Assured Guaranty (AGO) is a chronically undervalued, but extremely well-managed bond insurance company, with the potential to see a 50% increase in its stock over the next three years. The biggest liability in the company is a $3.512 billion unearned premium reserve, which should generate ample earned premiums for years to come. The nearly $11 billion investment portfolio should continue to generate annual investment income in excess of total operating and interest costs, fostering further capital growth. I believe that it is very possible that the company’s Puerto Rico reserves net of recoveries