Because he's in the business of insuring catastrophes, Buffett expects to get tagged now and then by a large event. It sounds like things were pretty good if you take out the insurance loss.
Every CEO wants above-average pay. Obviously, their performance cannot all be above average.
There's a tremendous depth of talent within Berkshire's executive ranks.
We expect very significantly higher prices, higher deductibles and tighter terms and conditions as a result of Katrina. For the next year or two, underwriting results, absent another large catastrophe, should be very, very strong.
A lot of studying has given us a certain comfort level that we're dealing with smart and honest people.
We were quite vocal about trying to maximize value. We thought it was worth a lot more.
