Why Buffett Says Insurance Is Worth Far More Than Book Value скачать в хорошем качестве

Why Buffett Says Insurance Is Worth Far More Than Book Value

In the 1994 Berkshire Hathaway Annual Meeting, Warren Buffett explains why the insurance business is worth far more than its book value. He points to one simple thing: float. Berkshire started with about $20 million in float. By 1994, that number was approaching $3 billion. And the best part? It often came at little to no cost. When underwriting profits are positive, Buffett is effectively being paid to hold billions of dollars that he can invest. That is not captured properly in book value. That is intrinsic value. If you want to understand Berkshire, you must understand float. More deep dives like this inside Becoming Berkshire. #WarrenBuffett #BerkshireHathaway #ValueInvesting #Investing #StockMarket