Subject: Re: Back of the envelope
Thanks for detail. I had not updated my model in a while and I made some changes as well.

My updated number is $457. So we are closer.

What did I change and where might the difference be?
Grove 1) I was using PE of 16. Now 15. I also am using LY Operating earnings plus 10% (22.92 BB). $160 for grove 1.
Grove 2) Basically the same. I update mine for QTD estimated gain or loss on the portfolio. You are $106 I am $104 to reflect recent activity since quarter end.
Grove 3) I do include the Oxy preferred and warrants. This is about $10 BB. Do you have these somewhere or am I doing a double count?
Grove 4) I am now $160 and you are a little less at $157. The $3 difference is I am using estimated QTD retained cash from operations. No biggy.
Grove 5) We are very similar. Should the retro losses by added to this as well? How are you viewing retro insurance contract losses?

Thanks.