Subject: Re: Numbers
I don’t assume low return float forever.

Seems reasonable.

But it also seems reasonable to assume that some fraction of it will have no return forever, on average. It's relatively rare for 3-month T-bills to offer a positive return after tax and inflation, and there will always be a lot of bills. Given the scale of the insurance operations these days, maybe $30-40bn floor?? Average over time rather than the floor, probably well over $50bn?

Jim