4 Comments

Excellent breakdown! Very few people are writing about this and understand it as well as you do, thank you for sharing.

Personally, I also find it a nice confirmation to see that Chuck Akre’s portfolio continues to add DBRG over several quarters, despite saying publicly that they no longer look at “small” companies! Long runway, management aligned with shareholders, lots of green flags here.

Expand full comment
author

Thanks for the kind words.

Expand full comment

Excellent overview. Any thoughts on when they might exit BSRP and why they are being so bullheaded about that postion. In terms of multiple 15x feels right to me for IM, JPM has 24x in their model which clearly seems rich.

Expand full comment
author

I think they will do it when the dividend yield is less than the interest yield on the prefs.

Expand full comment