But now to correct this anomaly and crack the whip, the capital market regulator- Securities and Exchange Board of India (SEBI) has recently (on January 21, 2013) issued the much awaited regulations for investment advisors (vide a notification in the Gazette of India).
The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 has enunciated requirements related to obtaining a certificate of registration, qualification, capital adequacy, period of validity of the certificate, and has also mentioned other general obligations and responsibilities on the part of investment advisors.
Obtaining a certificate of registration - It has been made mandatory for those engaged as investment advisors to obtain a certificate of registration from SEBI. For those who are already acting as investment advisors immediately before the commencement of these regulations can continue for a period of six months from commencement of these regulations; or if they have applied for a certificate within the said period of six months, then until disposal of such an application. Qualification - Moreover while granting the certificate of registration, it has been made mandatory for an investment advisor to have minimum qualifications at all times which can be: a. A professional qualification or a post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognised by the central government or any state government or a recognised foreign university or institution or association; or
Top 10 Insurance Companies To Buy For 2014: Genworth Financial Inc (GNW)
Genworth Financial, Inc., a financial security company, provides insurance, wealth management, investment, and financial solutions in the United States and internationally. The company offers various insurance and fixed annuity products, including life and long-term care insurance products; payment protection insurance products for consumers primarily to meet specified payment obligations; and wealth management products, such as managed account programs with advisor support and financial planning services. It also provides mortgage insurance products and related services to insure prime-based, individually underwritten residential mortgage loans or flow mortgage insurance; and mortgage insurance on a structured or bulk basis, as well as offers services, analytical tools, and technology that enable lenders to operate and manage risk. In addition, the company provides institutional products consisting of funding agreements, funding agreements backing notes, and guaranteed in vestment contracts. Genworth Financial, Inc. distributes its products and services through financial intermediaries, advisors, independent distributors, affinity groups, and sales specialists. The company was founded in 2003 and is headquartered in Richmond, Virginia.
Advisors' Opinion:- [By Jon C. Ogg]
The first list of 24/7 Wall St. stocks under book value for the month of August are Apache Corp. (NYSE: APA), Fresh Del Monte Produce Inc. (NYSE: FDP), Genworth Financial Inc. (NYSE: GNW), Ingram Micro Inc. (NYSE: IM) and JetBlue Airways Corp. (NASDAQ: JBLU). We generally have�focused on net asset values and tangible book values, as well as forward price-to-earnings multiples, share price performance, analyst expectations via the Thomson Reuters consensus price target and more.
- [By Dan Caplinger]
Genworth Financial (NYSE: GNW ) will release its quarterly report tomorrow, but investors have already gotten a head-start in celebrating. With the recovery in housing greatly bolstering the creditworthiness of mortgage-backed securities compared to their financial-crisis lows, companies that insure those bonds against loss have bounced back sharply, and Genworth earnings look poised to reap the benefits.
Top 10 Insurance Companies To Buy For 2014: Principal Financial Group Inc(PFG)
Principal Financial Group, Inc. provides retirement savings, investment, and insurance products and services worldwide. The company?s Retirement and Investor Services segment provides retirement savings and related investment products and services, including a portfolio of asset accumulation products and services primarily to small and medium-sized businesses and individuals in the United States. This segment offers products and services to businesses for defined contribution pension plans, including 401(k) and 403(b) plans, defined benefit pension plans, nonqualified executive benefit plans, and employee stock ownership plan consulting services; and annuities, mutual funds, and bank products and services to the employees of its business customers and other individuals. Principal Financial Group?s Principal Global Investors segment offers a range of equity, fixed income, and real estate investments, as well as specialized overlay and advisory services to institutional inve stors. The company?s Principal International segment offers retirement products and services, annuities, mutual funds, institutional asset management, and life insurance accumulation products in Brazil, Chile, China, Hong Kong SAR, India, Indonesia, Malaysia, Mexico, Singapore, and Thailand. Principal Financial Group?s U.S. Insurance Solutions segment offers individual life insurance, as well as specialty benefits in the United States. Its individual life insurance products include universal and variable universal life insurance and traditional life insurance; and specialty benefit products comprise group dental and vision insurance, individual and group disability insurance, and group life insurance, as well as fee-for-service claims administration and wellness services. The company was founded in 1879 and is based in Des Moines, Iowa.
Top 5 Dividend Companies To Watch In Right Now: Iamgold Corporation(IAG)
IAMGOLD Corporation, together with its subsidiaries, engages in the exploration, development, and production of mineral resource properties worldwide. It primarily explores for gold, silver, zinc, copper, niobium, diamonds, and other metals. The company holds interests in eight operating gold mines, a niobium producer, a diamond royalty, and exploration and development projects located in Africa and the Americas. Its advanced exploration and development projects include the Westwood project in Canada; and the Quimsacocha project, which consists of 3 mining concessions covering an aggregate area of approximately 8,030 hectares in Ecuador. The company was formerly known as IAMGOLD International African Mining Gold Corporation and changed its name to IAMGOLD Corporation in June 1997. IAMGOLD Corporation was founded in 1990 and is based in Toronto, Canada.
Advisors' Opinion:- [By Michael Blair]
IAMGOLD (IAG) is one of my favorite gold stocks principally because it is a relatively high cost producer with long lived mines. That paradox arises since high cost producers have the most volatility when gold prices change. If they are operating close to break even, a relatively small rise in gold prices makes them quite profitable. Conversely, when prices fall they bleed all over the floor.
- [By Holly LaFon]
He increased his holdings in gold companies in the fourth quarter accordingly. Gold stocks he found attractive in the fourth quarter are: Novagold Resources (NG), Randgold Resources (GOLD), Iamgold Corp. (IAG), Barrick Gold Corp. (ABX), Agnico Eagle (AEM) and International Tower Hill (THM).
- [By Dan Caplinger]
IAMGOLD (NYSE: IAG ) will release its quarterly report on Monday, and as with most gold mining companies, it's expected to post disappointing results compared to last year's figures because of the big drop in gold prices during the second quarter. Yet investors still expect IAMGOLD earnings to show the company's profitability, giving it a competitive advantage over weaker producers that are struggling to stay out of the red.
