Key Quotes from 1970 Shareholder Letter

1. "We enjoyed an outstanding year for growth in our insurance business, accompanied by a somewhat poorer underwriting picture."

2. "Prices continue at poor levels and demand has not strengthened. Inventory levels, while reduced from a year ago through great effort, continue high in relation to current sales levels."

3. "Led by Ken Chace, the effort, attitude and enterprise manifested by management and labor in this operation have been every bit the equal of their counterparts in our much more profitable businesses. But in the past year they have been swimming against a strong tide."

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Source: Full Letter