The Inherent Value of Insurance Businesses

David Winters, Mountain Lakes, New Jersey. Could you give me a few hints about how I should think about calculating the intrinsic value of the insurance businesses? And secondly, is there any concern that it goes the way of the printed world book in blue chip stamps? It could have. But he thinks it's very unlikely down to a few percentage points that newspapers will go the way of blue chip stamps. World book is a different story. He says: "It makes all of us his deal"