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Berkshire Hathaway Inc. Message Board

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  • bobo21029 bobo21029 Sep 23, 1998 8:14 PM Flag

    I don't know...........[OT]

    ......we'll all have to keep our fingers crossed
    on hurricane Georges but so far, so good for this
    season..........the last information that I saw predicted 6 major
    Atlantic hurricanes this season and we've only had one hit
    the south Atlantic states to date..........the sun
    crossed the Equator yesterday, so time becomes our ally
    with each passing day........I think we're gonna luck
    out........

    • Hurricane Andrew in 1992 did two things for
      Berkshire. It sent weaker insurance compinies into
      bankruptsy, and justified an increase in premiums paid by
      those who live in Hurricane prone areas.
      In the long
      run insurance companies don't pay for the damage (at
      least companies who don't end up bankrupt) the people
      who purchase the insurance policy does the paying.
      Have you had an auto accident lately? If so you know
      what I mean.

      After Berkshire had to pay out
      $125 million in claims in connection with Andrew
      Buffet wrote a letter to shareholders reminding them of
      the volatility of the business:

      At this
      point, Berkshire may be the largest writer of

      super-cat policies in the world, an activity that will

      continue to make our quarterly earnings volatile. But
      that
      is of no concern to us: The gold medal in a
      marathon is
      awarded to the runner with the best time
      for the entire
      race and not to the one who ran
      the steadiest pace.
      Whenever the choice is
      offered, we welcome the chance to
      forfeit stability of
      quarterly or annual earnings in
      exchange for greater
      long-term profitability [Of
      Permanet Value,Pgs 177 -
      178, by Andrew Kilpatrick].

      oafish98

 
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