Top 10 Insurance Companies To Buy For 2014: Aflac Incorporated(AFL)
Aflac Incorporated, through its subsidiary, American Family Life Assurance Company of Columbus (Aflac), provides supplemental health and life insurance. The company offers various voluntary supplemental insurance products, including cancer plans, general medical indemnity plans, medical/sickness riders, care plans, living benefit life plans, ordinary life insurance plans, and annuities in Japan. It also provides loss-of-income products, such as life and short-term disability plans; and products designed to protect individuals from depletion of assets, which comprise hospital indemnity, fixed-benefit dental, vision care, accident, cancer, critical illness/critical care, and hospital intensive care plans in the United States. The company sells its products through sales associates and brokers, affiliated corporate agencies, independent corporate agencies, and individual agencies. Aflac Incorporated was founded in 1955 and is headquartered in Columbus, Georgia.
Advisors' Opinion:- [By Chuck Carnevale]
Aflac Inc. (AFL)
Not only is Aflac my featured company from the conservative selection, it is also my favorite company in the Financial sector, and has been for some time (For full disclosure, I have been long Aflac since January 2005). Since I have a long experience with Aflac, the reader should also assume that I have conducted comprehensive research on this name. Consequently, in addition to featuring it in this article, I also consider it a sound and attractive long-term investment.
- [By Dividend Growth Investor]
Aflac Incorporated (AFL), through its subsidiary, American Family Life Assurance Company of Columbus, provides supplemental health and life insurance products. Aflac has managed to boost dividends for 30 years in a row, and has a ten year dividend growth rate of 19.30%/annum. The company is really cheap at 9.70 times earnings, but has the capacity to grow profits in the foreseeable future through strategic partnerships in Japan and US markets and increasing number of sales associates. One of the opportunities for growth could be US, which accounts for roughly only a quarter of revenues. It is amazing that a company deriving 70-75% of revenues from Japan could achieve such astounding growth over the past 30 years. Currently, the stock trades at 9.70 times earnings and yields 2.30%. Check my analysis of Aflac.
Top 10 Insurance Companies To Buy For 2014: Berkshire Hathaway Inc (BRKB)
Berkshire Hathaway Inc. (Berkshire), incorporated on June 16, 1998, is a holding company owning subsidiaries engaged in a number of diverse business activities. The Company is engaged in the insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility, and energy generation and distribution businesses. Berkshire also owns and operates a number of other businesses engaged in a variety of activities. In October 2012, HomeServices acquired a 66.7% interest in the residential real estate brokerage franchise network in the United States. In May 2013, Berkshire acquired the remaining 20% stake in IMC International Metalworking Companies BV.
Insurance and Reinsurance Businesses
Berkshire�� insurance and reinsurance business activities are conducted through numerous domestic and foreign-based insurance entities. Berkshire�� insurance businesses provide insurance and reinsurance of property and casualty risks worldwide and also reinsure life, accident and health risks worldwide. The Company�� insurance underwriting operations are consisted of the sub-groups, including GEICO and its subsidiaries, General Re and its subsidiaries, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. GEICO insurance subsidiaries include Government Employees Insurance Company, GEICO General Insurance Company, GEICO Indemnity Company, GEICO Casualty Company, GEICO Advantage Insurance Company, GEICO Choice Insurance Company and GEICO Secure Insurance Company. These companies primarily offers private passenger automobile insurance to individuals in all 50 states and the District of Columbia. In addition, GEICO insures motorcycles, all-terrain vehicles, recreational vehicles and small commercial fleets and acts as an agent for other insurers who offer homeowners, boat and life insurance to individuals. GEICO markets its policies primarily through direct response methods in which applications for insura! nce are submitted directly to the companies via the Internet or by telephone.
General Re Corporation (General Re) is the holding company of General Reinsurance Corporation (GRC) and its subsidiaries and affiliates. GRC�� subsidiaries include General Reinsurance AG, an international reinsurer based in Germany. General Re subsidiaries conduct business activities globally in 51 cities and provide insurance and reinsurance coverages throughout the world. General Re provides property/casualty insurance and reinsurance, life/health reinsurance and other reinsurance intermediary and risk management, underwriting management and investment management services.
Property/Casualty Reinsurance
General Re�� property/casualty reinsurance business in North America is conducted through GRC. Property/casualty operations in North America are also conducted through 16 branch offices in the United States and Canada. Reinsurance activities are marketed directly to clients without involving a broker or intermediary. General Re�� property/casualty business in North America also includes specialty insurers (primarily the General Star and Genesis companies). These specialty insurers underwrite primarily liability and workers��compensation coverages on an excess and surplus basis and excess insurance for self-insured programs. General Re�� international property/casualty reinsurance business operations are conducted through internationally-based subsidiaries on a direct basis (through General Reinsurance AG, as well as several other General Re subsidiaries in 23 countries) and through brokers (primarily through Faraday, which owns the managing agent of Syndicate 435 at Lloyd�� of London and provides capacity and participates in 100% of the results of Syndicate 435).
Life/Health Reinsurance
General Re�� North American and international life, health, long-term care and disability reinsurance coverages are written on an individual and group basis. Most! of this ! business is written on a proportional treaty basis, with the exception of the United States group health and disability business, which is predominately written on an excess treaty basis. Lesser amounts of life and disability business are written on a facultative basis. The life/health business is marketed on a direct basis.
The Berkshire Hathaway Reinsurance Group (BHRG) operates from offices located in Stamford, Connecticut. Business activities are conducted through a group of subsidiary companies, led by National Indemnity Company (NICO) and Columbia Insurance Company (Columbia). BHRG provides principally excess and quota-share reinsurance to other property and casualty insurers and reinsurers. BHRG�� underwriting activities also include life reinsurance and life annuity business written through Berkshire Hathaway Life Insurance Company of Nebraska and financial guaranty insurance written through Berkshire Hathaway Assurance Corporation.
