I'm quibbling with your approach for P&C insurance companies specifically. Normalizing in (some) other industries is, of course, appropriate. mandjb said it best yesterday:
In my view, your approach will always lead to better-looking P&C earnings than reality. Call me skeptical, but if you ever come back to liking a Florida P&C insurer, are you going to "normalize" their earnings downward to reflect the lack of hurricanes over the past decade??
Government is never more dangerous than when our desire to have it help us blinds us to its great power to harm us.
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