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From Warren Buffett’s letter to the Shareholders of Berkshire Hathaway Inc, February 27, 2009:
We are fortunate that Berkshire’s two most important businesses – our
insurance and utility groups – produce earnings that are not correlated to those of the general economy. Both
businesses delivered outstanding results in 2008 and have excellent prospects.
As predicted in last year’s report, the exceptional underwriting profits that our insurance businesses
realized in 2007 were not repeated in 2008. Nevertheless, the insurance group delivered an underwriting gain for
the sixth consecutive year. This means that our $58.5 billion of insurance “float” – money that doesn’t belong to
us but that we hold and invest for our own benefit – cost us less than zero. In fact, we were paid $2.8 billion to
hold our float during 2008. Charlie and I find this enjoyable.
But it was a bad year overall: “Our decrease in net worth during 2008 was $11.5 billion, which reduced the per-share book value of
both our Class A and Class B stock by 9.6%.”
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Length in days of the sentence Russian blogger Alexei Navalny served for leading an opposition rally last year:
Israeli researchers developed software that evaluates the depression of bloggers.
A teenager in Singapore was convicted of obscenity for posts critical of Lee Kuan Yew, the country’s founding father, that included an image of Lee having sex with Margaret Thatcher.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”