It really is hard to love this business as a listed entity.
It is half the price it was in 2003. The same price as it was in 2012 and 2019. The opportunity cost of holding, despite the yield it previously paid, is significant.
This is despite the business itself getting better, less complex, higher quality, hitting and exceeding targets, reducing its share count etc etc.
And yet, there are a series of small f*ckups that really drive me mad as a shareholder. The fumbling earnings presentation last year, the rapid change in capital allocation to buybacks to appease an angry (and admittedly important and deservedly upset) shareholder rather than based on their own independent view of the best capital allocation strategy, the failures to lodge simple and everyday documents.
I really get the sense that management love insurance, love the business, and know the industry back to front. But running a listed entity?
Tarvold, can you make it better?
CVW Price at posting:
45.0¢ Sentiment: Hold Disclosure: Held
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