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You do not need to understand everything to make a great decision. You need to understand the one thing that matters most — and price it correctly.

decision-makingfocus— Berkshire Hathaway Annual Meeting, 2022, 2022
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The best insurance decisions I have ever made are the risks I declined to write. Saying no is the most underrated skill in underwriting.

disciplineinsurance— Berkshire Hathaway Annual Meeting, 2019, 2019
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Risk is not the enemy. Mispriced risk is. If you understand the risk better than the market, you should take it. If you don't, walk away.

insuranceinvesting— Berkshire Hathaway Annual Meeting, 2017, 2017
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Warren has always said — and I agree — that the most important thing in insurance is not growth. It is discipline. One bad year of poor underwriting can erase a decade of profits.

disciplineinsurance— Berkshire Hathaway Annual Meeting, 2021, 2021
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The float is the secret. The market sees the investments. Nobody talks about the float. The float is what makes the investments possible.

berkshirefloat— Berkshire Hathaway Annual Meeting, 2018, 2018