Only with the benefit of hindsight can you say they are good...

Only with the benefit of hindsight can you say they are good businesses. That’s not what people were saying a couple of years back with BAL I am not sure what the issue is with recognizing future revenue of insurance policies based on average life of policies . If you want discount by 30-40% . Still doesn’t make this a terrible investment at these levels . Not saying its a great business , just not a terminal one and due for a a bounce to more reasonable levels.