Subject: Re: Numbers
But Berkshire does not invest float at T-bill rates over full cycles.
Historically, float has funded operating businesses and equities compounding at far higher long-term rates.
It's been a long time since anything more than a single-digit percentage of the float amount has been in equities.
Historically, sure, it was the engine that drove Berkshire. Hasn't been for a long time. Maybe it will again? Hope so.
How to value it? How does the market value it?
Numbers I have to hand:
(Cash+Fixed)/Float
2010 105%
2011 92%
2012 100%
2013 94%
2014 101%
2015 99%
2016 102%
2017 109%
2018 105%
2019 111%
2020 113%
2021 109%
2022 92%
2023 111%
2024 195%
2025 220%