A large measure of our improvement in business value relative to book value reflects the outstanding performance of key managers at our major operating businesses. These managers—the Blumkins, Mike Goldberg, the Heldmans, Chuck Huggins, Stan Lipsey, and Ralph Schey—have over the years improved the earnings of their businesses dramatically while, except in the case of insurance, utilizing little additional capital. This accomplishment builds economic value, or “Goodwill,”
