Alleghany Corp (NYSE:Y)

CAPS Rating: 3 out of 5

The Company is engaged, through AIHL & its subsidiaries RSUI, CATA and Darwin, in the property, casualty and surety insurance business.

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Member Avatar beppaun (71.24) Submitted: 10/2/2014 4:02:35 PM : Outperform Start Price: $422.87 Y Score: +2.45

I'm paying book value for a relatively stable 5-10% book value grower

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Member Avatar freecapital (73.46) Submitted: 8/11/2014 3:11:06 AM : Outperform Start Price: $419.63 Y Score: +2.36

Brook

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Member Avatar elcid24 (82.56) Submitted: 6/16/2014 5:20:10 PM : Outperform Start Price: $429.51 Y Score: -0.13

Here are some excerpts from their 2013 annual report:

"Alleghany’s equity portfolio returned 35% in 2013, a solid result in a strong stock market, especially as our equity accounts maintained a 15-20% cash position. In other words, we took 80-85% of market risk, but produced returns that exceeded the broad stock market as measured by the S&P 500."

"Alleghany acquired TransRe in March of 2012 for total consideration valued at $3.5 billion. At the end of 2013, TransRe’s stockholder’s equity was approximately $4.5 billion, and the company had paid Alleghany $150 million of dividends. As of the end of 2013, TransRe’s book value plus the dividends we have received from the company exceed our purchase price by approximately $1.12 billion."

"We believe that our corporate compensation plans are consistent with the perspective of a long-term owner. Because
many of us (management) have a significant portion of our personal assets invested in Alleghany, we care not only about return on our investment but return of our investment as well. We continue to shun management stock options, as they can give management a shorter-term incentive that is linked to the stock price. It is likely that we could improve Alleghany’s return on equity and stock price in the short-term by taking a number of actions that would increase our risk profile. However, many of these actions would increase the probability of a permanent loss of value in times of stress and lead to future cohorts of disappointed investors. We prefer to see Alleghany’s stock price fairly valued, so that one cohort of shareholders does not prosper excessively at the expense of another."

Generally speaking, these are the things I like to see when reading an annual letter from a public company. At a slight discount to book, I think Alleghany has a great chance of outperforming the market over the next 3-5 years.

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Member Avatar dafernan (< 20) Submitted: 10/17/2013 8:53:54 PM : Outperform Start Price: $404.70 Y Score: -5.33

great insurance company that is highly undervalued when compared to book value, and manages float extremely well

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Member Avatar talkingdog (87.70) Submitted: 9/19/2013 7:01:14 PM : Outperform Start Price: $408.71 Y Score: -7.27

mini-Berk

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Member Avatar AnsgarJohn (99.20) Submitted: 7/10/2013 11:28:30 AM : Outperform Start Price: $398.75 Y Score: -9.67

Alleghany Insurance float? Needs homework: http://www.gurufocus.com/stock/Y

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Member Avatar AlexeiVronsky (94.61) Submitted: 6/28/2013 12:00:14 PM : Outperform Start Price: $374.62 Y Score: -9.38

Became interested because of the article: http://www.fool.com/investing/general/2013/05/15/were-buying-more-of-this-berkshire-hathaway-lookal.aspx?source=itxsitmot0000001&lidx=4

The metrics and business model looks strong, and should be resilient to a market downturn.

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Member Avatar Chemdawg (29.90) Submitted: 5/28/2013 12:26:28 AM : Outperform Start Price: $400.34 Y Score: -8.61

selling at a huge discount to book plus float ...with a combined ratio of 92 over the past 10 years.. over $50 per share in cash and low debt....hasn't behaved well lately, but that is likely to be a short term issue

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Member Avatar scrabbleguy (59.49) Submitted: 2/21/2013 10:11:20 PM : Outperform Start Price: $378.58 Y Score: -14.53

can 30 stocks randomly picked from a bag of scrabble tiles beat the market? there's only one way to find out.

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Member Avatar QADukeStreet (< 20) Submitted: 7/18/2012 10:10:27 AM : Outperform Start Price: $345.12 Y Score: -16.81

Because I said so. This is a test. Please ignore.

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Member Avatar mpaulsen6 (84.39) Submitted: 5/22/2012 3:58:37 PM : Outperform Start Price: $326.33 Y Score: -14.75

Its founders said it best. Take the long vision. Don't be risky.

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Member Avatar Arnold79 (96.75) Submitted: 12/20/2011 12:34:30 AM : Outperform Start Price: $284.87 Y Score: -16.90

Similar to Berkshire Hathaway. I like the Transatlantic acquisition. I think it was a sign that they're stepping up and will become a much, much larger player.

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Member Avatar Allstar13913 (99.83) Submitted: 7/21/2011 8:04:49 PM : Outperform Start Price: $329.99 Y Score: -13.70

Similar to Berkshire, sells casualty insurance. Hates small shareholders, with commensurate weird stock splits. Likes to invest in Energy stocks.

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Member Avatar adi101 (89.11) Submitted: 2/12/2011 7:46:34 AM : Outperform Start Price: $324.92 Y Score: -13.29

making money on float, investments in energy.

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Member Avatar sTucKatsPEicheR (< 20) Submitted: 1/30/2009 5:26:59 AM : Outperform Start Price: $264.50 Y Score: -68.50

Great company being ran by very bright minds. Have shareholder value in mind.

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Member Avatar MJKpayday (99.76) Submitted: 10/17/2008 7:45:20 AM : Outperform Start Price: $293.02 Y Score: -11.75

Over the next few decades, Alleghany is set to become one of our nation's most admired, loved, and profitable larger insurance and holding firms along with Markel, White Moutain, and their mentor, Berkshire Hathaway. Over the last few decades the price of Alleghany has oscillated back forth around it's true value and today represents the most extreme outlying point since its inception, offering an opportunity to ride both the potential for a near term return to more common price to value ratios, and the the company's 2 decade long trend of increasing book value.

Currently trading 35% off it's all time highs, less than 90% of tangible book value, and at a 9% earnings to price ratio should make most value minded investors head's turn - just like a pretty girl with a short skirt and sexy walk. Got the image?

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Member Avatar greenwave3 (< 20) Submitted: 8/19/2008 4:55:06 PM : Outperform Start Price: $309.68 Y Score: -18.01

Solid peformer, trading at a serious discount to fundamentals. These guys are cleared for takeoff...

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Member Avatar suhsido1 (< 20) Submitted: 8/6/2008 11:29:51 AM : Outperform Start Price: $303.97 Y Score: -14.41

Many all stars pick.

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Member Avatar waldie4 (61.73) Submitted: 6/16/2008 5:32:50 PM : Outperform Start Price: $357.80 Y Score: -26.29

great value play

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Member Avatar slimmom04 (< 20) Submitted: 6/12/2008 12:52:32 AM : Outperform Start Price: $357.70 Y Score: -28.53

5

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