Greetings, Mr. Oaktree,
Well, I am not so sure. The loss adjustment was lumped with loss estimate for the quarter. Three months ago, I thought it could not continue to revise downward of previously booked losses and voiced my concern. At that point, the two were still delineated. But 3Q results had the two mingled. I am certain this would be questioned in tomorrow's conference call, or else addressed in 10Q. My hunch is that these revision-downs will eventually be revision-ups, at least part of it.
Still, I like the fact that operating cost is kept in line with the revenue. (There is a danger of losing talent in cutting personnels, but we are not quite there IMO.)
So, I think its a satisfactory quarter operation wise, but the manor the results are presented also raise eyebrows. We shall see.
My best,
Sam