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PICO Holdings, Inc. is a holding company incorporated in 1981. In this Annual
Report on Form 10-K, PICO and its subsidiaries are collectively referred to as
"PICO," the "Company," or by words such as "we," "us," and "our." Our business
is primarily operated through our wholly owned subsidiary, Vidler Water Company,
Inc. ("Vidler").
Our objective is to maximize long-term shareholder value. Currently, we believe
the highest potential return to our shareholders is from a return of capital. As
we monetize assets, rather than reinvest the proceeds, we intend to return
capital back to shareholders through a stock repurchase program or by other
means such as special dividends. Nonetheless, we may, from time to time,
reinvest a portion of proceeds from asset monetizations in further development
of existing assets, if we believe the returns on such reinvestment outweigh the
benefits of a return of capital.
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