The Integer Value of National Indemnity

Richard Duchard from Elborn Florida has a two-prong question. First on the stock as we all know is that national indemnity ramped up about 25 percent and then pulled back I guess about 20 just wonder if your thoughts on that were related to Hagsham's book perhaps or institutional buying. Richard Duchard: There's more to intrinsic value than adding up what you think you can sell the pieces for at any given time because it is future cash discounted back to the to the present.