(Harvest) A hallmark to our investment approach is we invest in high-moat businesses with sustainable earnings power that have the capacity to reinvest and really it’s this dynamic, the capacity to reinvest, that has been capturing our attention more and more.
So take the reinsurance industry for example. Currently, the reinsurers are having a very hard time putting capacity into the marketplace at adequate returns on a per risk basis. The reinsurance industry currently is struggling with a soft and structurally unattractive market, so really what we’re seeing here now are players having to act in rather creative ways to put capacity into the market.
