how low can this go?, page-364

Yes i think he talked about it in one of his roadshows. To be honest i dont think of any insurance business to be a franchise, purely because the switching cost is zero, and these days with comparison sites this process is made easy. Even if Warren Buffet suggests otherwise.

With direct insurance, its hard to tell what ASIC will do. If a direct ban on all outbound call happens then all companies including FIG will be affected. There will be no competition because it will be gone. Otherwise what you said is true until a few years later its all back to normal again and competitors enter the market.

With management, no matter how experienced or rich they are, I have seen many companies being run to the ground by changing their business model, enter a slightly similiar but different industry, focus or change to a new market, because they have their egos and believe they can weather thru the storm (sometimes it actually turns out to be multi baggers). Refusing to liquidate when they had the chance, especially if majority of the shares are held by retail than funds.