In a past annual meeting, I forgot which one, Warren said that he thought BRK would do very well in an economy with a much higher rate of inflation. It’ll be interesting to see what happens. In that same meeting I believe he said that greater regulation, and possibly even nationalization, of the insurance industry could be a risk to BRK in a hyper-inflationary environment. This seems unlikely to me, but if people can not afford the insurance the government requires something has to give.