Morningstar's Cost of Capital

Berkshire has historically done a good job of generating outside his returns but as you've noted in the past the sheer size of the firm's operations which continue to grow will ultimately limit the returns that Berkshire would generate with that in mind what do you believe Berkshire's cost of capital is how much do you think that this hurdle rate is increases. How much confidence do you have that future capital alligators at Berkshire will be able to generate returns in excess of the firm’s cost of capital? I'm quite satisfied with your level of disapproval okay Greg Warren a Morningstar Greg welcome thank you Warren and Charlie on behalf of Morningstar for having us on the panel this year.