BHRG writes catastrophe excess-of-loss treaty reinsurance contracts. BHRG also writes individual policies for primarily large or otherwise unusual discrete risks on both an excess direct and facultative reinsurance basis, referred to as individual risk, which includes policies covering terrorism, natural catastrophe and aviation risks. A catastrophe excess policy provides protection to the counterparty from the accumulation of primarily property losses arising from a single loss event or series of related events. Catastrophe and individual risk policies may provide amounts of indemnification per contract and a single loss event may produce losses under a number of contracts. BHRG also underwrites traditional non-catastrophe insurance and reinsurance coverages, referred to as multi-line property/casualty business.
The Berkshire Hathaway Primary Group is a collection of primary insurance operations that provide a range of insurance coverages to insureds located principally in the United States. NICO and certain affiliates underw! rite moto! r vehicle and general liability insurance to commercial enterprises on both an admitted and excess and surplus basis. This business is written nationwide primarily through insurance agents and brokers and is based in Omaha, Nebraska. U.S. Investment Corporation (USIC), through its four subsidiaries led by United States Liability Insurance Company, is a specialty insurer that underwrites commercial, professional and personal lines of insurance on an admitted and excess and surplus basis. Policies are marketed in all 50 states and the District of Columbia through wholesale and retail insurance agents. USIC companies underwrite and market 110 distinct specialty property and casualty insurance products. Medical Protective Corporation (MedPro) is based in Fort Wayne, Indiana. MedPro offers products and solutions through its subsidiaries, The Medical Protective Company and Princeton Insurance Company and is a primary healthcare malpractice insurance coverage and patient safety solutions to physicians, dentists, other healthcare providers and healthcare facilities. Other insurance operations include the Berkshire Hathaway Homestate Companies (BHHC), a group of six insurance companies that primarily offers standalone workers��compensation, commercial auto and commercial property coverages.
Railroad Business
Through Burlington Northern Santa Fe, LLC (BNSF) Railway, BNSF operates a railroad network in North America with approximately BNSF operates a railroad network in North America with approximately 32,500 route miles of track (excluding multiple main tracks, yard tracks and sidings) in 28 states and two Canadian provinces as of December 31, 2012. BNSF owns approximately 23,000 route miles, including easements, and operates on approximately 9,500 route miles of trackage rights that permit BNSF to operate its trains with its crews over other railroads��tracks. As of December 31, 2012, the total BNSF Railway system, including single and multiple main tracks, yard tracks and sidings,! consiste! d of approximately 50,500 operated miles of track, all of which are owned by or held under easement by BNSF except for approximately 10,500 miles operated under trackage rights.
BNSF is based in Fort Worth, Texas, and through BNSF Railway Company operates railroad systems in North America. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and ports of the country, BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. Over half of the freight revenues of BNSF are covered by contractual agreements of varying durations. BNSF�� primary routes, including trackage rights, allow it to access major cities and ports in the western and southern United States, as well as parts of Canada and Mexico.
Utilities and Energy Businesses
MidAmerican�� businesses are managed as separate operating units. MidAmerican�� domestic regulated energy interests are consisted of two regulated utility companies serving more than three million retail customers, two interstate natural gas pipeline companies with approximately 16,600 miles of pipeline and a design capacity of approximately 7.7 billion cubic feet of natural gas per day and a 50% interest in electric transmission businesses. Its Great Britain electricity distribution subsidiaries serve about 3.9 million electricity end-users. In addition, MidAmerican�� interests include a diversified portfolio of domestic independent power projects, a hydroelectric facility in the Philippines, the residential real estate brokerage firm in the United States and the residential real estate brokerage franchise network in the United States.
PacifiCorp is a regulated electric utility company, serving regulated retail electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory�� diverse regional economy ranges from rural, agricultural and mining areas to urban,! manufact! uring and government service centers. As a vertically integrated electric utility, PacifiCorp owns approximately 10,600 net megawatts (MW) of generation capacity.
MidAmerican Energy Company (MEC) is a regulated electric and natural gas utility company, serving regulated retail electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC has a diverse customer base consisting of urban and rural residential customers and a range of commercial and industrial customers. In addition to retail sales and natural gas transportation, MEC sells regulated electricity principally to markets operated by regional transmission organizations and regulated natural gas to other utilities and market participants on a wholesale basis and sells non-regulated electricity and natural gas services in deregulated markets. As a vertically integrated electric and gas utility, MEC owns approximately 7,400 net megawatts of generation capacity.
The natural gas pipelines consist of Northern Natural Gas Company (Northern Natural) and Kern River Gas Transmission Company (Kern River). Northern Natural is based in Nebraska and owns interstate natural gas pipeline system in the United States reaching from southern Texas to Michigan�� Upper Peninsula. Northern Natural�� pipeline system consists of approximately 14,900 miles of natural gas pipelines. Northern Natural also operates three underground natural gas storage facilities and two liquefied natural gas storage peaking units.
Kern River is based in Utah and owns an interstate natural gas pipeline system that consists of approximately 1,700 miles and extends from supply areas in the Rocky Mountains to consuming markets in Utah, Nevada and California. Kern River transports natural gas for electric utilities and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electricity generating companies, energy marketing and trading companies, a! nd financ! ial institutions. The Great Britain utilities consist of Northern Powergrid (Northeast) Limited (Northern Powergrid (Northeast)) and Northern Powergrid (Yorkshire) plc (Northern Powergrid (Yorkshire)), which own a substantial Great Britain electricity distribution network that delivers electricity to end-users in northeast England in an area covering approximately 10,000 square miles. The distribution companies primarily charge supply companies regulated tariffs for the use of electrical infrastructure. MidAmerican also owns HomeServices of America, Inc. (HomeServices), a full-service residential real estate brokerage firm in the United States. HomeServices offers integrated real estate services, including mortgage originations and mortgage banking primarily through joint ventures, title and closing services, property and casualty insurance, home warranties, relocation services and other home-related services. It operates under 27 residential real estate brand names with over 16,000 sales agents and in nearly 375 brokerage offices in 21 states.
Manufacturing, Service and Retailing Businesses
Berkshire�� numerous and diverse manufacturing, service and retailing businesses. Marmon Holdings, Inc. (Marmon) consists of approximately 140 manufacturing and service businesses that operate independently within 11 diverse business sectors. These sectors are distribution services, electrical and plumbing products, industrial products, crane services, engineered wire and cable, transportation services and engineered products, food service equipment, highway technologies, retail home improvement products, retail store fixtures, and water treatment.
