Wed, Oct 26, 2016
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

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. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  2. David Einhorn speaks on passive investing, Mylan, his cheapest stock, the Fed[more]

    From Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Presenters at the annual conference typically pitch one or severa

  3. Investing - Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities, Lansdowne's Roden says likes animal genetics company Genus[more]

    Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities From As ValueWalk reported back in February, earlier this year Andrew Lawrence set out to raise $250 million to $500 million for a fund that will buy stakes in hedge funds that have suspended redem

  4. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion

  5. Opalesque Roundtable: Style drift, poor communications and credibility fatigue are biggest red flags for hedge funds investors[more]

    Komfie Manalo, Opalesque Asia: Style drift, poor communications and credibility fatigue are the biggest red flags for hedge funds investors, said participants of the latest 2016 Opalesque Investor Roundtable, sponso