My iquestion with this stock is, yes, it has lpartially been...

My iquestion with this stock is, yes, it has lpartially been derisked by moving a chunk of the business to agency, but on the chunk that remains, where they have pushed their premiums up, can they get sufficient volume if they are not a price leader ?

Also struggling to see how they can make the same profit they were targeting a few years ago, given the switch to agency.

Also, the agency model is unproven.

Not saying the shares arent cheap, just questioning whether 5-6m profit might not prove a more realistic outcome than 10-12m, in which case value probably in the 20-30c range, IMO.