Municipal bond insurer Assured Guaranty Ltd. (AGO, Financial) reported better than expected second quarter earnings, driven by lower loss costs and strong investment returns, and repurchased 2 million of its shares at a large discount to book value. Despite strong results, the stock price continued to be volatile as investors anticipated a potential debt downgrade by Moody's scheduled to be completed by the end of October.
From Diamond Hill Capital's third quarter Select Fund Commentary.
From Diamond Hill Capital's third quarter Select Fund Commentary.