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Case Study II AIG

Case Study II AIG

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Published by Farnam Street

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Published by: Farnam Street on Feb 04, 2012
Copyright:Attribution Non-commercial

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05/13/2013

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C
ASE
S
TUDY
IIC
ASE
S
TUDY
II
FAIRHOLME 
 Ignore the crowd.
 
Trades
 
at
 
less
 
than
 
one
half 
 
tangible
 
book
 
value
Fortress
 
balance
 
sheet
Shareholder
 
equity
to
assets
 
ratio
 
of 
 
15%
Repurchasing
 
common
 
stock
Leader
 
in
 
global
 
property
 
and
 
casualty
 
insurance
Dominant
 
U.S.
 
life
 
insurance
 
and
 
retirement
 
services
 
provider
86
 
million
 
customer
 
and
 
client
 
relationships
 
worldwide
 
C
URRENT
I
NVESTMENT
O
PPORTUNITY
We
 
have
 
identified 
 
a
 
 public
 
company:
…Sound 
 
interesting? 
FAIRHOLME 
 Ignore the crowd.
 
…We
 
certainly
 
think
 
so.
“Insurance is critical to the smooth functioning of the world economy.Businesses cannot operate without coverage against the unexpected and most capital transactions cannot be financed without insurance.” 
Bruce
 
R.
 
Berkowitz
Outstanding
 
Investor 
 
Digest 
Year
 
End
 
2001
 
Edition
FAIRHOLME 
 Ignore the crowd.

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