FACO
I get .051, add the loss back in the numbers, but have no need to continue to debate this.
I'm not debating that the loss ratio is going back to historical norms, I'm just saying there is a huge gap between historical norms and where they even are at q2, we do not now where the new norm is on that front. it is probably lower but how much lower is the question, was q1 a real low point and we settle out even a couple of points higher than q2, do we stick around here. Thing is a company like FNHC on a clean quarter trades at what a pe of what 5-6. it is a listed, sec filer, now I think it will get a 8-10 pe but what that means is faco deserves less than that as well. a 6-7 pe is warranted, now if you think earnings are .20 than $1.20-1.40 FV. I was selling some even at $1.20 today. That is my belief, doesn't mean I have to be right. All is just my opinion, and I could always be wrong though.
