The stock market was down in 4Q and it cost them versus last year. Note 1Q is up 6% so we will see big 1Q if market holds where it is now. Adjusted BV is $ 18 and it is growing by $1.40/year. At some point we will sell at 130% of BV and the stock will be high twenties. Hang in there. White Mountain owns a big slug of this and I think they will make a bid for the whole thing. Insurance earnings are always all over the place especially in 4Q and especially with mark to market gains/losses.
I am using this opportunity to add. Brokerage firms downgrade after the fact and clients flee without even thinking. Brokerage gets commission and customer gets shaft. I agree this will be above BV in a year or so and we will have a 50%+ return. This sell off is way overdone.