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focus on what Buffett said in the annual report on how Gen Re people are going to be compensated. I strongly believe that people will do what they are motivated to do.

Agreed, Dale. I just have one quibble with the Oracle. I thought he could have, and should have, acted more decisively in '99 to put the new incentives in place, replace the malcontents in senior management ranks, and track more closely what General Re's rank-and-file were doing in pricing new policies. Who knows what share of General Re's 1999 losses might have been avoided, if quicker action had been taken? To me, it was distressing to learn that it took a full year after purchasing General Re (probably two years or more after WEB started due diligence) to get these measures in place, many of which BRK reinsurance managers had long since applied in their own operations. It's hard to avoid a sense that WEB and company were just unduly complacent during the critical early months after closing the deal.

Anyway, it's water under the bridge, and I'm

Long BRK.
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