NYSBC(STC)9905 RE services & title ins . 106 yr old Co . 1st word from Stewart Morris : " integrity " . Houston TX crypto Libertatians . ============================: TUE.MAY,990511 :============================16:15| NYSBC Stewart Info Svcs Harry`s @ Hanover Sq . " Enhancing the Real Estate Closing Process "See Stewart.com , RE profile StewartMorris Sr : Integrity 500-600 lawyers on payroll . . Principles rather than policies - decentralization , 50 states . delegation . Strong in Accounting . By 5th of Month : WW : did we make or lose ? every 5 working days report : orders - this week , this mo . Expense Acnt : Taxi receipts . Strong in Audit . Auditors : bunch oo Houston , another 10-15 in field . All have laptops . No typing pool . Sometimes error in DB , gets discovered & fixed quickly . Think 1st co in industry to set up internal audit . Keep up w , never copy competition . Everyone expected to do better each Yr . Want to hear bad 1st . Co w survive the good . Don`t surprize Boss . Expansion only own 400 of 4400 agencies . Don`t want to own all 40 acqs in process continually . ( It`s the Personnel ) *2 Wants to sleep @ home of guy running potential acq . 196 Countries , STC in 12 , really 10 . finally making in MX , CD , CostaRica gangbusters - strategic . Are in England . @ Rotary club : was oldest from Houston . asked biggest change in busn during life ? cheap air tickets . Hear problem 15:00 in Houston , can have guy in London next Morning . Tiptoeing into Asia watching profitability . Took 35 yrs to span US . Last yr best of 106 yrs . core busn : Recorder & cnty clerks offices . 30 countys - Jacksonville FL Deed recorded to DB instantly . Contract to renovate court records of Washington DC . 
2800 employees in 401-ks -- 55M$ | 55E6 % 2800 |>| 19642.86 | each .|17:0| Dr Ted Jones : chief economist & dir Investor rel . works w CFO : Trading @ P%E < 6 | 2x split coming May 21 | did 1E9$ sales . 500E6$ assets , 250M$ in bonds/cash . Hi Qual Title Co . | Industry leader in Tek . Stewart 4th largest . Just refinanced Helmsley Bldg here in NYC . Title Insurers surplus . after ChicTitle , 1stAmerican , highest . Smart Money gave Stock Pick of Day . `98 100 hottest stocks . Fortune Mag last yr stock increase 2x . 6.65 E%S . Record | 1.34 % share last Q . historically a break even Q . Best performer since June 18 . segment off .3 . Electronic Mortgage Docs . Stewart SingleSeatTek : 4x gain in productivity . new this yr . RealEstate website : RE profile FannieMay : 4500 reps doing 31k loan apps % day - they now on sys . Exporting Capital . Deeds in Moldova - Mapping StLucia - avoided invasion PMI in Israel . Title Ins in MX . lot of Internet stocks : "Road Kill on Info HiWay" . Don`t want to be biggest -- just best .( Lived in NewZealand . Payed .68 in tax . So - everyone drank alot . Private Investment in Pub - had to spend 2 wks to apraising . Picture : ( LionBrown ) Tanker Trucks delivering beer to pubs . Also tanker trailers for smaller parties . )|17:13| ?s : Acqs ? SM : small - 2M$ would be large . 185 subsidiaries . consumate ~ 15 of 50 last yr . All in same core busn . looked at large : Commonwealth . eventual Buyer lost big . What doing w cash ? Acqs & Premium reserve . must have reserve to win large developments . 204 of 250 M$ cash are reserves . - also buy fire ins sometimes .| Intnl expansion ? SM : 20 yrs ago in England w wrong Person , now back . CostaRica : CarlosGonzalas is Partner - owns Brown Brewery , Family in 4 of 5 Banks , Taco Bell . Our goal to be profitable - Due Diligence - long tail . Lot in Co were hot on Russia - u start studying -- No Way . Bank of Montreal | Pres Menin in Argentia - not comforable feeling . 35 yrs to get where they are - "may be my IQ" . Hertz survey - drive down streets . 7.4 M shares ( that`s why need to split ) , .08 inside family . Magellan sold @ hi last yr . current price ~ 39$ . Splitting May 21 . | E 7.4E6 x 39 |>| 289M | market cap .Claire : Chile , China ? China , turned down this wk ( coincidence ) . Taiwan would be easier based on current knowledge . Chile : Do have Integrety in Moldevia - much different than Russia . TJ : realize tot GDP of China less than that of TX .Claims ? 47 % 966 |>| 0.05 Losses avg 37M$ - have lots to do w econ . # foreclosures . Loss reserves . pay on 1 % 1000 . Do risk elimination up front .Refinancings ? .3 of applications . normally .25 . Refi`s down substantially . Typical House sale earn $1600 , refi - same work - $400 . FannyMay hooked w RealEC 4500 lenders . one competitor .Clare : Interest rates going up ? TJ : " will change " . likely going up . looking @ 50 basis rise in US 30 yr . Y2K short term bonds flood from off shore maybe . Profit margin increasing because of productivity . Working on Exposure .( TedF wants NZ Lion title . ) Market share in NYC now .13 after just 10 yr.|17:35| Definitely lot of Character here . Worth further study
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