Warren Buffett's Story

We have a portfolio that is very heavily exposed to property catastrophe. Our exposure today is almost 50% more than what it was five, six months ago. If the hurricane happens in Florida, we could lose as much as $15 billion. And if there isn't a loss, we'll make several billion dollars as profit. Net net, I'm very happy with the portfolio. It's been a lot better. The only thing that I want to mention to you is that while the margins have been healthy, we have a very unbalanced portfolio.