You know how insurance companies can have bad years and be premium negative, but they still make money? How does all the capital backing factor into: A. Valuation. It seems like Fnma has 85$ per common share in cash. (Assuming current number is 85B, it’s been a little while since I checked.) B. Is there income made on the capital? C. How do they make money on capital and assuming they don’t how do the hedge inflation and currency fluctuation risk?