Question-and-Answer Session
Thank you, Mr. Brown. [Operator Instructions]. And we’ll take our first question from Keith Walsh, Citigroup.
Keith Walsh – Citigroup
Good morning, gentlemen. First question for Hyatt on specifically Retail... Florida Retail. I know you talked about this extensively, but it just seems that we are really starting the deceleration, I guess, and the decline prices we are seeing. Are we heading towards the bottom here do you think? And then I have a follow-up.
J. Hyatt Brown – Chairman & Chief Executive Officer
And the answer is no, we are not at a bottom. I think that you're looking at next year although in some areas you see one of the things that’s making this a little hazy is that not only you have a price or a rate decrease, but you have an exposure decrease. So, that's a little hard to kind of put together, but we don't see at the moment, if we have an account and we are about to lose the account, we can almost name the price, and so as long as that is the circumstance, I don't think we are at the bottom.
Keith Walsh – Citigroup
Okay. That's very helpful. But then, just following up and thinking about cash and your stock right now, you guys are at the lowest multiple you’ve been at in over a decade, why wouldn't you be buying back stock right now?
J. Hyatt Brown – Chairman & Chief Executive Officer
Well, most people like to buy back stock, because they don't have anything else to do with it. We feel that the M&A opportunities just based on what we're seeing are greater than they've ever been and we don't... we feel that our best investment is our M&As, because that's the future of the company. So, as long as that is a great opportunity for us, the buying of stock is in second position.
Keith Walsh – Citigroup
Okay. Thank you.
Operator
And our next question comes from Keith Alexander, JP Morgan.
Keith Alexander – JP Morgan Securities
Hi, good morning. I was just wondering, given the magnitude of rate decreases, are some companies buying more coverage?
J. Hyatt Brown – Chairman & Chief Executive Officer
Yes. And of course that's... Keith, that's... what we're trying to do... we are trying
Keith Alexander – JP Morgan Securities
[inaudible].
J. Hyatt Brown – Chairman & Chief Executive Officer
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