Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of insurer Ambac Financial
So what: Shares of Ambac were toasted earlier in the week when the company said it might file for bankruptcy protection. Earnings from mortgage insurer Radian Group
Now what: Seriously, folks, who's still buying this? Don't expect any government intervention -- it's Ambac the holding company that might file for bankruptcy, not the actual insurer. One question that remains is whether it might be a prepackaged bankruptcy or a Chapter 11. Either way, I believe the common shares will soon only be good for small art projects and amateur origami.
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