RE:Letter from institutional investorThanks for posting. In a good year they make about a dollar a year and they trade at about 13x that with a recession likely coming. They operate in some juristictions with some risk. They manage conservatively to account for that I think. Maybe their valuation is OK and as they (very) slowly progress the price will improve. Maybe they are OK and all these other valuations are out to lunch. Share buybacks look good short term on paper, but are for dying companies with little gowth but good cash flow., looking to maximize on a position . It also pre-supposes companies know which way their share price will go -most do not and tend to be overly optimistic..Converium meeting with management and then releasing a public letter as all that constructive. I would like to see a dividend increase. If they get that wrong they can always reduce it later. Once you buy back shares if you have to re-issue because you got it wrong it will be at a much lower price. If you ar etrying to get out of this stock this is all frustrating I know. I see this as a long RRSP type holding.
GLTA