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P&C Insurance Economics 103.1: P&C Insurance, inflation and higher rates

P&C and especially Auto insurance companies’ earnings get pressured by higher combined ratios driven by claims inflation. As some central banks raise interest rates to tackle inflation forward investment returns support earnings and returns on equity. Higher investment income might increase competition and pressure underwriting margins further.  …

Book-review: Narrative and Numbers, Damodaran

We either cater to the story telling or numbers crunching profession. Good valuation requires both.

Quicky on Wartsila (WRT1V)

(quickly abandonend)

Book-review: The Little Book of Valuation, Damodaran

I did not expect to learn anything new here, but (re-) reading the very basics can work wonders, sometimes.

Book-review: The shipping man

An easy to read book telling the story of a hedge fund manager stumbling in the shipping industry, which is very cyclical.

Book-review: Quality of Earnings by O’Glove

The investor’s guide to how much money a company is really making.

Book-review: The Money Game by ‘Adam Smith’

A non-standard book about the investing game, its rules and why we play…

Food for Thought #57 // Links

Includes: narratives (as quantitative factor), inflation, microcap series, Vietnam.

Book-review: Risk & Reward, Stephen Catlin

A good book on the insurance industry with a focus on Catlin and the London market/Lloyds.

PF: I like stock buybacks. But do my companies’ managers?

I read YAVB’s recent post and liked his two questions making me think about which companies that I own buy back their own shares … and which don’t?

Quick thought on Krka (Rus/Ukr)

Feeling some indirect Rus/Ukr pain.

Book-review: Concentrated Investing (Benello, Biema, Carlisle)

‘Bet seldom, and only when the odds are strongly in your favor, but when you do, bet big, hold for the long term, and control your downside risk‘  

On Oriental Watch (pre FY’22, ending March’22)

I bought Oriental Watch when it was very cheap on an asset base …

Quicky on Cherry (C3RY GR)

E-gaming, home office and digitalization might all be good trends for Cherry.

Book-review: Expectations investing, Rappaport & Mauboussin (2001)

I read the old version of a great book from 2001.

P&C Insurance Economics 103: Decomposition of ROE, Growth, and P/B

I quickly look at three insurane companies decomposing ROE drivers …

Portfolio quicky: 3i – inflation, infection, invasion

In our great good investing community someone mentioned the three I‘s and I used this for writing down some thoughts about my portfolio positions.

Book-review: Quality Investing (Cunningham)

‘As quality investors, a major part of how we define greatness is the durability of the economics of the business (…) seeking companies boasting a combination of traits that overcome the forces of mean reversion.‘

Book-review: The World for Sale

Commodities are once more in the spotlight and some call for a new commodity supercycle, so I thought it was an opportune time reading the book. Better late than never.

Food for Thought #56 // Links

Includes: BASF, Agro stocks, overconfidence, Russia/Ukraine,…

Quick pass on Hazama Ando (1719 JP)

a typical Japanese cash hoard …

Thesis Tracker: Q4 2021

Still a work in progress. Companies mostly on track. Inflation sometimes an issue.

Quicky on Cewe (CWC GR)

Photobooks are great … for (wierd) people like me …

Protector Forsikring (PROT NO), March 2022

I was casually reading about hte company for some time and finally took a closer look. Judging from the recent share price development, taking so long was rather expensive …

P&C Insurance Economics 102: ROE drivers

I recently spend some time thinking and thinking about the ROE drivers of insurance companies. It was not a constant process but the understanding came to me as returns do: chunky and non smooth …