Warren Buffett：Berkshire Hathaway 1978 Letter, Additional Excerpt 2

We continue to look for ways to expand our insurance operation. But your reaction to this intent should not be unrestrained joy. Some of our expansion efforts - largely initiated by your Chairman have been lackluster, others have been expensive failures. We entered the business in 1967 through purchase of the segment which Phil Liesche now manages, and it still remains, by a large margin, the best portion of our insurance business. It is not easy to buy a good insurance business, but our experience has been that it is easier to buy one than create one. However, we will continue to try both approaches, since the rewards for success in this field can be exceptional.

Source： https://www.berkshirehathaway.com/letters/1978.html
Locator：1978 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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