Short Squeez, page-22

Pretty sure your post was afterreleased after  H1 report.  If notyou should have waited for it.    19 M  profit. Before exchange gain.     This totallyblew me away.  Never expected this muchearnings.   This proves many of your pointsand disproves one of my biggest concerns.  That REO prices are close to breakeven point,  they obviously are not.   Stillthink you are very wrong saying they have not fallen substantially since H12018, even AL talked about this in CC.        Basedon this I expect profits for year to be  60M to 75M and greater than last year.   Any increase from 53M  in 2019  with losing December production will be alarge positive.         70M is 11Cents ashare which is above the 8 cents that Calvo published as an average  of 8 cents. (article number not his)    Ifearnings are this good then a PE   of 20to 25 is not unreasonable.     It also says if no problems in 2020 we canexpect a profit of 100 M   with no pricechanges.  I think REO prices  will be going up by then.      Notsure if I will nibble or buy but I am thinking of accumulating some stock.  Please   note,  I say what I am doing before I do it notmonths after like some people. 

Note 2.2 was a little disturbingbut I still think license renewal will be fine.   I believe they had to put in note 2.2 evenif they thought chance of problems with license was less than 5%.  Legal problems without it if it did go badwould be large.      Only problem was AL was very tense in CCmuch more so than Q2  CC where she wastired but relaxed.