Warren Buffett's Berkshire Hathaway was burned by a fire last year — and it owns the insurer paying out for the losses

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• 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."
• Visit Business Insider's homepage for more stories.

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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.

See the rest of the story at Business Insider

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SEE ALSO: Warren Buffett's Berkshire Hathaway spent a record $2.2 billion on its own stock at the end of 2019

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