MEbbel

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  • David Einhorn/Lehman Brothers: Another NYT Hatchet Job
    This article does an excellent job going tit-for-tat with the NYT's trash.

    I'm happily long GLRE. Einhorn's book, although long and detailed, is an excellent contribution to the canon of Value Investing literature.

    To FxTrader07, the Monoline business is fundamentally flawed. Whitney and Bill have articulated this well over time. Moody's and S&P are both re-rating a large portion of the government issues upwards. This will decrease the need for the "bond insurance" that is supposedly provided by MBIA, Ambac, etc. I'll ask you two simple questions about those businesses:
    1. How can a business be AAA if its existence relies on it being AAA? Without that rating the business is not relevant.
    2. How can an insurance business write insurance on hundreds of billions of dollars, but be unable to sustain a loss of even 2% without going out of business? Few businesses are that accurate in their underwriting, and it is that easy to so accurately underwrite the insurance, the policy probably isn't that necessary in the first place.
    Jun 16 12:20 pm |Rating: 0 0 |Link to Comment |View article

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