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Chris Davis - A Multifaceted Perspective on Financial Services

Value Investing with Legends

CHAPTER

Banks and Insurance - The Biggest Area of Conviction

Stocks went down as they had in the financial crisis, a lot of companies down forty to 70 % very quickly. What was so striking to us was that we had things like the stress test by the federal reserve which quantified exactly the sort of work we would normally do internally. Insurance is much more difficult because you don't know how will this event be treated. You couldn't say exactly, but you knew it would be generally positive. So there were whole areas of the economy where you could look at the scenarian and say not only are these businesses not fragile, they may be anti fragile. And then most other businessis sort of in between.

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