American Capital (ACAS) Reports Good 4Q12 Results

American Capital (ACAS) reported 4Q12 earnings before the market open on 2/11/2013. It was a good quarter and an outstanding year. Although the rate of improvement has slowed from the extraordinary (but unsustainable) rates we experienced recently there continues to be encouraging signs of further returns. Our investment thesis continues to play out well. We centered […]

Genworth Financial (GNW) Reports 4Q12 Results

Genworth Financial (GNW) reported 4Q12 earnings on February 5, 2013 [Source]. Genworth continues to be a work in progress. Our investment thesis [Source] identified many moving parts that need addressed to restore investor confidence. The 4Q12 report on a quarter to quarter basis is characterized as mixed from an operating perspective. From a longer term value perspective, as our investment […]

Genworth (GNW) Announces Resourceful Capital Plan

This plan is resourceful and a significant catalyst for appreciation in the months to come. The plan utilizes the undervalued assets of the company to address rating agency concerns and preserve the still to be recognized value for existing shareholders. The News Release in Part [Source]: Genworth Financial (GNW) announced today a comprehensive capital plan for […]

Genworth Update

Mortgage Delinquency Rates Continue to Improve: Lender Processing Services, Inc. (LPS) provides analytics on the mortgage and real estate industries with a loan-level database representing approximately 70 percent of the overall market. What better leading indicator and gauge for the health of the mortgage business than those collecting the payments? The table below is LPS’s […]

American Capital Share Repurchases and Cambridge Major Laboratories Buyout

Two positive news releases from our holding American Capital Ltd: American Capital Share Repurchases: American Capital announced on December 27, 2012 that in the fourth quarter of 2012 it made open market repurchases of 8.8 million shares of American Capital common stock or 2.8% of the outstanding shares.  At an average price of $11.72/share totaling […]

Genworth Financial: New Leadership

Genworth Financial (GNW) announced that its board of directors selected Thomas J. Mc Inerney as the company’s president and chief executive officer, effective January 1, 2013.  Mc Inerney is a seasoned insurance industry veteran with experience in senior leadership positions at ING Groep and Aetna Financial Services. Most recently he was an advisor with Boston Consulting Group. As presented […]

Genworth (GNW) Investment Thesis: Part I What went wrong?

Genworth Financial, Inc. (GNW): Genworth Financial, Inc. (GNW) provides insurance and financial management in the United States and internationally including fixed annuity products, life and long-term care insurance; payment protection; and mortgage insurance to insure residential mortgage loans. With more than 15 million customers in 25 countries the company was spun off from General Electric, Inc. […]

Genworth (GNW) Investment Thesis: Part II Turnaround and Valuation

In Genworth (GNW) Investment Thesis: Part I we discussed what led to the collapse in the share price and why it is still trading at a huge discount to intrinsic value. The central question: is this deep discount justified or is it a value investing opportunity created by past worries, fear and excessive pessimism? To […]

American Capital (ACAS) Reports 3Q12 Results

American Capital (ACAS) reported 3Q12 earnings after the market close 10/29/12. It was another solid quarter: our investment thesis is playing out well and as a bonus we can anticipate continued gains as intrinsic value increases. You will recall in our thesis ACAS after many years of successful performance was severely punished during the financial crises. The […]

American Capital (ACAS) Reports 2Q12

American Capital (ACAS) reported 2Q12 earnings after the market close 7/31/12 and held the conference call at 10 CT on 8/2/12. It is a good report and our investment thesis remains on track. After successive quarters of consistent improvement the company remains an attractive investment in my view trading at a 38% discount to the improving book value […]