Distribution Services supplies specialty metal pipe and tubing, bar and sheet products to markets, including construction, industrial, aerospace and many others. Electrical and Plumbing Products is engaged in the distribution, supplying electrical building wire primarily for residential and commercial construction, and copper tube for th! e plumbin! g, heating, ventilation, and air conditioning (HVAC), refrigeration and industrial markets, through the wholesale channel. Industrial Products consists of metal fasteners and fastener coatings for the construction, industrial and other markets, gloves for industrial markets, portable lighting equipment for mining and safety markets, overhead electrification equipment for mass transit systems, custom-machined aluminum and brass forgings for the construction, energy, recreation and other industries, brass fittings and valves for commercial and industrial applications, and drawn aluminum tubing and extruded aluminum shapes for the construction, automotive, appliance, medical and other markets.
Crane Services is engaged in providing the leasing and operation of mobile cranes primarily to the energy, mining and petrochemical markets. Engineered Wire and Cable is engaged in supplying electrical and electronic wire and cable for energy related markets and other industries. Transportation Services and Engineered Products includes manufacturing, leasing and maintenance of railroad tank cars, leasing of intermodal tank containers, in-plant rail services, manufacturing of bi-modal railcar movers, wheel, axle and gear sets for light rail transit and gear products for locomotives, manufacturing of steel tank heads, and services, equipment and technology for processing and distributing sulfur.
Food Service Equipment is engaged in supplying commercial food preparation equipment for restaurants and shopping carts for retail stores. Highway Technologies primarily serve the heavy-duty highway transportation industry with trailers, fifth wheel coupling devices and undercarriage products, such as brake parts and suspension systems, and also serving the light vehicle aftermarket with clutches and related products. Retail Home Improvement Products is engaged in supplying electrical and plumbing products through the home center channel. Retail Store Fixtures provides shelving systems, other merchandising di! splays an! d related services for retail stores, as well as work and garden gloves sold at retail. Water Treatment includes residential water softening, purification and refrigeration filtration systems, treatment systems for industrial markets including power generation, oil and gas, chemical, and pulp and paper, gear drives for irrigation systems and cooling towers, and air-cooled heat exchangers.
McLane Company, Inc. (McLane) provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants. Operations include grocery distribution, foodservice distribution, beverage distribution, international logistics and software development. McLane�� foodservice distribution unit, based in Carrollton, Texas, focuses on serving the quick service restaurant industry. Operations are conducted through 18 facilities in 16 states. The foodservice distribution unit services more than 19,000 chain restaurants nationwide.
Other Manufacturing, Other Service and Retailing Businesses
Berkshire�� apparel manufacturing businesses include manufacturers of a range of clothing and footwear. Businesses engaged in the manufacture and distribution of clothing products include Fruit of the Loom, Inc. (Fruit), Russell Brands, LLC (Russell), Vanity Fair Brands, LP (VFB), Garan and Fechheimer Brothers. Berkshire�� footwear businesses include H.H. Brown Shoe Group, Justin Brands and Brooks Sports. Fruit, Russell and VFB (together FOL) is primarily a vertically integrated manufacturer and distributor of basic apparel, underwear and athletic apparel and products. Products, under the Fruit of the Loom and JERZEES labels are primarily sold in the mass merchandise and wholesale markets. In the VFB product line, Vassarette, Bestform and Curvation are sold in the mass merchandise market, while Vanity Fair and! Lily of ! France products are sold in the mid-tier chains and department stores. FOL also markets and sells athletic uniforms, apparel, sports equipment and balls to team dealers; college licensed tee shirts and fleecewear to college bookstores and mid-tier merchants; and athletic apparel, sports equipment and balls to sporting goods retailers under the Russell Athletic and Spalding brands. Additionally, Spalding markets and sells balls in the mass merchandise market and dollar store channels.
Garan designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants. Products are sold under its own trademark Garanimals and private labels of its customers. Garan also licenses its registered trademark Garanimals to independent third parties. Garan conducts its business through operating subsidiaries located in the United States, Central America and Asia. Fechheimer Brothers manufactures, distributes and sells uniforms, principally for the public service and safety markets, including police, fire, postal and military markets. Fechheimer Brothers is based in Cincinnati, Ohio.
Justin Brands and H.H. Brown Shoe Group manufacture and distribute work, rugged outdoor and casual shoes and western-style footwear under a number of brand names, including Justin, Tony Lama, Nocona, Chippewa, Carolina, Sofft, Double-H Boots, Eurosoft, and Softspots. Acme Building Brands (Acme) manufactures and distributes clay bricks (Acme Brick and Jenkins Brick), concrete block (Featherlite) and cut limestone (Texas Quarries). In addition, Acme distributes a range of other building products of other manufacturers, including glass block, floor and wall tile, wood flooring and other masonry products. Acme also sells ceramic floor and wall tile, as well as marble, granite and other stones through its subsidiary, American Tile and Stone. Benjamin Moore & Co. (Benjamin Moore) is a formulator, manufacturer and retailer of a range of architectural coatings, available principa! lly in th! e United States and Canada. Products include water-thinnable and solvent-thinnable general purpose coatings (paints, stains and clear finishes) for use by the general public, contractors and industrial and commercial users. Products are marketed under various registered brand names, including Regal, Super Spec, MoorGard, Aura, Nattura, ben, Coronado, Insl-x and Lenmar.
Johns Manville (JM) is a manufacturer and marketer of products for building insulation, mechanical insulation, commercial roofing and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe insulation, filtration, waterproofing, building, flooring, interiors and wind energy. The Shaw Industries Group, Inc. (Shaw) is a carpet manufacturer based on both revenue and volume of production. Shaw designs and manufactures over 3,000 styles of tufted carpet, tufted and woven rugs, laminate and wood flooring for residential and commercial use under about 30 brand and trade names and under certain private labels. Shaw also provides installation services and sells ceramic and vinyl tile along with sheet vinyl. Forest River, Inc. (Forest River) is a manufacturer of recreational vehicles, utility, cargo and office trailers, buses and pontoon boats. Albecca Inc. (Albecca) does business primarily under the Larson-Juhl name. Albecca designs, manufactures and distributes a range of products, including wood and metal molding, matboard, foamboard, glass, equipment and other framing supplies in the United States, Canada and 15 countries outside of North America.
