浮存金思维

R — 原文 (Reading)

"Float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid." (2000) "In effect, we got paid then for holding the huge sums." (2017, when underwriting profit existed)

I — 方法论骨架

浮存金 = 先收到但还不属于你的钱 = 低成本杠杆替代：

• 保险是经典模式：先收保费，后付赔款，中间的时间差产生的资金可投资
• 成本由"综合比率"决定：<100 = 承保盈利 = 浮存金成本为负（别人付钱让你用钱）
• 100-107 = 有成本但低于市场利率 = 仍然划算

• 107 = 成本太高 = 不划算

泛化：任何"先收钱后提供服务"的模式都有浮存金效应（SaaS年付、律师retainer、Amazon负营运资本）

A1 — 书中的应用