What Do You Think About the Insurance Industry?

JT: Progressive talked about in their letter, which speaks to what you were saying, JT. It sounds like they feel and their numbers would be supportive of this view that they're a little bit more in touch with what they need to be doing on the underwriting side than some of their peers. And so revenue coming in at 25 billion last year, which is up 12%, sounds good. Operating costs up 21% and their fuel costs were up 65%. But they have surcharges they can put on there. They still ended up with a 34% operating margin, which is amazing. A revenue per car, revenue per average car plus 19%, car volumes down almost 6%. That

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