Subject: Re: A few random notes on Q2
I note that float, unusually, hasn't gone up. Same as three quarters earlier in nominal terms.

I wonder if this is due to Berkshire refusing to write certain policies ("risk management") or a slowdown in Berkshire's insurance businesses ("recession coming")? A few years back, I remember WEB saying that Berkshire declined to write *any* new reinsurance policies that year because the competition had bid down rates so much that it wasn't worth the risk-adjusted return. A year later, prices were back in the sane realm, and Berkshire began writing new policies.