巴菲特有一笔不用急着还的钱
Insurance float, and the kind of capital great investors actually compete for.
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
Through Warren Buffett and Berkshire Hathaway, I explain insurance float: premiums arrive years before claims are paid, and in between that money can be put to work.
What I really want to talk about is not insurance but the value of capital that is long-term, stable and reasonably priced.
The best investors compete not only for the highest return, but for the cheapest and longest-lasting capital.
我想用巴菲特和伯克希尔的故事，带你走进保险 Float。
为什么保险公司会先收到钱，很多年以后才支付一部分出去？中间这段时间，这笔钱在谁手里、为谁工作？
为什么长期、稳定、成本合适的资本如此珍贵？
这一章我真正想讲的不是保险，而是：
顶级投资者争夺的，从来不只是最高收益，而是最低成本、最长时间的资本。
This book is general education, not investment, tax or lending advice.