Letters by company

Old Republic International CORP

2 letters discussing ORI. Everything written about it on this site is on its ticker page.

Bireme Capital December 2023 Investor Letter Bireme Capital sold Netflix and substantially reduced Meta after their discounts to intrinsic value narrowed, while shorting Tesla, Apple, selected consumer-staples stocks, ARM Holdings and C3.ai on valuation concerns. It added British American Tobacco, citing its low valuation, established tobacco brands and expanding reduced-risk nicotine products. The firm argues that concentrated equity indices, persistent inflation and loose fiscal policy leave markets vulnerable. December 2023 BTI $120B0ADF AAPL $4.9T
Bireme Capital 3Q21 FV Quarterly Report Bireme Fundamental Value warned that persistent inflation and a more hawkish Federal Reserve could puncture an everything bubble across equities and bonds. The portfolio added Imperial Brands and Old Republic while maintaining longs in RCI Hospitality and Bollore, and short positions in GameStop, Skillz, FuboTV and GOTU on weak economics or unsustainable valuations. 3Q21 GME $13BBOL $12BFUBO $976M