FlightSafety International Inc. (FSI) is engaged in professional aviation training services to individuals, businesses (including certain commercial aviation companies) and the United States. Government. FSI primarily provides training to pilots, aircraft maintenance technicians, flight attendants and dispatchers who op! erate and! support a range of business, commercial and military aircraft. NetJets Inc. (NJ) is a provider of fractional ownership programs for general aviation aircraft. TTI, Inc. (TTI) is a specialty distributor of passive, interconnect, electromechanical and discrete components used by customers in the manufacturing and assembling of electronic products. TTI�� customer base includes original equipment manufacturers, electronic manufacturing services, original design manufacturers, military and commercial customers, as well as design and system engineers. TTI services a range of industries, including telecommunications, medical devices, computers and office equipment, aerospace, automotive and consumer electronics.
Finance and Financial Products
The Company�� finance and financial products businesses include manufactured housing and finance (Clayton Homes), transportation equipment leasing (XTRA), furniture leasing (CORT), as well as various miscellaneous financing activities. Clayton Homes, Inc. (Clayton) is a vertically integrated manufactured housing company. As of December 31, 2012, Clayton operated 34 manufacturing plants in 12 states. Clayton�� homes are marketed in 48 states through a network of 1,441 retailers, including 323 company-owned home centers. XTRA is a transportation equipment lessor operating under the XTRA Lease brand name. XTRA manages a diverse fleet of approximately 82,000 units located at 58 facilities throughout the United States and two facilities in Canada. The fleet includes over-the-road and storage trailers, chassis, temperature controlled vans and flatbed trailers. CORT Business Services Corporation is a provider of rental relocation services, including rental furniture, accessories and related services in the rent-to-rent segment of the furniture rental industry.
Advisors' Opinion:- [By Tiernan Ray]
Berkshire Hathaway�(BRKB) this afternoon reported Q2 operating earnings per Class-A share of $2,384, up 6% from the year-earlier period, and topping a consensus for $2,163 according to FactSet.
The company’s book value per share rose 7.6% from the beginning of the year to $122,900.
The company saw a $322 million gain on investments, better than the prior-year’s $81 million gain, and a $300 million gain on derivatives, versus a year-earlier $693 million loss.
Total revenue for the company from all its holdings was up 16% at $44.69 billion.
Total assets rose to $446.56 billion from $427.45 billion a year earlier.
The full federal filing for the quarter is available on the company’s Web site.
In the filing,�Warren Buffett and his team outlined gains in the underwriting business, railroads, and energy, with a “mixed” bag of results for manufacturing, services and retail:
Our insurance businesses generated significant underwriting gains in the first six months of 2013 and 2012. Our railroad and utilities and energy businesses continued to generate significant earnings in 2013. Earnings from our manufacturing, service and retailing businesses in 2013 were mixed, but as indicated in the table above earnings from these businesses increased about 4.8% during the second quarter and 7.4% during the first six months [...] Premiums written [by Geico] in the second quarter and first six months of 2013 were $4,548 million and $9,389 million, respectively, representing increases of 11.7% and 11.5%, respectively, compared to the corresponding 2012 periods. Premiums earned in the second quarter and first six months of 2013 increased $465 million (11.3%) and $848 million (10.4%), respectively, compared to premiums earned in the corresponding 2012 periods. The growth in premiums earned for voluntary auto was 10.4%, reflecting an increase in policies-in-force of 8.2% over the past year, and to a lesser d
Top 10 Insurance Companies To Buy For 2014: Fairfax Financial Holdings Ltd (FRFHF.PK)
Fairfax Financial Holdings Limited (Fairfax) is a financial services holding company. The Company, through its subsidiaries, is principally engaged in property and casualty insurance and reinsurance and the associated investment management. The Company�� segments consist of Insurance, Reinsurance, Insurance and Reinsurance Other, Runoff, and Corporate and Other. On December 22, 2011, the Company completed the acquisition of 75% interests in Sporting Life Inc. On August 16, 2011, the Company acquired William Ashley China Corporation. On March 24, 2011, an indirect wholly owned subsidiary of Fairfax completed the acquisition of The Pacific Insurance Berhad. On February 9, 2011, an indirect wholly owned subsidiary of Fairfax completed the acquisition of First Mercury Financial Corporation. In October 2012, its RiverStone runoff subsidiary acquired all the outstanding shares of Brit Insurance Limited.
Advisors' Opinion:- [By Alex Jordon]
There's talk that Prem Watsa, head of Fairfax Financial Holdings (FRFHF.PK), could possibly be involved in a privatization bid for the company. Consider:
Top 10 Insurance Companies To Buy For 2014: AmTrust Financial Services Inc (AFSI.O)
Amtrust Financial Services, Inc., incorporated on November 7, 1990, is a holding company. The Company is a multinational specialty property and casualty insurer focused on generating consistent underwriting profits. The Company operates in four business segments: small commercial business, specialty program and personal lines reinsurance. The Company transacts business through 11 insurance company subsidiaries: Technology Insurance Company, Inc. (TIC), Rochdale Insurance Company (RIC), Wesco Insurance Company (WIC), Associated Industries Insurance Company, Inc. (AIIC), Milwaukee Casualty Insurance Company (MCIC), Security National Insurance Company (SNIC), AmTrust Insurance Company of Kansas, Inc. (AICK) and AmTrust Lloyd�� Insurance Company of Texas (ALIC). In January 2013, the Company acquired First Nonprofit Companies, Inc. In February 2013, the Company's subsidiary acquired Car Care Plan (Holdings) Limited (CCPH) from Ally Insurance Holdings, Inc.
Sma ll Commercial Business
Small Commercial Business segment provides workers��compensation to small businesses that operate in low and medium hazard classes, such as restaurants, retail stores, physicians and other professional offices, and commercial package and other property and casualty insurance products to small businesses. The Company is authorized to write its Small Commercial Business products in all 50 states. The Company distributes its policies through a network of over 8,100 select retail and wholesale agents who are paid commissions based on the annual policy premiums written. Commercial package products provide a range of insurance to small businesses, including commercial property, general liability, inland marine, automobile, workers��compensation, and umbrella coverage.
