Assured Guaranty (AGO) has been a wonderful investment for myself and clients of T&T Capital Management. The municipal bond insurance industry is extremely confusing and it has taken a ton of work to really understand the complexities and nuances of the accounting treatment. Basically, GAAP accounting is extremely limited and operating metrics tend to provide a more meaningful gauge on the financial condition of the company. Business conditions are very difficult right now largely due to the low interest rate environment, but the future looks more attractive. Capital allocation will likely tell the story of whether AGO turns into a good or great investment moving forward, as the best way to create intrinsic value with new business conditions being slow, is through aggressively buying back stock at a discount to book value.