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Warren and the Horrible Business of Long Term Care Insurance

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The argument about BNSF is inaccurate. In 2011, BNSF invests 1.8 B$ more than depreciation. If pretax profit is 5 B$, then pretax free cash flow is 3.2 B$ and after tax free cash flow is 2 B$. So this amount can be distributed to pay claims.

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