parity

First Marblehead's Family Affair (FMD)

1) SLM and STU are not exactly competitors. They may do student loans but primarily in gov't guaranteed space. What is the relevance of the revenue # when one is selling a truck and the other a coupe?

2) True. Although declining, they are concentrated and will be for the next 2 years. On the other hand, they are selling at 15x PE and 60% PEG.

3) You are scaring people without explaining what residual interests are. Every Finco has RIs. Are you going to bash WAMU, Countrywide, or JPM? If you want to question their assumptions, then that is another story.

4) That's a concern.

5) Analysts as a whole are usually a contrarian indicator. Are those #s in '000s or am I really looking at only 90 grand. I guess the latter, which would be a small concern.