
Buffett's Alpha (2013) - bookofjoe
https://www.nber.org/papers/w19681
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PaulHoule
Funny enough I was coming to that conclusion myself.

Insurance companies often have more cash on the books then their valuation so
you can buy the insurance company, invest the cash, and make big $$$. That use
of leverage increases risks but if you are a conservative stock picker the
risk would not be that bad.

