I didn't like the 1st Q report today. OB, SYA and Sirius did very well….the rest stinks. WTM bought NO shares back in Q1…even though we are now $66.000 below book value. But the worst I thought was that they finally came clean on the BAM muni bond thing. WTM put up $600 million. They used to get 8% on that as a return. But now WTM changed that to they get 3.00% plus whatever 1 year bond. So I figure they are getting about 3.20% return on OUR $600 million investement in BAM. WTM owns NO equity in BAM…so as BAM builds up it's book and eventually profit, WTM doesn't get it. All we get now is a little over 3% interest on $600 million. That stinks. We don't pay the WTM execs big salaries, bonuses, free stock and benefits, plus they all get private jet access personally..just so they can brag about getting a 3% return on OUR $600 million. A D0-DO bird can figure how to get 3% return.WHY do we overpay WTM mgmt to do that? example?? OB pays a 5.4% dividend…that is 2.4% higher than BAM pays 3%..and the share price of OB is going up. Same with SYA. This BAM deal is a #$%$ poor one for WTM. A college freshman coudl find ways to invest $600 million with better yielld than 3%. #$%$ deal, imo. A better rate of retunr to shareholders would be to actively buy back stock while we are at a $67 discount to book value.. I'd rather see $600 million spent that way than a #$%$ poor 3% from BAM.