2003: Is float pseudo equity and will it keep growing?
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AUDIENCE MEMBER: Good morning. I’m Marc Rabinov from Melbourne, Australia. I had two related questions for you gentlemen, basically both related to float. Float, as you indicated, has become a very large part of our asset base. Assuming our policy holders continue to renew with us and we keep control of our combined ratio, can we count the float as pseudo equity when calculating the intrinsic value of Berkshire?
2003: Is float pseudo equity and will it keep growing?
2003: Is float pseudo equity and will it keep…
2003: Is float pseudo equity and will it keep growing?
AUDIENCE MEMBER: Good morning. I’m Marc Rabinov from Melbourne, Australia. I had two related questions for you gentlemen, basically both related to float. Float, as you indicated, has become a very large part of our asset base. Assuming our policy holders continue to renew with us and we keep control of our combined ratio, can we count the float as pseudo equity when calculating the intrinsic value of Berkshire?