The Importance of Floating in the Insurance Business

Having $7 billion if we can achieve that as free money it's worth a lot of money. People have always looked at our asset side but they haven't paid as much attention to the liability side. We've built a position of competitive strengths and in the case of Geico they had it without us but we have bought into it over time. Henry Newhough, shareholder Dallas, Texas. My guess is that you consider the intrinsic value of the shares to be more than that represented by the price. More than represented by the current price of the shares. If that be the case what would be your thoughts about Berkshire repurchasing its own shares? Charlie? Nothing to add. Okay