This is their chance to shine. Hope they don’t f it up. I’m selling if they mess this up. 
How would you define "shine" during 2020? What elements would be the key characteristics? A few ideas of potential elements of a "good" year:
1) Grow the book by 10% or more, while simultaneously shaving the CR by 2%;
2) Keep the fixed income portfolio short in governments while piling some capital into corporate debt where the spreads are attractive or if warrants offered as a kicker;
3) Float a new debt issue for at least $750m to finance current year needs and Q1 2021;
4) Try to pick up the minority positions in Brit and Allied for a song during this market disruption, if they can scrape together the capital;
5) Get some cash in return for the deflation derivatives;
6) During a year that equities are in the shitter, don't throw a single penny at the "too hard pile" because there is plenty of value to be found in quality issues;
Seriously, what would constitute "shine" in your book? Hopefully it doesn't involve triggering a bunch of paper gains by selling a portion of a sub so that it can be deconsolidated or by marking BIAL to market. I've given you six potential elements...do you have other ideas?
SJ
