Famous Quotes from 2005 Annual Meeting

1. "The system works. But there are problems."

2. "Too many managers focus on quarters. They forget about decades."

3. "We've had a good year. The businesses are performing well."

4. "Float is growing. We're the leader in reinsurance."

5. "The practice of quarterly earnings guidance is vile. It distorts behavior."

6. "Corporate America has forgotten about the long term."

7. "Managers make short-term decisions. They sacrifice long-term value."

8. "We don't give guidance. We focus on long-term value."

9. "We're willing to wait. The right decision takes time."

10. "Wide moats are essential. They protect against competitors."

---

Source: 2005_Annual_Meeting.md