No matter who manages the equity portfolio and the total investment portfolio, they're not going to outperform the market very much over the next 25 years. The T-Bills (currently 43% of the total investment portfolio) will return exactly what T-Bills return, and the equity portfolio (currently 40% of the total investment portfolio) will likely return very close to what the broad stock market returns, or at best 1 to 2 percentage points better. That's what the best value fund managers, even Buffett in the last 25 years, have returned. The good news is that the leverage that comes from insurance float of $173 billion will boost the return significantly. That's a leverage ratio of about 1.33x ($173B in float and $703B total investment portfolio value including float).