Berkshire paid the most corporate income tax in the US, or about “5% of what all of corporate America paid”.
Buffett complained a bit about US fiscal recklessness and the inability of fixed income securities to protect buying power.
Buffett still prefers equity – but he didn’t say public equity!
“P/C insurance growth is dependent on increased economic risk. No risk – no need for insurance. ”
Berkshire borrowed “fixed” rate in yen! How beautiful the transactions were. But if Japan’s interest rate were to rise significantly in the future (when Berkshire needs to refinance), will Berkshire find those Japanese dividend less attractive?