Is the Commercial Insurance Business a Good Investment?

At Berkshire we have huge float in the insurance business and our incremental float when we're carrying huge amounts of cash is worthless than it was in the old days. So if we get back to an environment where short term rates are 5% and we would still have the same amount that would be a couple billion dollars of annual earnings pre-tax that we don't have now. If you look at the big ones some of them we wouldn't want there's a couple that we would but the prices would be probably far higher than what we think we might be able to develop a comparable operation for. We will have a good and significant commercial insurance operation in a relatively short time.