7 Nuggets of University of Berkshire Hathaway (vol.23)

1. Buffet wanted Berkshire to be exposed as much as business around the world.

2. Berkshire less invested in U.S stocks than anytime in early 1970.

3. Lower interest rate

4. Too many debts of bad management

5. Success in the insurance business depends on understandable risks and properly priced under aggregation.

6. The ability to say no is crucial.

7. Munger concluded insurance in investing you can buy the best.