The Berkshire Hathaway 2009 Annual Report is in most ways just like any other. However, the biggest distinction from others is the candid, 17 page Chairman's Letter. It is a report on their businesses, and anything else financial, from the co-CEO, Warren Buffett. The whole thing is worth a glance. I took a glance and found these gems I want to remember.
On their property and casualty insurance businesses:
Insurers receive premiums upfront and pay claims later. In extreme cases, such as those arising from certain workers’ compensation accidents, payments can stretch over decades. This collect-now, pay-later model leaves us holding large sums – money we call “float” – that will eventually go to others. Meanwhile, we get to invest this float for Berkshire’s benefit. Though individual policies and claims come and go, the amount of float we hold remains remarkably stable in relation to premium volume. Consequently, as our business grows, so does our float.