Sure, Jane Street was the wrong example. A hedge fund, or as you say Berkshire Hathaway. But the point is, if you think that someone with deep pockets and som

Sure, Jane Street was the wrong example. A hedge fund, or as you say Berkshire Hathaway. But the point is, if you think that someone with deep pockets and somewhat long time horizons can reliably make money just by reading the publicly available financial information and making ordinary insurance from it, why aren't they? And I think the answer that is confident with reality is, "actually, they do, and price in that information, such that there's no alpha left from it. Perhaps people with particular knowledge and expertise can synthesize that information with other knowledge to make useful predictions, but for an average layperson, is priced in."