Subject: Re: 1 Year Out
I believe the run of 1.4 price-to-peak-book expired this week, if not a bit before.

Based on closing price I believe you are correct that the 1.4 level was finally broken on 4/18.

I also think there is a high likelihood we see a new peak book value when we get Q1 numbers at the annual meeting. The buybacks in Q1 might be high enough we won't see it yet though.

If we were to close Q2 today I believe it would certainly be a new high, but that's just fools gold.

Jeff