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Blogs about RGA

Blogs	Description	Date Updated
Not All Financials are Poision	I am overweight financials, but I don’t own any banks, or entities where the primary business is credit risk. I own a bunch of insurers, because they are cheap. The first one to report came Monday after the close, Reinsurance Group of America. They beat handily on both earnings and revenues. They are the only pure play life reinsurer remaining. Competition is reduced because Scottish Re is for all practical purposes dead. They make their money primarily off of mortality, chargi...	July 22, 2008
Recent Portfolio Moves	Selling 70% of my National Atlantic stake freed up cash, and I deployed half of that today in a variety of rebalancing trades. Today I bought some Jones Apparel, Valero Energy, Hartford Financial Services, and OfficeMax. I sold some RGA to buy some MetLife, in order to get cheaper RGA. Today’s actions brought cash in the portfolio from 14% to 11%. It’s a good time to be adding to positions in a modest way. If the market declines further, I will continue to slowly reduce cash ...	June 21, 2008
Recent Portfolio Moves, and Insurance Company Musings	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. Earlier in the day, though my timing was good, it could have been better, I swapped my exposure in Japan Smaller Capitalization Fund [JOF] for the SPDR Russell/Nomura Small Cap Japan ETF [JSC]. Given that I like JOF, why did I trade? The premium to NAV got too high — it was 10% on an intraday basis by my calculations, so,...	June 07, 2008
Again, Not Worried About Reinsurance Group of America	From the 6/2 RealMoney Columnist Conversation: David Merkel Rebalancing Sales, and a Buy 6/2/2008 4:08 PM EDT Late last week, I had two rebalancing sells, Charlotte Russe and Smithfield. Today, two more, Honda Motor and Nam Tai Electronics. As the market has risen (or, some of my stocks at least), cash has been building up, and I have added some of my own free cash to the Broad Market portfolio. I’m at about 14% cash. So, it’s time to buy something, though I am waitin...	June 03, 2008
A Good Month — A Good Year, so far	Of the 35 stocks in my portfolio, only 4 lost money for me in May: Magna International, Group 1 Automotive, Reinsurance Group of America, and Hartford Insurance. My largest gainer, OfficeMax, paid for all of the losses and then some. I am only market-weight in energy, so that was not what drove my month. Almost everything worked in May: company selection, industry selection, etc. My other big gainers were: Charlotte Russe, Helmerich & Payne, Japan Smaller Capitalization Fund, and Ensco...	May 31, 2008
Not Concerned About Reinsurance Group of America	So Reinsurance Group of America missed estimates. Big deal; they’ve had good-to-excellent earnings for the last ten quarters; they have a bad quarter now and then when the “law of small numbers” catches up with them. Look at 2Q05 and 4Q01 for examples. The law of small numbers means that every now and then, you get a random gaggle of deaths with high face amounts, and the quarter is bad. This is often a good buying opportunity, because Wall Street, which only understands t...	April 18, 2008
Could Have Been a Lot Worse…	One month down, eleven to go? Can we stick our heads out of the foxhole yet? Personally, I was off just a little in January. Comparing myself against a bunch of value indexes, which did better than growth indexes in January, I did better than all of them. We’ll see what the future brings, though, these things can turn on a dime. So what worked for me? Arkansas Best, National Atlantic (not out of the woods yet), Charlotte Russe, Gehl, YRC Worldwide, Alliance Data Systems, Reinsuranc...	February 01, 2008
Miscellaneous Musings on Our Manic Markets	1) I had another good day today, but my body is telling me otherwise. As I wrote at RealMoney: David Merkel Two Positive Surprises; Two Things I Don’t Do 1/24/2008 3:11 PM EST Two more news bits. I don’t buy for takeovers, but today Bronco Drilling got bought out by Allis-Chalmers Energy. (Now I have three open slots in the portfolio.) I also don’t buy to bet on earnings. But I will ignore earnings if I feel it is time to buy a cheap stock. With yesterday’s...	January 25, 2008
What a Day!	I didn’t feel well today, but my broad market portfolio did better than me. I probably could not have picked a worse day to do my reshaping, but here are the results: Sales: Aspen Holdings Flagstone Reinsurance Redwood Trust Mylan Labs Lafarge SA Purchases: Reinsurance Group of America (old friend, cheap price) Honda Motors Rebalancing Buys: Valero ConocoPhillips Vishay Intertechnology Rebalancing Sale: Deerfield Capital I’m not done. My moves today raised cash from 5% to 1...	January 24, 2008
GM voluntarily reports 2007 political contributions	Filed under: Rants and raves, Competitive strategy, General Motors (GM), PoliticsGeneral Motors Corp. (NYSE: GM) reached a milestone of corporate governance this month, as it released its first-ever contribution list to section 527 organizations. In essence, political influence dollars. GM apparently wants to further its efforts toward making corporate transparency for its stockholders commonplace. It's a good move by the world's largest automaker.For 2007, GM's contributions to section 527 orga...	January 10, 2008

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