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 […]

Genworth Financial (GNW) Reports 4Q12 Results

Genworth Financial (GNW) reported 4Q12 earnings on February 5, 2013 [Source]. Genworth continues to be a work in progress. Our investment thesis [Source] identified many moving parts that need addressed to restore investor confidence. The 4Q12 report on a quarter to quarter basis is characterized as mixed from an operating perspective. From a longer term value perspective, as our investment […]

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 […]

A Case for Value Investing

There are no doubt many ways to invest and I tried many. Some of the most successful investors use a value investing framework. The value framework also had a huge advantage in that surprisingly some of the most successful value investor in the world including Warren Buffett and his partner Charlie Munger graciously and willing […]