Berkshire Hathaway (BRK-B) — negative-cost capital, read against the 10-Q

Berkshire Hathawayreason 01 of 4not in the tablederived 2026-09-11accession 0001193125-26-341032

Berkshire generates $177.5 billion in float—funds held before claims are paid—that it invests for its own account while simultaneously earning underwriting profits, making the cost of this quasi-permanent capital negative. This inverts the typical insurance model where float is offset by underwriting losses, giving Berkshire a structural funding advantage no peer can replicate at this scale.

the thesis · admitted · the reason above is the thesis, not printed twice

the finding

Float increased from $176.9 billion to $177.5 billion, and the filing states the average cost of float remained negative in each period.

before · MD&A · 2026-03-31 → 2026-06-30

“Float was approximately $176.9 billion at March 31, 2026, an increase of approximately $500 million from December 31, 2025.”

→ after

“Float was approximately $177.5 billion at June 30, 2026, an increase of approximately $1.1 billion from December 31, 2025.”