Where can I find my zero cost capital?
Buffett letter 2011
http://www.berkshirehathaway.com/letters/2011ltr.pdf
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Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces "float" – money that doesn't belong to us, but that we get to invest for Berkshire's benefit. And if we pay out less in losses and expenses than we receive in premiums, we additionally earn an underwriting profit, meaning the float costs us less than nothing.
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