PS- that's NOT why Buffett owns insurance companies, but, whatever.Why Warren Buffett owns insurance companiesWarren E. Buffett thinks that among large insurance operations, those owned by his Berkshire Hathaway are the “best in the world.” [...] Buffett typically has good things to say about insurance and his annual letter on 2011 results that was issued last Friday continued that tradition. [...] Buffett calls the insurance operations “Berkshire’s core operations and the engine that has propelled” the expansion of Berkshire Hathaway over the years. [...] In addition to its three major insurance operations, Berkshire Hathaway also owns a group of smaller [insurance] companies, the results of which have in the aggregate been profitable, according to Buffett.Comments on articles are often the best part:The best years for this guy are definitely behind him, as evidence of his push for higher taxes and his love for the Obama administration's socialist policies [makes clear]. Yes, he makes alot of money off investing in stocks of companies with others' money, basically like large banks have done. Fortunately for Mr. Buffett, the insurance industry was not as damaged by the credit default swaps. And I really do not think that the success of Gieco is due to them not having agents; it's more like the nonprofessional counselors advising their clients to carry 10/20 limits with millions in assets just so they can sell a policy to their customers. Then they get into an accident and find out too late from their attorney that they purchased the wrong amount of coverage. Maybe good business for Gieco, but not for the consumer.More at http://www.insurancejournal.com/news/national/2012/02/27/237...
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