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  "documentTitle": "Assured Guaranty (AGO)",
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  "authorName": "David Einhorn",
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  "notes": "The slide uses a pun on 'Notorious B.I.G.' to describe the portfolio of 'Below Investment Grade' assets.",
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      "text": "Below Investment Grade (BIG): $12.2 Billion",
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      "text": "Not all the credits are money good. Against the $7 billion of equity, AGO insured more than $12 billion bonds that are now rated “below investment grade.”",
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      "text": "Not all the credits are money good. Against the $7 billion of equity, AGO insured more than $12 billion bonds that are now rated “below investment grade.” None of these bonds were below investment grade at issuance, so they have all suffered substantial credit deterioration.",
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      "text": "Source: AGO 2017 financial supplement available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd; Greenlight calculations.",
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