In the First Quarter, Insurance Underwriting Was the Swing Factor

In the first four months Geico has had a net gain of 700,000 policy holders and that's the highest number I can remember. On first year business tends to run almost ten points higher than on renewal business so not only do you have acquisition costs but you actually have a higher loss ratio. One quarter means nothing over time but really counts as whether we're building the value of the businesses that we own. There's one more person I would like to introduce to you today and I'm quite sure he's hereI haven't seen him but I understood he was coming. Jack Bogol has probably done more for the American investor than any man in the country.