Filing Claims

Wyatt Donnelly: "Do you think Lisa's having a good time?"
Gary Wallace: "Lisa could have a good time at an insurance seminar, Wyatt."
--Weird Science

Just chewed thru the Berkshire Hathaway annual letter to shareholders posted this am. One of the least interesting letters I can remember.

The one comment that did catch my eye was on the bottom of p. 4 where Warren Buffett claims that Berkshire was not a beneficiary of the government bailout that transpired over the past yr and a half. One snippet:

"When the financial system went into cardiac arrest in September 2008, Berkshire was a supplier of liquidity and capital to the system, not a supplicant."

This commentary seems disingenuine to me. The leveraged financial entity that is Berkshire surely was, and continues to be, a net beneficiary of government stimulus.

I'd submit that Berkshire Hathaway is highly dependent on government's ongoing interventionary policies and inflationary bias.

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