- 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.”
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