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Berkshire Hathaway Inc. Message Board

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  • oafish98 oafish98 Sep 23, 1998 11:23 PM Flag

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

    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
    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].


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