how low can this go?, page-234

You want to know the precise value of TC going forward? Name any business or any part of a business where you can ascertain a precise value this moment let alone in the future? My former life was an auditor and even cash on balance sheet is not accurate for reasons I won't explain here. Good luck with your precise valuation on anything. All I know is if 1/3 (120,000 people) is going to call up and change their funeral cover effective today because of bad PR, assuming Freedom added NO new policies in the last 3 months, then current market prices is roughly 50% below a conservative liquidation estimate, this is adequate safety in my books, I'm neither optimistic or informed, just going by numbers and the record of life insurance companies offloaded by banks in past 12 months. The SP obviously doesn't agree with me though..