His point is that Berkshire Hathaway does well as long as it avoids chronic underwriting losses because the float builds up over time and finances the rest of the business.

他的意思是，只要不发生持续的承保损失，伯克希尔·哈撒韦就能运转良好，因为浮存金随着时间而增长，为其它业务提供资金。

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Driven by the float arm of the needle in the liquid recovery opening up big time.

其针阀由浮球臂带动，在液恢上升时开大。

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