The Company maintains Small Commercial Business property and casualty claims operations in several of its domestic offices and the commercial package claims opera tion is separated into four processing units: casualty, pr! op! erty, cost-containment/recovery and a fast-track physical damage unit. As of December 31, 2012, its Small Commercial Business property and casualty claims were approximately 61% automobile and 13% property and inland marine with the remaining 26% involving general liability and umbrella losses.
Specialty Risk and Extended Warranty
The Company��Specialty Risk and Extended Warranty segment provides coverage for consumer and commercial goods and custom designed coverages, such as accidental damage plans and payment protection plans offered in connection with the sale of consumer and commercial goods in the United States and Europe, and certain niche property, casualty and specialty liability risks in the United States and Europe, including general liability, employers��liability and professional and medical liability. specialty risk business primarily covers, such as legal expenses in the event of unsuccessful litigation; property damage for resid ential properties; home emergency repairs caused by incidents affecting systems, such as plumbing, wiring or central heating; latent defects that materialize on real property after building or completion; payment protection to insureds if they become unable to meet financial obligations under finance contracts; guaranteed asset protection (GAP) to cover the difference between an insurer�� settlement and the asset value in the event of a total loss, and general liability, employers��liability, public liability, negligence of advisors and liability of health care providers and medical facilities.
The Company's extended warranty business covers selected consumer and commercial goods and other risks, including personal computers; consumer electronics, such as televisions and home theater components; consumer appliances, such as refrigerators and washing machines; automobiles (excluding liability coverage); furniture, and heavy equipment. The Company also serve a s a third party administrator to provide claims handli! ng and! c! all cen! ter services to the consumer products and automotive industries in the United States and Canada. It underwrites the specialty risk coverage on a coverage plan-level basis, which involves substantial data collection and actuarial analysis, as well as analysis of applicable laws governing policy coverage language and exclusions.
Specialty Program
The Company�� Specialty Program segment provides workers��compensation, package products, general liability, commercial auto liability, excess and surplus lines programs and other specialty commercial property and casualty insurance to a narrowly defined, homogeneous group of small and middle market companies. The type of risk covered by this segment is similar to the type of risk in Small Commercial Business but also covers, to a small extent, certain higher risk businesses. The coverage is offered through accounts with various agents to multiple insureds. Policyholders in this segment primarily include industries, such as retail, wholesale, service operations, artisan contracting, trucking, light and medium manufacturing, habitational and professional employer organizations. As of December 31, 2012, the Company underwrote 77 programs through 44 independent wholesale and managing general agents. Workers��compensation insurance consists approximately 33% of this business during the year ended December 31, 2012.
Personal Lines Reinsurance
The Company�� Personal Lines Reinsurance Segment has a 20% participation in the Personal Lines Quota Share, by which it receive 10% of the net premiums of the personal lines business. The Personal Lines Quota Share provides that the reinsurers, severally, in accordance with their participation percentages, will receive 50% of the net premium of the GMACI Insurers and assume 50% of the related net losses.
Top 10 Insurance Companies To Buy For 2014: Citizens Inc (CIA)
Citizens, Inc. (Citizens), incorporated on November 8, 1977, is an insurance holding company serving the life insurance needs of individuals in the United States. The Company operates in three segments: Life Insurance, Home Service and Other Non-insurance Enterprises. Its core insurance operations include issuing and servicing the United States Dollar-denominated ordinary whole life insurance and endowment policies predominantly to high net worth, high income foreign residents, principally in Latin America and the Pacific Rim, through independent marketing consultants; ordinary whole life insurance policies to middle income households concentrated in the midwest and southern United States through independent marketing consultants, and final expense and limited liability property policies to middle and lower income households in Louisiana, Arkansas, and Mississippi through employee and independent agents in its home service distribution channel.
Life Insurance
The Company�� Life Insurance segment issues ordinary whole life insurance domestically and in United States Dollar-denominated amounts to foreign residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured. Additionally, endowment contracts are issued by the Company, which are principally accumulation contracts that incorporate an element of life insurance protection. The Company operates the segment through its subsidiaries: CICA Life Insurance Company of America (CICA) and Citizens National Life Insurance Company (CNLIC).
The Company offers several ordinary whole life insurance and endowment products designed to meet the needs of its non-United States policy owners. Its domestic life insurance products focus primarily on living needs and provide benefits focused toward accumulating money for the policyowner. The Company�� life insurance products are principally designed to address the insured�� concern about outliving his or her monthly income,! while at the same time providing death benefits. The primary purpose of its product portfolio is to help the insured create capital for needs, such as retirement income, children's higher education funds, business opportunities, emergencies and health care needs.
Home Service Insurance
The Company operates in the Home Service market through its subsidiaries Security Plan Life Insurance Company (SPLIC) and Security Plan Fire Insurance Company (SPFIC), and focus on the life insurance needs of the middle and lower income markets, primarily in Louisiana, Mississippi and Arkansas. Its home service insurance products consist primarily of small face amount ordinary whole life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs.
Other Non-Insurance Enterprises
Other Non-insurance Enterprises includes Computing Technology, Inc., which provides data processing services to the Company, and Insurance Investors, Inc., which provides aviation transportation to the Company. This segment also includes the results of Citizens, Inc., the parent Company.
Top 10 Insurance Companies To Buy For 2014: Metlife Inc (MET)
MetLife, Inc. (MetLife), incorporated on August 10, 1999, is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife operates in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. It is organized into six segments: Insurance Products, Retirement Products, Corporate Benefit Funding and Auto & Home (collectively, U.S. Business), and Japan and Other International Regions (collectively, International). In addition, the Company reports certain of its results of operations in Corporate & Other, which includes MetLife Bank, National Association (MetLife Bank) and other business activities. U.S. Business provides insurance and financial services products, including life, dental, disability, auto and homeowner insurance, guaranteed interest and stable value products, and annuities through independent retail distribution channels, as well as at the workplace. Outside the U.S., it operates in Japan and over 50 countries within Latin America, Asia Pacific, Europe and the Middle East. MetLife is the life insurer in Mexico and also holds positions in Japan, Poland, Chile and Korea. This business provides life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement and savings products to both individuals and groups. In August 2012, it acquired Reynolds Plantation. In January 2013, the Company completed the sale of MetLife Bank, N.A.'s deposit business. Effective July 25, 2013, MetLife Inc acquired Broadstone Laurel Highlands, from Alliance Residential Fund I. In September 2013, MetLife Inc and Thayer Lodging Group acquired the 365-room Hilton Los Cabos Beach & Golf Resort in Cabo San Lucas, Mexico in a joint venture.
