Water Street is a registered investment adviser whose business is creating and managing portfolios of public securities to maximize the returns available to a property casualty insurer for investing their surplus and reserve assets. These portfolios are constructed using the discipline of "value-investing". Over the last 18 years their performance has mirrored that of Warren Buffet's for his Berkshire Hathaway Insurance Group -- which is to say, they have consistently generated a level of investment returns that is approximately twice those generated by the remainder of property casualty insurers, at a level of investment risk found to be commensurate with the requirements of regulators, rating agencies and investors of Berkshire Hathaway over this period.If you have an interest in learning more about Water Street, a copy of our ADV-brochure can be found as a PDF at www.wtrstr.com.