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Politics : Ask Michael Burke

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To: KENNETH R SANDERS who wrote (37657)	11/28/1998 12:03:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Ken, I had a look at Old Republic. Several things stand out. The stock is at 10 times eps, which is low for a stock in this manic bubble, even for a P&C co. And even after this nice pop. The growth in revenues is coming from mortgage insurance, which scares the crud out of me. The growth in eps is nearly all from higher investment income. I think both these areas are going to have a tough time next year, especially investment income. ORI prides themselves on not doing anything interesting or sensible in the investment area, and that brain dead, high quality income flow will be hurt by The Printer's rate cuts. Can the underwriting bring in enough new cash to offset it. Maybe, but I wouldn't bet on it at these levels. That's my take, FWIW. Congrats on getting it at the bottom of its recent trading range. MB

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