Insurance is something we think we know something about, which entitles us to call out from time to time people who know absolutely nothing about insurance.

Which we did here and here.

This man Ian, whom we do not know, is a former insurance guy who did a neat summary of what we have been trying to say. And this applies to more than just “Insure-Tech.”

And we would argue that “down 80%” is awful, but the beauty of percentages and stocks is that there is not a single number from which you cannot be down another 80%. And then there is the fun convergence math of the person who bought stock at 10 vs the person who bought stock at 100. At $2, the math on a percentage basis is…awful and nearly the same. And we still see a lot of that in equity markets. A sickeningly steep decline from truly ridiculous does not per se imply value.

But it does provide us with a LOT to look at going forward.