Insurance Products
The Insurance Products segment offers a range of protection products and services aimed at serving the financial needs of its customers throughout their lives. These pro! ducts are sold to individuals and corporations, as well as other institutions and their respective employees. It is organized in three businesses: Group Life, Individual Life and Non-Medical Health.
The Group Life insurance products and services include variable life, universal life, and term life products. It offer group insurance products as employer-paid benefits or as voluntary benefits where all or a portion of the premiums are paid by the employee. These group products and services also include employee paid supplemental life and are offered as standard products or may be tailored to meet specific customer needs.
The Individual Life insurance products and services include variable life, universal life, term life and whole life products. Additionally, through its broker-dealer affiliates, it offers a full range of mutual funds and other securities products. The products within both Group Life and Individual Life include Variable Life, Universal Life, Term Life and Whole Life. Variable life products provide insurance coverage through a contract that gives the policyholder the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. With variable life products, premiums and account balances can be directed by the policyholder into a variety of separate account investment options or directed to the Company�� general account. In the separate account investment options, the policyholder bears the entire risk of the investment results.
Universal life products provide insurance coverage on the same basis as variable life, except that premiums, and the resulting accumulated balances, are allocated only to the Company�� general account. Universal life products may allow the insured to increase or decrease the amount of death benefit coverage over the term of the contract and the owner to adjust the frequency and amount of premium payments.
Term life products provid! e a guara! nteed benefit upon the death of the insured for a specified time period in return for the periodic payment of premiums. Specified coverage periods range from one year to 30 years, but in no event are they longer than the period over, which premiums are paid. Death benefits may be level over the period or decreasing. Decreasing coverage is used principally to provide for loan repayment in the event of death. Premiums may be guaranteed at a level amount for the coverage period or may be non-level and non-guaranteed. Term insurance products are sometimes referred to as pure protection products, in that there are typically no savings or investment elements. Term contracts expire without value at the end of the coverage period when the insured party is still living.
Whole life products provide a guaranteed benefit upon the death of the insured in return for the periodic payment of a fixed premium over a predetermined period. Premium payments may be required for the entire life of the contract period, to a specified age or period, and may be level or change in accordance with a predetermined schedule. Whole life insurance includes policies that provide a participation feature in the form of dividends. Policyholders may receive dividends in cash or apply them to increase death benefits, increase cash values available upon surrender or reduce the premiums required to maintain the contract in-force.
The Non-Medical Health products and services include dental insurance, group short- and long-term disability, individual disability income, long-term care (LTC), critical illness and accidental death & dismemberment coverage. Other products and services include employer-sponsored auto and homeowners insurance provided through the Auto & Home segment and prepaid legal plans. The Company also sells administrative services-only (ASO) arrangements to some employers. The products in this area are Dental, Disability and Long-term Care (LTC). Dental products provide insurance and ASO plans that ass! ist emplo! yees, retirees and their families in maintaining oral health while reducing out-of-pocket expenses and providing superior customer service. Dental plans include the Preferred Dentist Program and the Dental Health Maintenance Organization. Disability products provide a benefit in the event of the disability of the insured. This benefit is in the form of monthly income paid until the insured reaches age 65. In addition to income replacement, the product may be used to provide for the payment of business overhead expenses for disabled business owners or mortgage payment protection. This is offered on both a group and individual basis. LTC products provide protection against the potentially high costs of LTC services. They generally pay benefits to insureds that need assistance with activities of daily living or have a cognitive impairment.
Retirement Products
The Retirement products segment includes a variety of variable and fixed annuities that are primarily sold to individuals and employees of corporations and other institutions. The products in this area are Variable Annuities and Fixed Annuities. Variable annuities provide for both asset accumulation and asset distribution needs. Variable annuities allow the contract holder to make deposits into various investment options in a separate account, as determined by the contract holder. The risks associated with such investment options are borne entirely by the contract holder, except where guaranteed minimum benefits are involved.
Fixed annuities provide for both asset accumulation and asset distribution needs. Fixed annuities do not allow the same investment flexibility provided by variable annuities, but provide guarantees related to the preservation of principal and interest credited.
Corporate Benefit Funding
The Corporate Benefit Funding segment includes a range of annuity and investment products, including, guaranteed interest products and other stable value products, income annuitie! s, and se! parate account contracts for the investment management of defined benefit and defined contribution plan assets. This segment also includes certain products to fund postretirement benefits and company, bank or trust owned life insurance used to finance non-qualified benefit programs for executives. The products in this area are Stable Value Products, Pensions Closeouts, Torts and Settlements, Capital Markets Investment Products and other Corporate Benefit Funding Products and Services. The Company offers general account guaranteed interest contracts, separate account guaranteed interest contracts, and similar products used to support the stable value option of defined contribution plans. It also offers private floating rate funding agreements that are used for money market funds, securities lending cash collateral portfolios and short-term investment funds.
The Company offers general account and separate account annuity products, generally in connection with the termination of defined benefit pension plans, both in the United States and the United Kingdom. It also offers partial risk transfer solutions that allow for partial transfers of pension liabilities and annuity products that include single premium buyouts. It offers strategies for complex litigation settlements, primarily structured settlement annuities. Under the Capital Markets Investment Products, the products offered include funding agreements, Federal Home Loan Bank advances and funding agreement-backed commercial paper. Under the Other Corporate Benefit Funding Products and Services, it offers specialized insurance products designed specifically to provide solutions for non-qualified benefit and retiree benefit funding purposes.
