Yesterday, I posted the bear case for AGO. Today, I wanted to dive into the bull cases. Just a quick summary of the bear case before we dive in: AGO is a financial guarantor. Your big worry with AGO is that most of their guarantees are against municipalities, and municipality budgets appear stretched, yet AGO hasn't really increased their loss reserves since the beginning of the year. Given how much debt AGO insures, if AGO's reserves prove to be off by even a small percentage of their overall guarantees, AGO's shareholder equity could be quickly wiped out.