Essent has an advantage: Being smaller, they can modify and change direction as needed, without overcoming inertia.
Essent also has a disadvantage: Lack of inertia. They're like a momentium invester who changes direction as the market does. One day he's going to zig when he should've zagged.
A larger corporation has more commitment to a course of action. That's where staying the course comes from. Essent's been changing direction--more likely chasing its tail--for the entire time they've been in Paris, and more so since Hud left.
Say what you will, he had a vision. Not ours, but it was a guide, a rudder. Now Essent is rudderless, and Browder just hasn't got it.
Think about all the changes, reversals, and reversals of the reversals. It has no internal compass. They won't know where they are when they get there.
Note: The title came from a second one.