I read through GNWs results for the quarter. They were poor. At first I felt the sell off of 14% was overdone. It was certainly a "kitchen sink quarter " but I was hopeful they had addressed the ltc issue and their book value was still north of $22 per share. However, reading further, it now looks like they are embarking on another study of their life insurance reserves. My read was they were suggesting that their findings on ltc were applicable to life insurance as well and it had the potential to not be pretty. My take, there may be another shoe to drop. Frankly, I do not know how many more shoes dropping I can take. I am pretty bummed out. My biggest discretionary picks (GTAT and GNW) have really bombed in 2014. I have certainly had my confidence (and wallet) shaken.
"Some people claim there's a woman to blame, but it's my own damn fault".