New York-based Loews Corporation (NYSE:L) is a holding company with businesses including commercial property and casualty insurance, offshore oil and gas operations, interstate natural gas pipeline systems, and hotel operations. It’s had a strong year, and the CEO, James Tisch, is now gearing up to share “lively interaction” with the Loews Corp. community more regularly via his new blog. To get an advance scoop on what upcoming announcements may soon be shared, we turn to Chris Mayer, Agora Financial’s research editor for the Capital & Crisis newsletter.
From his most recent reader update:
“Loews Corp (NYSE:L) finished up a good year. The company maintains a strong balance sheet with $4.6 billion in cash, or more than $11 per share. And Loews continues to buy back stock, which is good as long as the discount between the stock price and underlying assets remains.
“One of more interesting comments from the call was from CEO James Tisch, who is going to write a blog:
“‘And finally, in the next few weeks, a blog written by yours truly will appear on the Loews website. The blog will give me a chance to sound off on a panoply of issues, mostly related to Loews. Stay tuned for posts on current events, taxes, frac-ing, accounting and whatever else may cross my mind. Comments and criticisms will always be welcome, and I look forward to a lively interaction with members of the extended Loews Corp. community.’
“James Tisch is a savvy investor, and I bet his blog will be worth checking in on.
“In the meantime, the thesis for Loews is the same as it’s been. You get a collection of businesses run intelligently by the Tisches at a discount to private market value. That discount is as narrow as it’s been in a while. My estimate is the stock trades for a 17% discount to net asset value…”
In his investment newsletter, Capital & Crisis, Chris Mayer explains in much more detail at what price point, based on its long-term track record, he considers Loews Corp. a good buy. If you’d like to gain access to Mayer’s latest recommendations, you can subscribe to his research by visiting the Agora Financial reports page here.
Rocky Vega,The Daily Reckoning
[Nothing in this post should be considered personalized investment advice. Agora Financial employees do not receive any type of compensation from companies covered. Investment decisions should be made in consultation with a financial advisor and only after reviewing relevant financial statements.]
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let?s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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