How to Break Up a Diverse Company Without Tax Implications

The ability to break up a diverse company without tax implications, there was something called the General Utilities Doctrine that prevailed in various ways up until 1986. So there is not a big discount to break up value embodied in Berkshire's price. And I would say that you can count on Berkshire's present posture being continued for a long time. Warren has written many times that the value of Berkshire's insurance companies derived from the fact that policy holders pay up front, creating insurance float,. If interest rates are negative, then collecting money at the front will be costly rather than profitable.