Wed, Jun 1, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Q&A with Joe Taussig of Taussig Capital on Third Point Re's IPO

Monday, August 19, 2013

amb
Joe Taussig
Matthias Knab, Opalesque:

Third Point Re’s shares began trading on the New York Stock Exchange Thursday last week. While the 22 million shares offered in its IPO priced at $12.50 per share, which was the low of its range, 14 million shares traded on the first day and two million traded on Friday, where it closed at $13.30 per share, up 6.5% and a 10% premium to book value (Greenlight Re trades at an 11.7% premium to book value while Swiss Re, XL, Axis, AWACS, and Validus all trade at discounts to book value).

Recently, Joe Taussig of Taussig Capital appeared on Opalesque TV and told us why 14 major asset managers (including Buffett, Soros, Einhorn, Loeb, Cohen, and AQR) had acquired or started reinsurance companies. We asked him for his thoughts on the Third Point Re IPO.

Taussig: Pricing an IPO is always more of an art than a science. It appears that the investment bankers got it more or less right. The day it priced, there were fears that the Fed would ease off on its bond buying. As such, the S&P 500 dropped 2% the two days that TPRE has traded. Consequently, the pricing and amount were at the low of its range.

Despite these head winds, nearly 2/3rds of the offering trading on the first day and 10% on the second day, and it appears that price discovery at around $13......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Scientist turned hedge fund founder cuts profitable Aussie short, Pelargos joins hedge funds’ bet on turnaround at Honda, Managers set to cash in on infrastructure debt upswing[more]

    Scientist turned hedge fund founder cuts profitable Aussie short From Bloomberg.com: AE Capital, a hedge fund run by a former atmospheric scientist, trimmed bets against the Australian dollar as it gauges shifts in the world’s two biggest economies. The Australian, Canadian and New Zeala

  2. He's lost £200m in a year - so has Britain's star hedge fund boss Crispin Odey lost his golden touch?[more]

    From Thisismoney.co.uk: ...Odey’s laid-back attitude gave no indication of the turmoil his flagship fund had put investors through. It had tumbled 20 per cent in May – a terrible performance given most of his rivals were in positive territory for the year. Odey’s fund had got into trouble after taki

  3. Comment - If you’re such a great investor, where’s your alpha?[more]

    From Mineweb.com: … They are few and far between. You likely know their names. There is a short list of those who have 1) outperformed; 2) over long periods of time, and; 3) manage substantial sums of money. It’s impressive if you are on that list, but discouraging if you seek to invest institutiona

  4. European fund managers 'dressing up’ track record to gloss on performance[more]

    Komfie Manalo, Opalesque Asia: A new study by global analytics firm Cerulli Associates has found that the problem of 'dressing up' track records by fund managers is getting worse. In its latest issue of The Cerulli Edge - Europe Edition,

  5. Why the equity short bias hedge fund underperformed in April[more]

    From Marketrealist.com: The Barclay Equity Short Bias Hedge Fund returned -0.83% in April 2016. However, on a year-to-date basis, the fund provided a return of 3.4% through April 30, 2016. The equity short bias strategy works best when the Market is in a downturn. From January 2016 to mid-Febr