About six months ago Nochi Dankner put Clal Bituach Insurance Company on sale, and to improve its chances commissioned an outside, independent audit of how much the company was worth. The result was that that the stock exchange valuation of Clal Bituach was 30% under its actuarial worth. On the basis of this analysis and the probable sale of the company, I invested in this stock. Bad move.
A deeper look at the analysis shows that they used old American actuarial mortality tables, and oh boy! we Israelis tend to live longer than Americans. Recalculating the future payout obligations of the insurance company shows that the market was right, insurance companies are - in Israel, in America and in general, in actuarial trouble. Only another Black Death epidemy can save them. Nochi was unable to sell the company and I am bleeding rivers of losses. One has to do its own research and never believe in independent analysts.