Myth465 Posted May 23, 2014 Share Posted May 23, 2014 Loews has done nothing during the best time to do something - 2008 though 2010. Now they are selling an asset they lost millions on.... Highmount, bad investment. BWP in the dog house. Why does everyone act like the Tisch kids know how to invest? Link to comment Share on other sites More sharing options...
thepupil Posted May 23, 2014 Share Posted May 23, 2014 I don't think anyone does act like they can invest with the exceptions of CNBC (Jim Tisch's airtime / alpha ratio is off the charts), and the mutual funds that have held on forever without questioning the brothers Tisch (at least publicly) Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 30, 2014 Share Posted May 30, 2014 ‘Too Damn Low’ Bond Yields Lead Tisch to Buy Stocks Begrudgingly http://www.bloomberg.com/news/2014-05-29/-too-damn-low-bond-yields-lead-tisch-to-buy-stocks-begrudgingly.html Link to comment Share on other sites More sharing options...
LowIQinvestor Posted June 26, 2014 Share Posted June 26, 2014 One would think that Southeastern Asset Management would step up the pressure on Loews. They own around 10% last time I checked. Link to comment Share on other sites More sharing options...
LowIQinvestor Posted August 4, 2014 Share Posted August 4, 2014 http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-newsArticle&ID=1954533&highlight= Loews Corporation Reports Income From Continuing Operations Of $303 Million For The Second Quarter Of 2014 BOOK VALUE PER SHARE OF $51.85 Link to comment Share on other sites More sharing options...
dcollon Posted August 11, 2014 Share Posted August 11, 2014 Does anyone know how much Highmount has cost Loews over time? Link to comment Share on other sites More sharing options...
thepupil Posted August 11, 2014 Share Posted August 11, 2014 they paid $4B, consisting of $2.4B of cash and $1.6B of debt (at Highmount level, not parent). I believe all of highmount's earnings have been retained (no dividends to Loews), unsure if there have been additional capital contributions. As of the latest 10-Q, Highount has 1.3B of assets and 778MM of equity, but only $226MM when you exclude the deferred tax asset created from the impairments. So the pre-tax loss is about $2.2B over the years (unless i'm missing some point where they dividended money from highmount to parent, I've only followed since 2010, and i may have forgotten something). i've always valued it at "more than zero" because it's a small piece. Link to comment Share on other sites More sharing options...
dcollon Posted August 11, 2014 Share Posted August 11, 2014 Thanks for your reply thepupil. I appreciate the details. Link to comment Share on other sites More sharing options...
Myth465 Posted August 12, 2014 Share Posted August 12, 2014 http://money.cnn.com/news/newsfeeds/articles/prnewswire/NY86143.htm The is the only thing the Tisches have bought in a long time. What have they gotten right in the last 10 years? Link to comment Share on other sites More sharing options...
james22 Posted August 31, 2014 Share Posted August 31, 2014 •Loews trades at a significant discount to the sum of its parts. •No rationale exists for existing conglomerate structure. •Poor capital allocation decisions by Loews' senior management over past decade have caused share underperformance. •Poor corporate governance practices exist which are in dire need of reform. •Single class of voting shares means large activist(s) could unlock billions of dollars of hidden value in Loews shares. http://seekingalpha.com/article/2458265-loews-corporation-an-underperforming-conglomerate-in-search-of-an-activist Link to comment Share on other sites More sharing options...
elevensecsrt4 Posted September 9, 2014 Share Posted September 9, 2014 I held Loews some years back shortly after they got out of Lorilard tracking holding position. I wasn't impress with the cash build and 2-4 mil share buybacks...I like the businesses ok just felt like others here that they were not willing to do much to add value other than buy back token amounts of stock. anyway like their annual reports and things seem to be better now with cna insurance. Link to comment Share on other sites More sharing options...
spark411 Posted September 9, 2014 Share Posted September 9, 2014 In Loews balance sheet in 2014 10K, shareholder's equity is $19,458. The line below says $5,448 non-controlling interests. When looking at book value, should one follow $19,458 or add $5,448? What is the value of $5,448 to an investor. Would love the help. thanks. Link to comment Share on other sites More sharing options...
Guest wellmont Posted September 9, 2014 Share Posted September 9, 2014 loews is run to preserve and very modestly grow family wealth in real terms. Link to comment Share on other sites More sharing options...
james22 Posted September 9, 2014 Share Posted September 9, 2014 I'd like to see what Berkshire/3G could do with it. Link to comment Share on other sites More sharing options...
thepupil Posted August 3, 2015 Share Posted August 3, 2015 Just thought i'd update if anyone out there cares. I don't own. The pace of buybacks appears to be picking up. Current valuation of 0.7X Book and 0.8X NAV marking Hotels @ $1B (very rough guesstimate, don't put a lot of time into analyzing this company anymore ). 37% of market cap in cash and investments (25% net of debt). Will consider buying with additional de-rating to 60-70% of NAV. 20% discount doesn't get me there. The valuation of BWP and DO has gone down a lot and is now more reflective of each of their struggles, which makes it a little better. Link to comment Share on other sites More sharing options...
