This thread, which I introduced following Ajit’s remarks, underscores the almost religious furor of both proponents and opponents THEORY.

Theory becomes fact. Subjective becomes objective. The bizarre and highly unlikely becomes objectively impossible. For Insurance, this is no than the Golden Ticket. See 100% of reason for 1Q Op Earnings beat.

This created the sort of reinsurance/cat pricing environment that woke Ajit & Warren up from a dozen year nap to write every policy they can get the hands on. We ALWAYS have had risk. Now, this DEBATE has given us PRICE. Now if we price the risk as risk morphs into hysteria—well, now we have a wet dream.

Berkshire Hathaway is a very simple proposition over 50 years: act rationally in an irrational world.

Berkshire Hathaway FAQ

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