/news/3924188-arch-capital-enters-auction-for-argo-group-report<br />Alex Taussignoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-20784122438559992272023-01-03T19:52:36.284-06:002023-01-03T19:52:36.284-06:00oh, whoops, recent share offering should cut that ...oh, whoops, recent share offering should cut that P/B a bit. Don't know if that makes me like the trade less - I'd guess these folks think their stock is expensive.Alex Taussignoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-39295148891261990412023-01-03T19:46:59.691-06:002023-01-03T19:46:59.691-06:00Finally got around to reading that KNSL short thes...Finally got around to reading that KNSL short thesis, and gosh, it seems pretty compelling at today's P/B of 9.7x, ~40 P/E. Seems you need to make some pretty remarkable assumptions to go long at that price.<br /><br />Being stupid enough to short, its tempting to put on the KNSL/ARGO pair trade.Alex Taussignoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-19007324478898572022022-10-28T10:58:00.813-05:002022-10-28T10:58:00.813-05:00Only mystery is price. Assume not for cash as tha...Only mystery is price. Assume not for cash as that was floated that they will accept paper. Seems to me if getting stock the price could be higher depending on paper buyer.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-8509308689247553142022-10-28T10:39:21.965-05:002022-10-28T10:39:21.965-05:00Yeah, signs seem to be pointing that way. Board m...Yeah, signs seem to be pointing that way. Board member resigned and won't be replaced. Hopefully something happens even if it ends up being a loss for me. I still own shares.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-32004845276139002832022-10-28T10:12:58.773-05:002022-10-28T10:12:58.773-05:00Hey...not as fast as liked...but I think you are g...Hey...not as fast as liked...but I think you are gonna be right here. She is trading as process is coming to a head.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-54340118098828820722022-09-06T11:50:40.452-05:002022-09-06T11:50:40.452-05:00GraciasGraciasAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-77300507410483585062022-09-06T10:00:30.950-05:002022-09-06T10:00:30.950-05:00Ha good way to put it. Might be other better opti...Ha good way to put it. Might be other better options at the bar tonight.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-76201789925166140812022-09-06T09:55:31.082-05:002022-09-06T09:55:31.082-05:00Thanks for reply.
I dig. Do not own. Love busted...Thanks for reply.<br />I dig. Do not own. Love busted names where thesis may still be alive. If ...you did not own and met her in a bar tonight would you take her home ...in this condition?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-13838033504691706332022-09-02T08:50:30.660-05:002022-09-02T08:50:30.660-05:00No new thoughts, stock seems really cheap, althoug...No new thoughts, stock seems really cheap, although the auction doesn't sound to be going well. Just a tough time to sell right now, everyone looking to sell, no one looking to buy. Might just be bad timing.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-39479299639467630172022-09-01T11:09:00.773-05:002022-09-01T11:09:00.773-05:00Thoughts here?Thoughts here?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-86215825184696756292022-06-05T14:26:28.186-05:002022-06-05T14:26:28.186-05:00You find some very interesting gems. Thank you for...You find some very interesting gems. Thank you for the writeup. Well done and interesting as usual. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-68211563323964923032022-05-24T16:42:06.175-05:002022-05-24T16:42:06.175-05:00Good write up. Pathetic to stay anonymous when hec...Good write up. Pathetic to stay anonymous when heckling someone. At least MDC is out there doing the work and publishing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-39630622662278572272022-05-16T09:36:28.308-05:002022-05-16T09:36:28.308-05:00Note: there is also a third activist/special situa...Note: there is also a third activist/special situations group in the mix here, namely Enstar.Transverse Slicenoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-89995398713693086812022-05-16T09:35:05.636-05:002022-05-16T09:35:05.636-05:00The Bermuda reinsurer "issue" isn't ...The Bermuda reinsurer "issue" isn't really an issue - the main desirable asset in here is the US E&S business. I.e., this is not primarily a Bermuda reinsurer. However, there is a bit of an issue with any whole buyer would have to deal with the bits that they don't want (but this is not that large a company, relatively speaking)Transverse Slicenoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-57761912953001401132022-05-15T00:19:51.775-05:002022-05-15T00:19:51.775-05:00If he can continue posting these kinds of returns ...If he can continue posting these kinds of returns for 49 years, I'm sure he'll be fine. Thanks for the idea MDCAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-19849554813978266582022-05-12T20:08:35.949-05:002022-05-12T20:08:35.949-05:00Thanks, I appreciate the feedback, makes sense.Thanks, I appreciate the feedback, makes sense.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-32346656209405545952022-05-12T17:15:42.970-05:002022-05-12T17:15:42.970-05:00Their reserve issues are in a long tail line of bu...Their reserve issues are in a long tail line of business. In other words, an acquirer should (and probably will) haircut that BV. IMO the 1.5x hope on as stated BV is aggressive. That’s the sort of multiple you’d get for a decent franchise without any warts. I would probably consider 1.5x on BV appropriately haircut for these reserve issues to be close to the upper end of the price they can get. I need to look closer, but I think you are ok buying at pixel price - $40.70, but tempered expectations are probably in order. <br /><br />Regardless, I have not looked in any deep detail (on the list). Transverse Slicenoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-59826067394797439172022-05-11T09:02:46.752-05:002022-05-11T09:02:46.752-05:00You are so polite, MDC. Keep up the good work; I ...You are so polite, MDC. Keep up the good work; I love your blog.Bladesnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-87306220606551277792022-05-11T08:30:50.541-05:002022-05-11T08:30:50.541-05:00Ha, yeah no where near that popular. And like man...Ha, yeah no where near that popular. And like many others, down on the year, but just continuing to march on as usual.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-62055798604035873312022-05-11T08:29:58.893-05:002022-05-11T08:29:58.893-05:00Good point, not the best look.Good point, not the best look.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.com