The embedded value discount at 89.27 is the real story here, not just the yield. Insurance stocks get beate…by @easystreet_jse on $SLM

The embedded value discount at 89.27 is the real story here, not just the yield. Insurance stocks get beaten down on rate fears but their investment books actually got a lift from rand weakness last year, and SLM's ROE stacks up well against the peers when you back out the noise. New business growth is the risk though, admin costs keep dragging, so this is patient money stuff but the margin of safety is there if you're holding long.