Leaderboard

I think we can make some pretty good guesses on underwriting income, investment income and profit from some of the big holdings like Eurobank, Poseidon and the TRS for the next three years assuming no multiple expansion. Multiple expansion will only help the TRS. It also helps the company is buying back stock at these levels providing a floor for the multiple and that the 60 add is in front of us. If the multiple does expand, the excess capital will go from buying back stock to buying back the minority interests in the insurance subsidiaries. That could add another ~$25/sh in earnings. If there is a market correction or a widening of credit spreads that would also returns as capital could be allocated from treasuries to higher returning investments. Digit could also be sold down and reallocated to higher yielding investments (not necessarily higher returning). There is a lot of right tail optionality in the portfolio although we don’t know which levers they will pull and when.