A look at niche investment opportunities in the credit derivatives market, and whether returns will depend on continued rating agency backing.

Taking a look at some bargains I see floating around right now, from mechanical contractors to media.

A PDF file outlining why I believe the company is undervalued.

Interesting insights on the state of the credit markets...

Just a quick note for you guys today: Primus (PRS) presented at a Lehman Brothers Investor Conference this morning and they have posted the webcast from the event, along with their supplemental Powerpoint (32 slides), on their Investor Relations Pag

An analysis of the business and value of an extremely undervalued company called Primus Guaranty.

More explanations on the accounting differences between credit default swaps and the underlying bonds, CDS indices, Primus' portfolio breakdown, and the net result - why the stock is really around 40% of book value.

Primus is a misunderstood company because of GAAP conventions, by which it looks horrible. Take the time to understand the business model, though, and you have a gem trading at under 0.5x book with a double-digit ROE.

Three beaten-up stocks trading at or below 1x book value - a structured finance insurer, a building supplier, and a homebuilder.

A good case for buying USG and Primus Guaranty (PRS), two contrarian buys.