Elliott Fishman American International Group AIG-N HOLD Feb 12, 2018

Had owned this until about a year ago, and then moved aside. Had some difficulties with management. Even against their peer group in the insurance space, this company is not operating that efficiently.

(A Top Pick Jan 4/17, Down 6%) He thought the street might recognize its value. He got his money back but decided he could do better elsewhere.

(A Top Pick Jan 5/17. Down 5%.) Very disappointing. Still struggling and is at EBV-3. As interest rates go up, this should do better.

(A Top Pick Feb 6/17 Down 5%). He thinks insurance companies are having a tough go. They are not benefiting like other financial assets. He is disappointed with its performance.

The company is trading below book value. He does not see many companies who can combine P&C and Life business well. It has never really recovered from the financial crisis.

(Past Top Pick, June 13, 2017, Down 12%) He sold his earnings last November to cut his losses. The reason was that AIG took massive writedowns after their new CEO took over. He didn't want to be in this turnaround plan.

AIG-N vs. MET-N. AIG-N has been recapitalizing since the disaster of the financial crisis. MET-N did not suffer these issues. The life business is in pretty decent shape but he prefers Canadian lifecos.