BHF - Extreme Complexity Warrants Caution For Most Investors Regarding Brighthouse Financial
Greenlight Capital's Q2 letter to investors, prompted me to take a look at Brighthouse Financial (BHF). Key triggers in the letter were the statement that the company earned $47 per share in Q1, more than the share price of the company. An equally intriguing part was that Greenlight bought at a valuation of $6bn, the company generated $6bn in retained earnings since, and the market cap sank to $2.5bn.
If the smart investors at Greenlight think that a company is undervalued at $6bn, it then does very well fundamentally, and also loses half