I'll Cut It a Salary if Charlie Doesn't Participate Here

Berkshire's insurance business has had challenges but we started with the national indemnity of $8 million purchase in 1968. We've had people like Tony Nichliet Geico and we've had G. Jane who's added tens of billions of value to our portfolio. So they'll always be competition and insurance but there are things that a really intelligent management can do to ward off the marauders.