marginofdanger on X
$TIPT filed an 8-K this morning where they said they expected the Fortegra deal to close by Friday 5/29. Pro forma TBV is ~$24/share, stock last 17.17.
Sector
Insurance
Everything our editor has picked under this sector, best first.
94 stories
Berkshire Hathaway: Willing and Abel
Berkshire Hathaway CEO Greg Abel will spend his after-tax $25 million salary buying Berkshire shares as he reshapes the conglomerate’s…
Mount Logan's Run: When the Board Pays $9.43 and Mr. Market Hands You a Mulligan at $5.00
Mount Logan Capital repurchased shares at $9.43 before an oversubscribed tender and forced selling drove them to $5.00, below $10.39 book…
Earnings Updates and A Software Shot in the Dark
Ategrity Specialty’s 30% premium growth, stable reserves and $50 million buyback target an undervalued, thinly traded specialty insurer.
Greg Abel’s Unique Challenge
Greg Abel inherits Berkshire Hathaway’s decentralized culture and must strengthen underperforming subsidiaries without breaking the…
Little Owl Research on X
In September I had the pleasure of attending the Howard Hughes $HHH annual shareholder meeting. I met the man himself! @BillAckman Not to get ahead of myself, but this could be the beginning of something very special. Today’s quarterly results help to reinforce my views on the quality of both the asset base and management. The company is firing on all cylinders. Management continues to execute on the MPC strategy, and an acquisition seems highly likely in the short term. However, the shares still trade at a deep discount to intrinsic value. Do I care? No—at least not yet. Pershing Square has a truly remarkable track record. Since adopting their “permanent capital” strategy they have done 23.5% net of fees annually since January of 2018. Not too shabby. I suspect they’ll be acquiring a small insurer in the 1.0x-1.4x P/B range, if that’s the case, and they continue to put up those returns, the acquisition will be monstrously accretive. When Buffett took control of Berkshire, it was a failing textile mill with a negative terminal value. Ackman is starting off with assets of much higher quality and that are beginning to generate a lot of excess cash. A lot of work has to be done, but I’m happy to hold my shares here. If you’re interested in learning more about the real estate operations, I’ve attached my $HHH report from November of 2023–obviously outdated, but should help get you up to speed on the history, RE strategy, and asset base—and I will be putting out an updated report after the details of the insurance acquisition are announced. https://t.co/ueKI0TWY9R
Boston Omaha Corporation ($BOC)
Boston Omaha trades at $13.31 versus a $23-$30 intrinsic-value estimate, with billboard, broadband, hangar and surety businesses valued at…
What I’ve Been Reading
Mini reviews revisit Alice Schroeder’s Warren Buffett biography and Jonathan Clements’s collected personal-finance writing.
Greg Abel Steps into the Spotlight
Greg Abel becomes Berkshire Hathaway CEO in 2026, taking operational and capital-allocation authority as Warren Buffett remains chairman…
Warren Buffett’s Final Brushstrokes
Berkshire Hathaway will replace Warren Buffett as CEO with Greg Abel at year-end, while Buffett remains chairman and Abel assumes capital…
Berkshire Hathaway’s Diamond Anniversary
Berkshire Hathaway marks 60 years under Warren Buffett as board retirement rules and Buffett’s comments prepare shareholders for Greg…
Berkshire Hathaway’s 2025 Proxy Statement
Berkshire Hathaway’s 2025 proxy introduces an age-80 director limit, forcing Ronald Olson’s retirement while exempting Warren Buffett and…
Buffett & Munger Unscripted
Buffett & Munger Unscripted organizes three decades of Berkshire annual-meeting commentary on investing, governance and executive pay.
Warren Buffett on Berkshire’s Valuation
Berkshire Hathaway’s 2015 1.51x book value delivered a 13.4% annualized return through 2025, while Buffett warned that purchases near 2x…
Berkshire Hathaway’s 2024 Annual Report
Berkshire Hathaway ended 2024 with $318 billion of adjusted cash and $47.4 billion of operating earnings, led by insurance underwriting and…
Insureco w/ Potential Strat Alts Announcement Soon + 100% Upside on Buyout ($TIPT)
Tiptree ($TIPT) is positioned around a potential Fortegra sale announcement; Fortegra generates substantially all revenue.
Berkshire Hathaway’s Culture in 2050
Berkshire Hathaway’s post-Buffett culture will depend on Greg Abel and a shrinking family foundation’s voting control as Class A shares…
Staying the Course
Berkshire Hathaway ownership, rather than broad index funds, kept the investor committed through volatility, backed by trust in Buffett’s…
Derek Pilecki on X
Rich Howe hosted me on his new podcast. We talked about some of the spin-offs I've invested in: $VRTS, $JXN, & $VOYA. https://t.co/6jbvrdaj0a
Derek Pilecki on X
I strongly disagree with buybacks like $TFC has telegraphed. Truist trades above book value, and they only have excess capital because they sold one of their crown jewels (insurance brokerage biz). Truist should hold excess capital until we get through this credit cycle.
(C)riminally (V)alued (S)caled Healthcare Services
CVS Health fell 20% after cutting 2024 adjusted EPS guidance to $7, but its Aetna insurance and Caremark PBM businesses support a…
Idea Brunch on X
Here's our newest interview with @GeoffreyBSeiler! Tickers mentioned: $TRUP, $COTY, $ET https://t.co/n29EeO04UE
