The Impact of Catastrophe Bonds on the Company's Growth

Hugh Stevenson: My question involves the company's supercat, reinsurance business. I understand that the mispricing of risk in these instruments doesn't really affect the way you price your business, but I'm wondering how you think it can affect the volume of the business. You've indicated that you think this is the most important business of the company and my question is what you think the long-term impact of catastrophe bonds and catastrophe derivatives will be on the growth and growth in the company. Mr. Buffett says he can never be smarter than your dumbest competitor. And these are some potentially dumb competitors.