Getty Images / Bill Pugliano
Warren Buffett shared an unfortunate anecdote in his
annual shareholder letter.
One of Berkshire Hathaway's businesses, Lubrizol, suffered a fire last year.
Luckily for Lubrizol, insurance will cover a lot of its losses.
Unluckily for Buffett, Berkshire owns one of the key insurers that will pay out to Lubrizol.
"The Bible instructs us to 'Let not the left hand know what the right hand doeth,' Buffett wrote. "Your chairman has clearly behaved as ordered."
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Warren Buffett shared an unfortunate anecdote involving two of his businesses in his
annual shareholder letter,
published on Saturday.
Lubrizol — an oil-additives specialist which Buffett's Berkshire Hathaway conglomerate
acquired for $9 billion in 2011 — suffered "significant property damage" and "major disruption" after a fire spread to one of its French plants in September, the billionaire investor wrote.
Luckily for Lubrizol, insurance will cover a big chunk of its losses. However, that isn't such good news for Buffett.
