The Insurance Business Has a Significant Excess of Intrinsic Value Over Caring Value

In a world of 7% long-term bond rates, we would certainly want to think we were discounting future after tax streams of cash at least a 10%. The more certain that we feel about a business, the closer we're willing to play it. Last year when we actually had an underwriting profit the value of that float was something over 200 million dollars and that figure was a lot bigger than it was 10 years ago or 20 years ago.