The Negative Effects of Capital in the Reinsurance Business

There has been a fair amount of capital, and there was a rush of it about, I'd say maybe three years ago into the reinsurance business. And that is negative for our business. We are willing at Berkshire to sit on the sidelines in the reins insurance business. But somebody that will cut those prices substantially if they've got a lot of capital and want to keep busy. If need be, you'll do something dumb.