Warren Buffett：Berkshire 2007 Letter, Excerpt 3

Insurance float – money we temporarily hold in our insurance operations that does not belong to us – funds $59 billion of our investments. This float is “free” as long as insurance underwriting breaks even, meaning that the premiums we receive equal the losses and expenses we incur. Of course, insurance underwriting is volatile, swinging erratically between profits and losses. Over our entire history, however, we’ve been profitable, and I expect we will average breakeven results or better in the future. If we do that, our investments can be viewed as an unencumbered source of value for Berkshire shareholders.

Source： https://www.berkshirehathaway.com/letters/2007ltr.pdf
Locator：2007 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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