I have to agree with Astral. $32/share of assets (mostly liquid) after subtracting out liabilities. And then, annualizing the first 9 months of 2005, they have $5.10/share of earnings. In other words, trading at 3.5x current earnings. On top of that, surprisingly strong profitability through low points in the title insurance cycle when everyone else loses money (there are A.M. Best reports publicly available on the industry that can be found through google searches). Finally, there is an authorized buyback for 25% of the float.