University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

The public has long viewed Berkshire as a sort of mutual fund with large stock holdings. This view underestimates or ignores 1) Berkshire’s insurance companies’ impressive generation of low-cost float, 2) Berkshire’s impressive and growing stable of cash-generating operating businesses, and 3) Berkshire’s ability to orchestrate value-enhancing deals.