The Value of Berkshire's Insurance Business

Berkshire is a group of unbalanced, very fine businesses to which we hope to add. The intrinsic value will be affected by the job we do in allocating capital. It'll be affected by some items that we don't foresee now and perhaps have no control over. But it is not measured essentially by what we could sell each separate business for and pay the tax on now. We run it so that we get the use of a lot of capital at very low cost between deferred taxes and our insurance float.