ITIC actually traded today. Yahoo indicates the last trade was on March 6.
I think we all ought to chip in and buy pj some tonic to wake him up and get him active after his winter hibernation.
Oh, and yes I believe that ITIC is more than 25% undervalued at $42.50. Title insurance is unpopular for reasons that I think are not permanent. In a normal sector, any company that could pay out $25-$30 in cash and earned $5, would rarely be priced below $75 and might often bring $100 or more. My simple-minded strategy is to keep earnings $5 a share and wait for the market to relax about title insurance. It will probably take years.
YMMV, but I don't believe that ITIC trades at a premium to FNF. Sure, ITIC's raw P/E is slightly higher, but ITIC has much higher liquid assets net of debt and reserves (almost $30 per share; FNF has none) and ITIC has consistently reserved for losses at roughly twice FNF's rate.
BOYD ... unfortunately I sold below the 15 cent cash buyback floor announced by the company. I figured it was worth a lot more than a nickel, but I have a fear of holding bankrupt equities at anything approaching reasonable prices.
I'm long BRK (as well as FNF). I take it you're implying ITIC is more than 25% undervalued by your BRK comment.
ITIC seems to trade at a premium to FNF. Is it strictly a takeover premium?
Did you keep the BOYD? They file their re-org 4/27 I believe. Now that one is more than 25% undervalued IMO.
tsar, to see something more informative than ???'s--at least, this worked in Windows XP Home--it may be necessary to go into the control panel, find Regional and Language Options, select the languages tab, and then check Install files for East Asian languages, followed by Apply.
Sorry to hear that you sold your BRKB. I do not ever intend to sell mine. I will probably own more or less at different times, but never sell it all. It is the one "core" stock that I will always own. Buffet and the culture that he has developed at BRK is unique. So is his view of executive compensation. I wish you good luck in your other stocks, but to me, all other stocks have a lot of warts compared to BRK. I am not counting on Barrons recommendation to drive BRKB to $4,000, but I think it will get there someday.
I agree with you about BRK's message board. A lot of lunatics post there. I rarely read it.
It is virtually impossible to know who has any sense on that board and communicate with them. I much prefer to post with the sane(?) people on this board.
I thought your posts were enigmatic before. Now you are posting in Chinese, Korean or Japanese. It will be very hard to distill the essence of your messages. I guess I will have to subscribe to an online dictionary. I do know an old guy from North Korea who speaks Korean, Chinese and Japanese. Maybe I can get him to translate after you master the language. Do you plan to abandon English entirely?