Subject: Re: All insurance companies down today
Insurance and short rates are a very big deal.

I don't think short rates matter that much, though of course many market players might think so.
Berkshire gets very little value from the cash pile, after tax and after inflation. It's usually negative.

The last little while has been an unusually good stretch for real short term interest rates. But still not material to Berkshire.
Three year average 3-month T-bill rate 4.72%, after tax 3.73%, after tax and US inflation 0.49%/year.

Jim