A couple of random little things I noticed in the statements.

The yen has been falling against the US dollar (and other currencies) for a while, so there is mention of an FX gain on foreign currency debt. It's nice to get paid to borrow money, if you squint.

It's interesting that the great majority of the fixed income portfolio (what little there is these days) is foreign government issued paper. Not corporate, not US.

There was a modest tailwind mentioned for tariff refunds, giving that unit a bump in the year-on-year number because the period a year earlier the same transaction counted as an expense.

As has long been the case, there has been no particular sign of a wish to buy shares on the open market above about 1.45 times latest book. That would be around $505 per B for the next three months. As others mentioned, the July buybacks were probably at around $495 per B equivalent, which is 1.42 times the new book per share figure.

The operating subsidiary earnings are doing better, but still pretty weak. Comparing recent results of each segment to their respective healthy stretches in the past:
Real net income from railroad still 12% below the *lowest* rolling year ending any time 2019-Q2 through 2022-Q4.
Real net income from utilities only 6% above the *lowest* rolling year ending any time 2020-Q4 through 2023-Q1.
Real net income from manufacturing/service/retailing still 12% below the *lowest* rolling year ending any time 2022Q4 through 2024Q1.
Sum of the real earnings of the above segments is 7.2% below the peak of the sum which was in the four quarters to 2023-Q1.

It's normal to have some variation, but this has been going on a while now. I don't know how much net incremental capital has been spent on small acquisitions and capex in these segments in the last few years, but at a high level it hasn't accomplished anything at all. Not yet, anyway.

Jim