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.

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.

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.

There’s a tremendous depth of talent within Berkshire’s executive ranks.

Every CEO wants above-average pay. Obviously, their performance cannot all be above average.