Vol. I — Est. 2024
Float economics
Collecting cash before paying it out creates an investable pool of other people's money; the business earns on capital it does not own.
The question that settles it
Between the moment cash comes in and the moment the matching obligation is paid, who holds the money and what do they earn on it?
When it breaks
Float is only valuable when the underlying obligation is priced at or near break-even; persistent underwriting or fulfilment losses eat the investment income.