FCharlie Posted November 2, 2015 Share Posted November 2, 2015 I think most here tend to ignore Loews, likely out of frustration with capital allocation.... but has anyone noticed the major ramp up in share repurchases as the stock has declined? At this price, the stock would need to rise 40% just to reach book value. Link to comment Share on other sites More sharing options...
KinAlberta Posted November 3, 2015 Share Posted November 3, 2015 It's a tough company to hold for any length of time. I also owned Loews in the 1990s and watched them bet against internet / high tech stocks. Since I'd bought one of the first ever internet companies around 1994/95 and lost on that investment I was biased in favour of Loews short selling. They started too soon and so had to quit too soon. (A Hussman like experience. :-) ) Then I bought cash rich Loews again in the run up to the 2008/2009 collapse because of their history of contrarian actions. All they did with their cash was to deal with CNA. No other significant opportunistic buying took place on their part and I'd have been better off keeping that cash and then buying myself in the crisis. One to read: Here's some teaser quotes... LOEWS' LARRY TISCH: THE ULTIMATE BEAR Loews' chief insists that his short-selling, which has been disastrous so far, will be vindicated in the end ''Don't get me wrong. It's not pleasant. I'm not happy about [the losses],'' says Tisch. ''Look, I've been wrong so far.'' But he defends his shorting strategies as a proper activity for a public company with major securities positions: ''In the long run, I think we are doing the prudent thing.'' EXCESSES. So what gives Tisch the courage to continue along this bloody path? After weathering several market downturns, Loews' CEO insists that the market's current valuations are far beyond the extremes reached before the crash of 1929. Tisch points out that the NASDAQ index trades at a multiple of 70 times earnings, when the normal price-earnings ratio, according to him, should be about 18 times. Tisch is convinced that the corporate-accounting excesses of the 1990s will finally come home to roost. He questions the quality of earnings, pointing to such things as the overuse of write-offs, the wholesale granting of stock options, and the very generous use of accounting to inflate earnings. ... Tisch has plenty of defenders. Warren E. Buffett, chief of Omaha's Berkshire Hathaway Inc. (BRK.A), is one. ''While I don't try to time the market much myself,'' says Buffett, an old friend of Tisch, ''I hope Loews shareholders behave in the same way that I hope Berkshire Hathaway shareholders behave--and that is you look at a batting average over time...all nine innings.'' http://www.businessweek.com/1998/23/b3581104.htm Did everyone catch this: "much" " ''While I don't try to time the market much myself,'' says Buffett,... " Link to comment Share on other sites More sharing options...
stahleyp Posted November 3, 2015 Share Posted November 3, 2015 In 2007 , buffett was all the bonds in her personal account. Link to comment Share on other sites More sharing options...
obtuse_investor Posted November 3, 2015 Share Posted November 3, 2015 In 2007 , buffett was all the bonds in her personal account. Ah yes! Mary Buffett- the great market timer of Omaha. :P Link to comment Share on other sites More sharing options...
KinAlberta Posted January 12, 2016 Share Posted January 12, 2016 Mary Buffett? That was Warren Buffett: ''While I don't try to time the market much myself,'' says Buffett, an old friend of Tisch, ''I hope Loews shareholders behave in the same way that I hope Berkshire Hathaway shareholders behave--and that is you look at a batting average over time...all nine innings.''" And that was Warren Buffett in bonds and/or treasuries prior to the global credit crisis. I'd have to look it up but in late 2008 (or maybe 2009) he stated that in his personal account he had $600 million available to invest into the market. Anyway, back to Loews - I just learned a bit of trivia - that Loews has a position in Comstock (LODE). Link to comment Share on other sites More sharing options...
intothebreach Posted January 12, 2016 Share Posted January 12, 2016 Check again; obtuse_investor was responding to stahleyp other Buffett comment. Link to comment Share on other sites More sharing options...
KinAlberta Posted January 12, 2016 Share Posted January 12, 2016 Yeah I wasn't quite sure how that Mary reference developed, and that's why I continued on and said: And that was Warren Buffett in bonds and/or treasuries prior to the global credit crisis. I'd have to look it up but in late 2008 (or maybe 2009) he stated that in his personal account he had $600 million available to invest into the market. Link to comment Share on other sites More sharing options...
stahleyp Posted January 12, 2016 Share Posted January 12, 2016 Haha I'll blame that on autospell and the phone! ;) Link to comment Share on other sites More sharing options...
obtuse_investor Posted January 13, 2016 Share Posted January 13, 2016 Apologies for the lame joke. It sounded pretty funny in my head. :-) Link to comment Share on other sites More sharing options...
oscarazocar Posted January 10, 2017 Share Posted January 10, 2017 Does anyone have annual reports or shareholder letters for Loews prior to 2006? They post back to 2006 on their website. Thanks. Link to comment Share on other sites More sharing options...
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