Warren Buffett, the former hedge fund manager who built Berkshire Hathaway into a $195 billion company by gaining leverage through insurance premiums, has said that this traditional source of new funds is drying up.
Berkshire's insurance units, which cover risks from fender benders to asbestos-related hospital bills, could no longer be relied on to provide new investment funds in the form of float, or accumulated premium, Buffett said in his February 25 letter to shareholders. Float,...
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