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Big markdown of Highmount's assets. DO doing more or less OK. Nice to see some progress at CNA. Slower than I'd like, as the combined ratio remains above 100%, but still.

Transcript of the conference call:

Tisch indicated that while he's very worried about overall economic conditions, the subsidiaries are seeing acquisition opportunities.

Robert Glasspiegel - Langen McAlenney

Okay. And any -- it seems like the subsidiaries are doing a lot which suggests that you're not so bearish about the macro environment in total. But the parent is not doing much either on your own stock or elsewhere. So where are you on the global economy? Things are fine or are you concerned?

James S. Tisch

I'm very concerned. And in fact, I find it actually quite extraordinary that we find ourselves with attractive investment opportunities at the subsidiary level in view of just how poorly, I think, the U.S. economy and the global economy is doing. I think that's driven by the fact that each one of our individual businesses has been able to find attractive bolt-on acquisitions that we hope will generate very attractive returns for us. But in the United States, we've got 1.5% economic growth. The Eurozone is not growing. The emerging markets are not emerging as fast as they had been before. And nobody -- you don't see anybody really expressing optimism about what's going on in the economy either here in the United States or overseas. So for a whole host of reasons, I don't see growth picking up any time soon. But having said that, I'm very pleased with the opportunities that we're seeing in our individual businesses.
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