Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Stewart Information Services: A Winner In A Housing Recovery

Stewart Information Services (NYSE:STC) has been in the title insurance business since 1893. Title insurance includes the functions of searching, examining, closing and insuring the condition of the title to real property. Its purpose is to ascertain ownership of property being transferred and to discover whether there are other claims to the property through such things as deeds, mortgages, wills, divorce decrees, court judgments, liens, paging assessments and tax records.

In short, we are talking about an instrumental service which is tied directly to the recovering mortgage market. Stewart Information Services is of interest to us because of the possible leveraged nature of the returns to be expected during a recovery of the mortgage market. In fact, last...

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