Genworth Financial (GNW) 4Q13 Good Results and Expecting More:

Genworth Financial (GNW) reported 4Q13 earnings on February 4, 2014 [Source] and held their 4Q13 earnings conference call the following morning. The company reported net income of $208 million, or $0.41 per diluted share, compared with net income of $168 million, or $0.34 per diluted share, in the fourth quarter of 2012 for a 24% year […]

Brookfield Asset Management (BAM) Investment Thesis, Part II

In Brookfield Asset Management (BAM) Investment Thesis Part I, five sources of value creation were discussed. Four of these sources have been in place for years. The fifth source, transforming to an asset manager, is the anticipated catalyst going forward. The transformation will help the market better recognize the outstanding performance and understand the value […]

Genworth Financial (GNW) Reports 1Q13 Results

Genworth Financial (GNW) reported 1Q13 earnings on April 30, 2013 [Source]. At the fourth quarter 2012 earnings release we described Genworth as “a work in progress” this quarter it is more about “progress in works”. Reported results are good and considering the fundamental progress behind the scenes for the future, the results are excellent. Our thesis […]

Brookfield Infrastructure Partners, L.P. (BIP) 4Q12 A Solid Report

The value created over the past few years continues to provide cumulative returns for the benefit of patient unit holders with a long term investing perspective. This is another solid report. I don’t think we could have asked for much more other than perhaps to wish more publicly traded companies were managed this well the owners. […]

Mortgage Delinquency Continues to Improve:

Lender Processing Services, Inc. (LPS) provides analytics on the mortgage and real estate industries with a loan-level database representing approximately 70 percent of the overall market. It is the leading indicator we use to track the future health of the mortgage business and potential impact on Genworth Financial (GNW) mortgage insurance businesses. The most recent LPS December […]

Genworth Update

Mortgage Delinquency Rates Continue to Improve: Lender Processing Services, Inc. (LPS) provides analytics on the mortgage and real estate industries with a loan-level database representing approximately 70 percent of the overall market. What better leading indicator and gauge for the health of the mortgage business than those collecting the payments? The table below is LPS’s […]

Genworth Financial: New Leadership

Genworth Financial (GNW) announced that its board of directors selected Thomas J. Mc Inerney as the company’s president and chief executive officer, effective January 1, 2013.  Mc Inerney is a seasoned insurance industry veteran with experience in senior leadership positions at ING Groep and Aetna Financial Services. Most recently he was an advisor with Boston Consulting Group. As presented […]

Genworth (GNW) Investment Thesis: Part I What went wrong?

Genworth Financial, Inc. (GNW): Genworth Financial, Inc. (GNW) provides insurance and financial management in the United States and internationally including fixed annuity products, life and long-term care insurance; payment protection; and mortgage insurance to insure residential mortgage loans. With more than 15 million customers in 25 countries the company was spun off from General Electric, Inc. […]

Genworth (GNW) Investment Thesis: Part II Turnaround and Valuation

In Genworth (GNW) Investment Thesis: Part I we discussed what led to the collapse in the share price and why it is still trading at a huge discount to intrinsic value. The central question: is this deep discount justified or is it a value investing opportunity created by past worries, fear and excessive pessimism? To […]