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Unstable Value Funds? (IV)

Mon, 09 Mar 2009 02:32:00 GMT

This should be my last post on this topic for a while. I thank those that sent me additional data that agreed with my theses in the piece Unstable Value Funds? (III). I would like to start by quoting from my piece at RealMoney The Biggest Asset Class You Never Heard Of. The bonds held in stable value funds can’t be valued at book value, because accounting rules require that they be held at market. The stable value pool goes out and purchases derivatives known as wrap agreements in order to allow the bonds to be held at book value. The wrap agreements agree to pay or receive money if any of the bonds have[More...]

Aegon NV an Exceptional Value - Analyst Blog

Fri, 07 Nov 2008 15:54:00 GMT

We are maintaining our Buy recommendation on Aegon NV (AN) after its third quarter results. While the current environment will be challenging for investment portfolios, we think that, at its current multiple, the stock trades at a significant discount to its peers. Our six-month target price is $7.00. Aegon stock has declined significantly along with the recent market sell-off. At current multiple of 4.8x our current 2008 EPS and 0.3x book value, fundamentally we think that there will be potential gain for stock in the near term. Headquartered in The Hague, Netherlands, Aegon N.V. provides a multitude of insurance and pension-based saving and investment solutions. It is one of the world s ten largest life insurance companies ranked by assets, profits and market capitalization. [More...]

Analyst Comments: Chunghwa Telecom, PG&E Corporation, Valspar, Estee Lauder, PALM, GameStop, Kinross Gold, Denbury Resources, Aegon, Biogen Idec, General Dynamics

Fri, 15 Aug 2008 13:07:00 GMT

We maintain our Buy recommendation and the same valuation target for Chunghwa Telecom Co. Ltd. (CHT), the largest integrated telecom operator in Taiwan, ahead of its second quarter fiscal 2008 earnings results.[More...]

Recent Portfolio Moves, and Insurance Company Musings

Sun, 08 Jun 2008 19:04:19 GMT

On Friday, toward the end of the day, I added to my position in Cemex, just to rebalance the portfolio and take advantage of undue weakness in the Mexican stock market.[More...]