Subject: Re: considering coat tailing OXY
Just to offer my perspective, I think another way to try to understand the coke investment and its favored status at Berkshire is to look at what is funding it - float.

Munger once said something along the lines of “buying stock x as a private investor is not the same as buying it financed by zero per cent cost float”.

I take that to mean some combination of lower hurdle rates and less appetite for broader distribution of possible outcomes even if central expectation is higher.

If the insurance business wasn’t so over capitalized that same money would probably be invested in bonds.