Insurance Brokers

I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Display GDP grow per year to compare with Revenue Change
1. Marsh & McLennan Companies, Inc MMC	10,157	9,943	10,440	11,588	12,121	11,652	11,921	11,350	11,587	10,493	10,550	11,526	11,924	12,261	12,951	12,893	13,211	14,024	14,950	16,652
2. Aon Plc AON	7,383	7,683	8,828	9,817	10,178	9,837	8,960	7,443	7,623	7,595	8,512	11,287	11,514	11,815	12,045	11,682	11,627	9,998	10,770	11,013
3. Willis Towers Watson Public Limited Company WLTW	1,305	1,424	1,735	2,076	2,275	2,267	2,428	2,578	2,834	3,263	3,339	3,447	3,480	3,655	3,802	3,829	7,887	8,202	8,513	9,039
4. Arthur J. Gallagher & Co AJG	741	904	1,121	1,290	1,480	1,483	1,548	1,629	1,659	1,729	1,864	2,135	2,520	3,180	4,627	5,392	5,595	6,160	6,934	7,195
5. Fanhua Inc FANH						17.81	32	61	124	169	225	241	255	290	347	2,459	4,701	4,088	3,471	3,706
6. Brown & Brown, Inc BRO	210	365	456	551	647	786	878	960	978	968	973	1,014	1,200	1,363	1,576	1,661	1,767	1,881	2,014	2,392
7. eHealth, Inc EHTH					30	42	61	88	111	135	160	152	155	179	180	190	187	172	251	506
8. China United Insurance Service, Inc CUII													38	47	47	55	70	73	79	96
9. Goosehead Insurance, Inc GSHD																	31	43	60	77
10. NexgenRx Inc NEGXF													4.43	4.62	3.63	4.66	5.71	5.67	7.17	0
11. UMC, Inc UMCN	2.3	2.79	3.44	3.9	4.04	2.78

Revenue Growth	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Display GDP growth per year to compare with Revenue Change
1. Marsh & McLennan Companies, Inc MMC	0.98	0.98	1.05	1.11	1.05	0.96	1.02	0.95	1.02	0.91	1.01	1.09	1.03	1.03	1.06	1	1.02	1.06	1.07	1.11
2. Aon Plc AON	1.04	1.04	1.15	1.11	1.04	0.97	0.91	0.83	1.02	1	1.12	1.33	1.02	1.03	1.02	0.97	1	0.86	1.08	1.02
3. Willis Towers Watson Public Limited Company WLTW	1.09	1.09	1.22	1.2	1.1	1	1.07	1.06	1.1	1.15	1.02	1.03	1.01	1.05	1.04	1.01	2.06	1.04	1.04	1.06
4. Arthur J. Gallagher & Co AJG	1.22	1.22	1.24	1.15	1.15	1	1.04	1.05	1.02	1.04	1.08	1.15	1.18	1.26	1.46	1.17	1.04	1.1	1.13	1.04
5. Fanhua Inc FANH	1.77	1.77	1.94	2.01	1.37	1.33	1.07	1.06	1.14	1.19	7.1	1.91	0.87	0.85	1.07
6. Brown & Brown, Inc BRO	1.74	1.74	1.25	1.21	1.17	1.21	1.12	1.09	1.02	0.99	1.01	1.04	1.18	1.14	1.16	1.05	1.06	1.06	1.07	1.19
7. eHealth, Inc EHTH	1.38	1.38	1.47	1.43	1.27	1.21	1.19	0.95	1.03	1.15	1	1.05	0.99	0.92	1.46	2.01
8. China United Insurance Service, Inc CUII	1.25	1.25	1	1.16	1.27	1.04	1.08	1.22
9. Goosehead Insurance, Inc GSHD	1.36	1.36	1.41	1.29
10. NexgenRx Inc NEGXF	1.04	1.04	0.78	1.29	1.22	0.99	1.26	0
11. UMC, Inc UMCN	1.21	1.21	1.23	1.14	1.04	0.69

Insurance Brokers

Revenue

Revenue Growth