giofranchi Posted November 1, 2013 Author Share Posted November 1, 2013 Investment Results October 2013: October: +1.1% YTD 2013: +18.2% giofranchi TPRE_Investment_Results_October_2013.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted November 12, 2013 Author Share Posted November 12, 2013 Q3 2013 Results: http://www.thirdpointre.com/investors/financial-information/press-releases/press-release-details/2013/Third-Point-Re-Reports-Third-Quarter-2013-Earnings-Results/default.aspx Gio Link to comment Share on other sites More sharing options...
WhoIsWarren Posted November 12, 2013 Share Posted November 12, 2013 Q3 2013 Results: http://www.thirdpointre.com/investors/financial-information/press-releases/press-release-details/2013/Third-Point-Re-Reports-Third-Quarter-2013-Earnings-Results/default.aspx Gio Also, Neil McConachie (former Lancashire CFO) has joined the board. I'm sure that'll please you Gio! :-) Link to comment Share on other sites More sharing options...
giofranchi Posted November 12, 2013 Author Share Posted November 12, 2013 Also, Neil McConachie (former Lancashire CFO) has joined the board. I'm sure that'll please you Gio! :-) Yes! Of course I like it. Yet, my investment in TPRE is still very small... Just interested in watching for a while what they do and how they will perform! :) Gio Link to comment Share on other sites More sharing options...
CorpRaider Posted November 12, 2013 Share Posted November 12, 2013 Hi guys, I'm happy to go research this myself, but in the interest of keeping the discussion going, does anyone know/recall any proxy contexts Dan Loeb has run/won? I know he ran the Yahoo one and then got greenmailed out a few months back. I've sort of convinced myself all he does it write nastygrams. Link to comment Share on other sites More sharing options...
giofranchi Posted November 12, 2013 Author Share Posted November 12, 2013 I've sort of convinced myself all he does it write nastygrams. ;D ;D Maybe... but the fact is I don’t think you really have to win a proxy context, for your investment thesis to prove successful… Usually, it is a win-win situation: either you win the proxy context and get control, or you force changes. In both outcomes you will witness a significant stock price appreciation. Yahoo has been a huge winner for Loeb! What you really have to watch out for are your costs (legal and others), which in some instances can be very high! But I guess Mr. Loeb knows his game very well. ;) Gio Link to comment Share on other sites More sharing options...
CorpRaider Posted November 12, 2013 Share Posted November 12, 2013 Thanks. Yeah, I agree its all relative. I much prefer someone who will pen a nastygram to the typical manager who just sits there sucking his thumb, but I have an even greater preference for guys like Icahn, TPG/Dinakar Singh, Singer/Elloitt and Phil Goldstein who know how to actually bring the pain for management if needed. Just another tool in their chest. Link to comment Share on other sites More sharing options...
dcollon Posted November 12, 2013 Share Posted November 12, 2013 Loeb Says Central Banks Provide Global Put, Aiding Stocks http://www.bloomberg.com/news/2013-11-12/loeb-says-central-banks-provide-global-put-aiding-stocks.html Link to comment Share on other sites More sharing options...
dcollon Posted November 12, 2013 Share Posted November 12, 2013 Here are some videos of Dan Loeb thanks to Gurufocus. http://www.gurufocus.com/news/234731/cnbc-daniel-loeb-interview--herbalife-sony-fedex-activism- Link to comment Share on other sites More sharing options...
indythinker85 Posted November 12, 2013 Share Posted November 12, 2013 HArd to find all the videos on CNBC but VW has nice collection; I think there is more than one of Loeb http://www.valuewalk.com/2013/11/dealbook-conference-videos/ Link to comment Share on other sites More sharing options...
indythinker85 Posted November 12, 2013 Share Posted November 12, 2013 Even better all the videos here and no ads from CNBC http://www.nytimes.com/marketing/conferences/dealbook2013/index.html Link to comment Share on other sites More sharing options...
dcollon Posted November 12, 2013 Share Posted November 12, 2013 Thanks for posting Indy Link to comment Share on other sites More sharing options...
smiroshn Posted November 13, 2013 Share Posted November 13, 2013 It's from Morgan Stanley's coverage initiation report dated September 9 where they started it as OW and PT of $16.50 OK! so we are getting to the $16 territory, with analyst consensus around $15.50. Who's sticking around? Link to comment Share on other sites More sharing options...
fareastwarriors Posted November 14, 2013 Share Posted November 14, 2013 Loeb’s FedEx Stake Heightens Focus on Smith Succession http://www.bloomberg.com/news/2013-11-14/loeb-s-fedex-stake-heightens-focus-on-smith-succession.html Link to comment Share on other sites More sharing options...
