2005
GEICO's Transformation & The Hurricane Test - 2005
A year of contrasts: Buffett navigated record hurricane losses ($3.4B from Katrina, Rita and Wilma) while celebrating GEICO's extraordinary productivity gains - 32% improvement in two years. Five new acquisitions were announced, including Medical Protective, Forest River, Business Wire, Applied Underwriters, and PacifiCorp. A defining passage: "Unlike many business buyers, Berkshire has no exit strategy. We buy to keep."