Hi I just started reading buffets letters to shareholders and in the 1978 one he talks about cost bs market value. What exactly does he mean by cost? The exact quote is "our insurance subsidies had a market value exactly equal to cost of 39.3 million. At the end of 1978 this position has increased to equities with a cost of 129.1 million and a market value of 216.5 million." What does he mean by cost here?
Submitted February 05, 2017 at 06:29PM by Brzig http://ift.tt/2l8LxF3
