The "Toll Booth" as he said

In about 1978 or 79 Mr. Buffett was doing some talking and John Train was listening. He said, “The insurance brokers are a better business than underwriting.”

  1. AJ Gallagher
  2. Marsh
  3. Brown
  4. Aon

Unless something comes along to disrupt in a better disruptive way these businesses are quite good during inflation. Warning: stock prices do vary.

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