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#	AUTHOR DATE SUBJECT
4	member 10/28/09 10:58AM RE: RE: Questions 3
Your logic is not that off-base, but your cumulative earnings includes a sizable goodwill writedown which depresses your cycle earnings number view available tags
3	member 10/28/09 9:57AM RE: Questions 1
Instead of assuming margins settle at half 2001-06 levels, why not just use the full-cycle number sitting right in front of us? Earnings were artificially boosted during the bubble and are now being reversed. Cumulative... login to read the rest view available tags
2	member 10/26/09 2:24PM RE: Questions 1
Margins averaged 4.2% from 1992-2000, despite the first half of the 1990s being pretty slow for mortgage origination. Title insurance premiums should approximate $12bn in 2009, but STC is structured to be at least breakeven... login to read the rest view available tags
1	member 10/26/09 10:58AM Questions
Rab, I always cringe when people talk about free cash flow and EV with regard to insurance companies. The only true free cash flow is what the insurance subsidiary can dividend up to the holding company,... login to read the rest view available tags