Hedged 1/4 of their portfolio. Problem is, they didnt really hedge their portfolio. They hedged the S&P.

Therefore theyve taken all the hits on their portfolio without hedging correctly.
Conclusion: Trouble here

However, these numbers are so magical and magnificent that I think net net its a very positive return and based on organic insurance numbers I still see growth ahead, just not as much. $360's tomorrow. $390 by years end, maybe $440 was when i hadn't read how they hedged, sorry for my inappropriate exuberance