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% -
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!
Thanks for asking Henry - that's perfectly fine with me. Naturally, I'd ask that you do so infrequently. That said, if a post seems like something worth sending to a family member or close friend, please do so. Thanks!
12 Likes within 30 minutes of posting... well deserved! 👍🏻
Just got around to reading this...awesome!
Thanks Aaron, glad to hear that you enjoyed it!
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.
Thanks for the kind words Henry, and that's a great suggestion (I'll see if I can find Gregg's contact info). I hope you have a great day!
- Alex
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!
Thanks for asking Henry - that's perfectly fine with me. Naturally, I'd ask that you do so infrequently. That said, if a post seems like something worth sending to a family member or close friend, please do so. Thanks!
- Alex