giofranchi Posted November 17, 2013 Author Share Posted November 17, 2013 Q3 2013 Conference Call Giothird-point-reinsurance-Q3-2013-conference-call.pdf Link to comment Share on other sites More sharing options...
dcollon Posted November 18, 2013 Share Posted November 18, 2013 Activist Investors get more respect amid strong returns http://www.reuters.com/article/2013/11/18/us-investment-summit-activism-idUSBRE9AH02K20131118 Link to comment Share on other sites More sharing options...
giofranchi Posted November 19, 2013 Author Share Posted November 19, 2013 Investor Presentation November 2013 GioTPRE_-_Investor_Presentation_November_2013.pdf Link to comment Share on other sites More sharing options...
blainehodder Posted November 19, 2013 Share Posted November 19, 2013 The company pays a standard 2% management fee and 20% performance allocation Ouch. Seems like a decent way to get around the accredited investor rules and get that fee vacuum on the retail clients. I hold the same critisim of Einhorn's Greenlight re. Dan Loeb and Einhorn have impressive records, but why not just go with BRK, or mirror the 13-fs (with leverage if you desire)? Cut out the rake, and lower the cost of leverage. Link to comment Share on other sites More sharing options...
muscleman Posted November 19, 2013 Share Posted November 19, 2013 Investor Presentation November 2013 Gio I don't like the 107% Combined ratio. If they can push it below 100%, I will be very interested. :) Link to comment Share on other sites More sharing options...
muscleman Posted November 20, 2013 Share Posted November 20, 2013 Gio, since the investments in TPRE are managed by Third point LLC in a separate account, do they have the same investments in proportion as the Third point offshore fund? Link to comment Share on other sites More sharing options...
giofranchi Posted November 20, 2013 Author Share Posted November 20, 2013 Gio, since the investments in TPRE are managed by Third point LLC in a separate account, do they have the same investments in proportion as the Third point offshore fund? Yes! I think they are. In fact, the monthly report on investments you can download from the TPOU’s internet site and the one downloadable from the TPRE’s internet site are exactly the same, aren’t they? Gio Link to comment Share on other sites More sharing options...
giofranchi Posted November 20, 2013 Author Share Posted November 20, 2013 I don't like the 107% Combined ratio. Actually, when you start a new reinsurance company, you have kick off costs that afterwards should disappear… at least in theory! And it takes some time to grow premiums relative to general and administrative costs (which tend to be almost fixed). Therefore, I think the 107% combined ratio still might be negatively affected by those two facts. But it is clearly improving: from 127% in 2012 to 107% in 2013. Let’s hope they keep lowering it! :) Gio Link to comment Share on other sites More sharing options...
muscleman Posted November 20, 2013 Share Posted November 20, 2013 I don't like the 107% Combined ratio. Actually, when you start a new reinsurance company, you have kick off costs that afterwards should disappear… at least in theory! And it takes some time to grow premiums relative to general and administrative costs (which tend to be almost fixed). Therefore, I think the 107% combined ratio still might be negatively affected by those two facts. But it is clearly improving: from 127% in 2012 to 107% in 2013. Let’s hope they keep lowering it! :) Gio Yeah. I found that a member on page 1 pointed out that the underwriter achieved a history of 91% combined ratio in 30 years. I think if that could happen here, that would be great! Have you ever done a stress test of this company under a 2007-2009 cycle? Third Point didn't do too well at that time, and I am concerned if TPRE would get wiped out in that case. Is there any reinsurance regulators in Bermuda that would push for a capital raise if the investment portfolio tanks? I did a little bit of homework to try to answer this question myself. I got a vague answer here. If anyone has a better understanding, please let me know. http://www.insiderquarterly.com/right-on-time- "He also emphasises the stress-testing conducted by AM Best before awarding a rating. The agency took Third Point LLC's worst year on record - when it lost 30 percent in 2008 as hedge funds were mired in the financial crisis - and flexed Third Point Re's model for that level of degradation." Link to comment Share on other sites More sharing options...
fareastwarriors Posted November 22, 2013 Share Posted November 22, 2013 http://www.bloomberg.com/news/2013-11-21/loeb-s-third-point-said-to-own-1-billion-softbank-stake.html Loeb’s Third Point Said to Own $1 Billion SoftBank Stake Link to comment Share on other sites More sharing options...
giofranchi Posted December 2, 2013 Author Share Posted December 2, 2013 November 2013 Investment Results: +2.5% +21.2% YTD 2013 GioTPRE_Investment_Results_November_2013.pdf Link to comment Share on other sites More sharing options...
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