Subject: Re: 5 Groves etc
It is interesting that the numbers are not great for the last 6 years; maybe trouble with GEICO? But 0% does not seem like the best neutral assumption!

It's icing on the cake, mate!

Nice work on the 22 year table. Shows how underwriting earnings are lumpy but nicely positive over time. Realized cap gains will be similar. But making these adjustments in advance is all too fancy for me.

Underwriting earnings and cap gains show up in book value, and for the 5 groves they show up in the equities, cash and hopefully wholly owned business earnings eventually.