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Invest Like the Best
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Investing a $120 Billion Balance Sheet with No Outside Investors
Patrick O'ShaughnessyVlad Barbalat
Liberty Mutual’s $120B balance sheet combines roughly $70–75B of reserves with growth credit and equity, while permanent mutual capital avoids shareholder pressure and supports 7–10% portfolio targets.Barbalat now questions whether AI makes future cash flows—and therefore multiples—structurally less visible, with four-year software credit appearing safer than 30-year Salesforce or Oracle debt and potentially steeper credit curves ahead.