I think the owners can discipline them. I mean, we own a hundred percent of some companies. Believe me, we can discipline the CEO if he doesn't tell me what's going on. Maybe in this room we've probably got representatives of entities that own a very significant part of many corporations, and CEOs will listen to them. They may not want to listen to them, but they will listen to them. And, I think withholding the vote would be the best approach.

I mean, the SEC came up with the management discussion and analysis. You know, I read about on the average of one 10-K a day and a couple of 10-Qs a day, and I don't get much out of the MD & As. The whole annual report should be an MD & A. I mean, that is what it's about. But, by codifying, essentially, what should be in an MD & A, basically there's nothing in it in nine cases out of ten.

Mr. Lipton: Am I correctly interpreting what you said? You say that imposing more legal rules, whether increased liability or specific line item disclosure, would not, in your opinion, further the objective of making the appropriate information available? It would have just the opposite effect?

Mr. Buffett: I really think it would, Marty, yeah.

Mr. Lipton: I think, alphabetically, that Dwight, you're next.

And I know Dwight focuses primarily on the credit aspects of financial statements. And, I think it's very important to hear his view as to how a credit analyst, someone who is looking at a company's financial statements not for the purpose of investing in their stock, but essentially for the purpose of either buying their bonds or lending money to them, views the current issues, with respect to disclosure.

And, Dwight mentioned something to me as we were chatting earlier this morning, and I hope, Dwight, you'll mention it, about how you do have computer programs that pick up this information and convert it to your own models for your analytic purposes.

Mr. Churchill: Yes, well, we can hit that in terms of details. I'd like to comment on some of the things that Warren was saying, and so I'll start with those comments.