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  "documentTitle": "Assured Guaranty (AGO)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The slide uses a dual-axis chart to show the divergence between market reality (falling bond prices) and company reserve adjustments.",
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      "text": "While the bond market fell about 30 points after the hurricane through year-end, implying about $1.5 billion in incremental losses, AGO boosted its reserves by a measly $111 million.",
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      "text": "reserves: $111 million",
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      "text": "It doesn't appear that AGO has taken the hurricane into account. While the bond market fell about 30 points after the hurricane through year-end, implying about $1.5 billion in incremental losses, AGO boosted its reserves by a measly $111 million.",
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      "text": "While prices have recovered since, they are still well below where they traded pre-hurricane. We'll see where AGO establishes its reserves for the March quarter shortly.",
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      "text": "Source: Pricing from Bloomberg LP retrieved April 19, 2018. Expected loss data, referred to as \"reserves\", from AGO quarterly and annual reports.",
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      "text": "Puerto Rico bonds post Maria",
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