We are long-term investors. We expect to turn the portfolio over about once every two years or so. Let's talk stocks. This is a sector that people love to hate, at least in the press. But they are seeing positive pricing trends.
Stocks are very inexpensive in an economy where favorable pricing is hard to come by.
There has been consolidation that has reduced the amount of irrational behavior where people were just growing for growth's sake. Basically Prudential is a motivated seller because they want to move this out before they demutualize. And they had already taken steps to turn the business around. So you see the deal actually adding a nickel to Aetna's profit this year. These are stocks that are quite inexpensive relative to the market, and they're growing.