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, the chapter explains insurance float: premiums arrive years before claims are paid, and in between that money can be put to work.
The real subject 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.
用巴菲特和伯克希尔的故事，进入保险 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？
这一章真正讲的不是保险，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.