Yes. You got that wrong. Buffett has 150B in cash (or near cash) right now. He has no margin debt. What he has done is to generate insurance float which is expected to be near permanent. Also close to 150B. He uses much of that money to invest in low risk businesses. Borrowing money from a broker for a margin loan is about 100 times more risky than what Buffett is doing.
I need to find that analysis, and read it again. I knew about the float and the cash they sit on. That analysis of Berkshire’s investments since inception was making it sound that they would have had mediocre results if not for leveraging ~30%. Thanks.