The Most Recent Business Mistake, Mr. Munger?

Berkshire's cost of float at 3% annualized in the first quarter includes probably a $80 million charge or so relative to those retroactive insurance contracts which were the second kind described in the report. I recognize this accounting as, you know, and even the transactions are somewhat Greek to some of you but they are important in respect to Berkshire. So we do want to lay them out in the annual report for those who want to do their own calculations of intrinsic value.