We've Got a Great Insurance Business in Omaha, Nebraska

We have Tom Nernate, Tim Kennesley and guard insurance. It's worth more within Berkshire than it would be worth as an independent operation. I won't give you a number but it's probably a bigger number than you've got in your head for. We had two tiny operations, tiny insurance operations many, many years ago and they both went broke. They were, the underwriting was bad but we paid all the claims. We did not walk away from them. And so this little gem if it was put out there was settled on a higher multiple or something of the sort. That is what has happened to us here at Berkshire Hathaway. It's been extraordinary."