At the 1996 Berkshire Hathaway shareholder meeting, Warren Buffett and Charlie Munger were asked about GEICO (at the time, the seventh largest U.S. auto insurer). While Berkshire owned ~50% of GEICO by the mid-1990’s (for which they’d paid $45.7 million, with a lot of help from share repurchases over the years), a January 1996 deal gave them control of the other 49% -
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Just got around to reading this...awesome!
I hope that you've shared this with Gregg Warren at Morningstar. GEICO's slow pace of technological adaptation has been one of his publicly stated concerns for years. Your work here is terrific. Full disclosure: Berkshire is by far my largest holding.
Question: I shared your fantastic Markel piece with one person. It occurred to me that I should have contacted you first for permission and/or bought a gift link. In either event, please let me know. Thank you!