AUDIENCE MEMBER: Greetings from Bonn, Germany. I’m (inaudible). Thank you for another great year added to your track record of investing. And thank you again for allowing us to be partners at these favorable terms. This year, I want to ask you another question about how you see Berkshire positioned versus others.
2005: Is competition from hedge funds…
AUDIENCE MEMBER: Greetings from Bonn, Germany. I’m (inaudible). Thank you for another great year added to your track record of investing. And thank you again for allowing us to be partners at these favorable terms. This year, I want to ask you another question about how you see Berkshire positioned versus others.