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Warren Buffett’s Berkshire Hathaway was burned by a fire last year — and it owns the insurer paying out for the losses

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  • Warren Buffett shared an unfortunate anecdote in his annual shareholder letter.
  • One of Berkshire Hathaway’s businesses, Lubrizol, suffered a fire last year.
  • Luckily for Lubrizol, insurance will cover a lot of its losses.
  • Unluckily for Buffett, Berkshire owns one of the key insurers that will pay out to Lubrizol.
  • “The Bible instructs us to ‘Let not the left hand know what the right hand doeth,’ Buffett wrote. “Your chairman has clearly behaved as ordered.”
  • Visit Business Insider’s homepage for more stories.

Warren Buffett shared an unfortunate anecdote involving two of his businesses in his annual shareholder letter, published on Saturday.

Lubrizol — an read more >>>

Source:: BusinessInsider.Com