PGR and the Federal Budget, page-3

Its hard to argue with you in the short term Crobin, as its unlikely that much positive will happen with PGR's share price in the coming weeks or months. Nonetheless as long as my longer term view of improving earnings and strong returns remains intact (and I work in years, not days or months), I am unlikely to change my view. For me at least, there are a lot of temporary factors (both cyclical and operational) impacting PGR's recent earnings that will pass, and the group retains strategic flexibility due to its multiple brands/businesses and negligible debt. But as you say, I am an optimist, and to that I completely agree.