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| − | What company are you calling from? <a href=" http://www.newvalue.ch/index.php?id=buy-ceftin-online ">cheap ceftin</a> BerkshireÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs more anomalous cost of leverage, however, is due to its insurance float. Collecting insurance premia up front and later paying a diversified set of claims is like taking a ÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂloan.ÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂàTable 3 shows that the estimated average annual cost of BerkshireÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs insurance float is only 2.2%, more than 3 percentage points below the average T-bill rate. Hence, BuffettÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs low-cost insurance and reinsurance business have given him a significant advantage in terms of unique access to cheap, term leverage. We estimate that 36% of BerkshireÃÂÃÂÃÂâÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs liabilities consist of insurance float on average.
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