But if that 80 % of
shareholders»
equity returns 10 %, our cumulative new «normal» ROE = 4.4 % post-tax from fixed income
+ 8 % pre-tax from stocks
+ 0.8 % post-tax from underwriting profit = 13.2 % «normal» ROE.
In addition to the co-founders, our core
shareholders include angel investors (high net worth individuals), private
equity investors, and the law firm Gilbert
+ Tobin.