I imagine that earnings will probably be lower for a few years. If times get tough enough that everybody in the real estate industry starts suing each other, as they did for a while in the early '90s, then Investors Title might skip a year or two of earnings.
I don't understand the valuations in this industry at all. The baselines haven't made any sense to me for years.
I guess it's possible that some people think the subprime bad news is all out there now and it's safe to get back in. The subprime lenders' stocks seem to be behaving that way. It makes no sense to me.