2010年3月10日 星期三

巴菲特解釋何謂浮存金(float)?

截錄至2000年波克夏海瑟威年報

To begin with, float is money we hold but don't own.
In an insurance operation, float arises because premiums are received before losses are paid,
an interval that sometimes extends over many years.
During that time, the insurer invests the money.
This pleasant activity typically carries with it a downside:
The premiums that an insurer takes in usually do not cover the losses
and expenses it eventually must pay.

That leaves it running an "underwriting loss," which is the cost of float.
An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds.
But the business is a lemon if its cost of float is higher than market rates for money.

首先浮存金是一項我們持有但卻不屬於我們的資金,

在保險公司的營運中,浮存金產生的原因在於保險公司在真正支付損失理賠之前,
一般會先向保戶收取保費,在這期間保險公司會將資金運用在其他投資之上,
當然這樣的好處也必須要付出代價,

通常保險業者收取的保費並不足以因應最後支付出去的相關損失與費用,
於是保險公司便會發生承保損失,這就是浮存金的成本,

而當一家公司取得浮存金成本,就長期而言低於從其它管道取得資金的成本時,
它就有存在的價值,
否則一旦保險事業取得浮存金的成本若遠高於貨幣市場利率時,它就像是一顆極酸的檸檬。

[Micky say]

簡單來說浮存金(float) 就是融資, 也就是像銀行利用你的存款去借貸給他人,
只不過銀行只是用來賺取手續費
巴菲特利用他來投資股票併購公司.
尤其是CEICO(蓋可保險)的浮存金(float)更是一個成本很低的融資,
(巴菲特在波克夏年報中,也常提到CEICO的float幾乎成本是等於零)
這麼強的資金後盾, 遇到巴菲特...當然就造就他股神的成績



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