In the last annual letter, Silvestre speaks graciously about the relationship with JCF, about committing funds to them. In the second part of the sentence, he writes that they have helped him to source run-offs. Somebody mentioned this before and it seems that the gracious words are solely for this reason, nobody can possibly be happy at the investment blunders.

Here's how I see it: Acquisitions are currently masking poor investment results (notice that investment and consulting income do not currently cover run-off expenses). As long as good acquisitions are made we can overlook the investment results somewhat. However, if acquisitions start to decrease or their quality goes down, Enstar must make the best of its existing float and investment funds and then it becomes more important to improve.