CAROL LOOMIS: Warren, you measure Berkshire — this is from William Bernard (PH) of Colleyville, Texas. You measure Berkshire’s corporate performance based on growth and book value per share. The table on page 103 of the annual report shows book value per share has grown at less than an average 12 percent a year for 9 of the last 11 5-year periods, yet in your last annual letter, you state, quote, “The S&P 500 earns considerably more than 12 percent on net worth,” and then you say, “That seems reasonable for Berkshire also.”