Warren Buffett：Berkshire 2007 Letter, Excerpt 1

That party is over. It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008. Prices are down, and exposures inexorably rise. Even if the U.S. has its third consecutive catastrophe-light year, industry profit margins will probably shrink by four percentage points or so. If the winds roar or the earth trembles, results could be far worse. So be prepared for lower insurance earnings during the next few years.

Source： https://www.berkshirehathaway.com/letters/2007ltr.pdf
Locator：2007 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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