Warren Buffett：Berkshire Hathaway 2001 Letter, Additional Excerpt 2

In assessing the soundness of their reinsurance protection, insurers must therefore apply a stress test to all participants in the chain, and must contemplate a catastrophe loss occurring during a very unfavorable economic environment. After all, you only find out who is swimming naked when the tide goes out. At Berkshire, we retain our risks and depend on no one. And whatever the world's problems, our checks will clear.

Source： https://www.berkshirehathaway.com/2001ar/2001letter.html
Locator：2001 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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