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cuts dividend for first time since 1906. culturally, in my personal opinion, the swiss NEVER do this unless something is really very very wrong.
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Rumor has it that a lot of reinsurance companies are in the process of deciding that the methods they were using to measure risk were completely inadequate.
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so it was gerling.....
Reuters
Buffett: Reinsurer Stops Paying Claims
Monday March 10, 1:09 pm ET

NEW YORK (Reuters) - Billionaire investor Warren Buffett (News) said a large unnamed reinsurer has "all but ceased paying claims," which he said would lead to billions of dollars of write-offs by insurers who bought policies from the company.
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Buffett, whose Berkshire Hathaway Inc. is the world's third-largest reinsurer, through its General Re unit, did not name the reinsurer. He made the comments in his annual letter to shareholders, published on Saturday.
"One of the world's largest reinsurers -- a company regularly recommended to primary insurers by leading brokers -- has all but ceased paying claims, including those both valid and due," Buffett wrote. "This company owes many billions of dollars to hundreds of primary insurers who now face massive write-offs."
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Several reinsurers -- companies that take on a share of insurers' risks, for a premium, to help them dilute the effect of large claims -- have stopped underwriting in the past year as massive claims, such as those from the World Trade Center, hit them hard after almost a decade of plunging premium rates.
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Analysts speculated that Gerling Global Re, a unit of troubled German insurer Gerling, was the company referred to by Buffett.
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who's next on deck? anyone notice how many down opens we've had lately?
tr
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anyone notice how many down opens we've had lately?

Ummm...well, I have. And I keep saying to myself, we're due for a bounce. A helluva a really big bounce.

Feeling a little bit like St. Sebastian these days. "Well, they must be out of arrows by now."

Thwack!!!

"One left, I guess."

Thwack!!

"Surely by now..."

Thwack!!!
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And I keep saying to myself, we're due for a bounce. A helluva a really big bounce.

Todd, does the last three days count as a really big bounce for you?

Or are you expecting a breakout-type move?

dan
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Dan,

SPX gaining 9.5% from the intraday lows just 3 trading days ago does indeed count as a really big bounce for me. And it has been a welcome relief, albeit dampened somewhat by the fact that my major short positions are all going into orbit right now (APOL, EBAY, GILD, ZMH). I was also short TLT, the 20+ bond fund, but I needed to unwind some leverage and ended up losing a little bit of money on that one after commissions and a dividend payment.

I was traveling and out of commission last Wednesday when the VIX broke 40, hence missed a trading signal I usually always take. I was also traveling and out of commission during Jan and Feb OE, much to my detriment. Thankfully it's spring break here in Minnesota and I can follow everything into Friday's OE.

Even though I know I shouldn't anchor on purchase price, it's really tough not to. And sometimes it takes a major event like a 15% loss to wipe the mental slate clean and start over. This weekend I wiped clean and started over. Consequently, I lightened up a little bit today. But I'm still holding plenty of stuff that I'd buy today at today's price, even knowing where it's been. So yeah, I think this turnaround still has some legs to it.

Todd
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