I'm beginning to understand that PMI is probably only worth $10/share because 2009 will have big loss too. Hope i'm wrong. Anyone have reason to hope 2009 could show a very small loss (say less than $2/share).
Even PMI doesn't expect to be profitablie in 2008: Donald Lofe: "...we expect not to be profitable in 2008."
From the Q4 Transcript: <Q - Robert Gottesman>: But in terms of sharing any information today based on those – the dialogue with the community, with the investment community today in terms of what they expect you to do, you mentioned capital raising initiatives? Again, I think that people need to know a little bit more information than just we are in dialogue? <A - Donald Lofe, Jr.>: We continue to be – we understand your point but as Steve mentioned in his remarks, we expect not to be profitable in 2008. That's their expectations as well and they will be looking at I know some of the questions forward, your question about 2009, again they had to be satisfied with the forecast and ultimate results in 2008 and how that will represent itself for the 2009 planning session. So again, we'll be as forthright as we can with the information once it becomes available but at this point in time that's what we can communicate to the financial community. <A - L. Stephen Smith>: A different point that you had asked earlier in the conversation, in my remarks I had mentioned the trust balances and captives, a little over 700 million as of 12/31/2007 and you had asked me about a peaking of the different books and we had indicated value of 275 million in '08 and '09. Obviously those captive trust balances were build and those would also continue to be risk mitigants to total incurred losses as you get out in future years as well. So I want to remind you that. <Q - Robert Gottesman>: Okay, and again, I would appreciate I don't know when you are having your next investment meeting but there is a big disconnect between your book value, your current price and what people think the value of your business is in the next couple of years, there is just a very big vacuum. So I hope you appreciate what the market is telling you as well.