Dear friend,

So XL are going to authorise a billion dollars of share buybacks.

Okay it’s only a drop in the ocean – but we’ve already had Munich Re go for this, but since then we've had the Scorverium move. Soon we’ll be looking at a major trend (just as we predicted).

And look at the timing – XL’s last facility is coming up for its seventh birthday — talk about blowing off the cobwebs!

In fact it’s like the beginning of 2005 all over again. If my guessometer is working correctly we should be looking for a big slug of equity to be returned from one of the more profitable class of 2005 before long.

Ah, that heady first half of 2005 —when the class of 2001 gave back big bucks.

Hang on a minute — remember what happened in the second half?

Let’s not go there!