@LongTermBRK

Of course float has value, and everyone agrees with that. What I disagreed with is your estimate of value of the float. Float is a liability since it's money owed to policy holders. Thus it is thus almost always invested conservatively by Warren & Greg. If the underwriting is done at a break-even combined ratio of 100%, resulting earnings are kept by the shareholders. Currently T-bills produce 3.5% pre-tax return, no where near the 8% return you presume (I take it after-tax). Assuming float grows at 3%, tax-rate of 20%, and a 10% discount rate, float is worth 0.4X. This is my base case valuation float.

If on the other hand u/w is done (LT) at a 97% combined ratio, float is worth 0.74X. This is the optimistic scenario.

So in my mind, float is worth somewhere between 0.4-0.75X depending on one's assumptions.

Instead of backing up your assertions with facts, you seem to unfortunately resort to unproductive rhetoric.