Auto & Home
The Auto & Home segment includes personal lines property and casualty insurance offered directly to employees at their employer�� worksite, as well as to individuals through a variety of retail distribution channels, including independent agents, property and casu! alty spec! ialists, direct response marketing and the individual distribution sales group. Auto & Home primarily sells auto insurance, which represented 67% of Auto & Home�� total net earned premiums in 2011. Homeowners and other insurance represented 33% of Auto & Home�� total net earned premiums in 2011. The products in this area are Auto Coverages and Homeowners and Other Coverages. Auto insurance policies provide coverage for private passenger automobiles, utility automobiles and vans, motorcycles, motor homes, antique or classic automobiles and trailers. Auto & Home offers traditional coverage, such as liability, uninsured motorist, no fault or personal injury protection, as well as collision and comprehensive. Homeowners��insurance policies provide protection for homeowners, renters, condominium owners and residential landlords against losses arising out of damage to dwellings and contents from a variety of perils, as well as coverage for liability arising from ownership or occupancy. Other insurance includes personal excess liability (protection against losses in excess of amounts covered by other liability insurance policies), and coverage for recreational vehicles and boat owners. Most of Auto & Home�� homeowners��policies are traditional insurance policies for dwellings, providing protection for loss on a replacement cost basis. These policies also provide additional coverage for reasonable, normal living expenses incurred by policyholders that have been displaced from their homes.
International
International provides life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement & savings products to both individuals and groups. The Company focuses on markets primarily within Japan, Latin America, Asia Pacific, Europe and the Middle East. It operates in international markets through subsidiaries and affiliates. The Company operates in 22 countries in Latin America, with operations in Mexico, Chile and Argentina. It operates in fou! r countri! es in Asia Pacific with operations in Korea, Hong Kong and Australia. It operates in 35 countries in Europe and the Middle East with operations in Poland, the United Kingdom, France, and the United Arab Emirates, as well as through a consolidated joint venture in India.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments, which is invested to optimize investment spread and to fund company initiatives and various start-up and run-off entities. Mortgage products offered by MetLife Bank include forward and reverse residential mortgage loans. Residential mortgage loans are originated through MetLife Bank�� national sales force, mortgage brokers and mortgage correspondents. The residential mortgage banking activities include the origination and servicing of mortgage loans. Mortgage loans are held-for-investment or sold primarily into Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) or Government National Mortgage Association (GNMA) securities. Deposit products include traditional savings accounts, money market savings accounts, certificates of deposit (CDs) and individual retirement accounts.
Advisors' Opinion:- [By John Udovich] A.F.P Provida SA. A Chile-based company�involved in the management of private pension funds, A.F.P Provida SA�� activities include the investment and collection of its clients��contributions, the management of individual capitalization accounts and the provision of life and disability benefits, payments of funeral expenses and senior retirement pensions. A.F.P Provida SA also has operations through its subsidiaries in Peru, Ecuador and Mexico. Under former dictator Pinochet,�Chile privatized its otherwise bankrupted social security program�and mandates its citizens to invest a certain portion of their wages with government-endorsed asset management firms like A.F.P Provida SA. Right now, A.F.P Provida SA has a trailing P/E of 6.33 along with a forward dividend of $10.89 for a 12% dividend yield, but there is also a big catch. Back in February, it was reported that Metlife Inc (NYSE: MET) would acquire the firm from Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) in a deal valued at about $2 billion in order to add fee income in Latin America���meaning that juicy dividend is no longer a sure bet for investors. On Monday, small cap A.F.P Provida SA rose 0.28% to $90.80 (PVD has 52 week trading range of $82.60 to $112.79 a share) for a market cap of $2.01 billion plus the stock is down 9.1% since the start of the year, up 2.3% over the past year and up 205.7% over the past five years.
- [By Ben Levisohn]
MetLife (MET) has gained 3.1% to $48.53, while�Prudential�(PRU) has climbed 3.1% to $78.29 after Barclays upgraded the stocks to Overweight from Equal Weight Underweight. Analyst Jay Gelb and team explain why:
- [By Dan Caplinger]
Beyond mortgage insurance, not everything has gone well at Genworth. Its long-term care insurance business continues to struggle, with operating profits having fallen by more than 40% as Genworth struggles to get regulators to allow it to increase rates enough to make the business economically viable. Major competitors MetLife (NYSE: MET ) and Prudential (NYSE: PRU ) have already pulled back from long-term care, and Genworth might have to follow suit if it can't find other ways to make money from the segment. In addition, Genworth joined other insurers in settling claims that it and others failed to pay policy benefits to life-insurance customers, serving as a reminder that litigation risks continue to exist throughout the financial industry.
- [By Dan Caplinger]
MetLife (NYSE: MET ) will release its quarterly report on Wednesday, and shareholders couldn't be more optimistic about the company's future prospects. Yet even though the stock has traded at five-year highs recently, MetLife earnings haven't yet begun to grow in the way investors will want to see in the long run.
Top 10 Insurance Companies To Buy For 2014: Fairfax Financial Holdings Ltd (FRFHF)
Fairfax Financial Holdings Limited (Fairfax) is a financial services holding company. The Company, through its subsidiaries, is principally engaged in property and casualty insurance and reinsurance and the associated investment management. The Company�� segments consist of Insurance, Reinsurance, Insurance and Reinsurance Other, Runoff, and Corporate and Other. On December 22, 2011, the Company completed the acquisition of 75% interests in Sporting Life Inc. On August 16, 2011, the Company acquired William Ashley China Corporation. On March 24, 2011, an indirect wholly owned subsidiary of Fairfax completed the acquisition of The Pacific Insurance Berhad. On February 9, 2011, an indirect wholly owned subsidiary of Fairfax completed the acquisition of First Mercury Financial Corporation. In October 2012, its RiverStone runoff subsidiary acquired all the outstanding shares of Brit Insurance Limited. Advisors' Opinion:- [By Tim Brugger]
Citing the letter of intent to be acquired�for $9 a share signed Monday with a consortium led by its largest shareholder, Fairfax Financial (NASDAQOTH: FRFHF ) , BlackBerry� (NASDAQ: BBRY ) �has opted to cancel its conference call and webcast following the 7 .a.m EST release of Q2 earnings this Friday, the company announced yesterday.
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