Berkshire Letter2006-02-0016 min read
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."
View original on Berkshire HathawaySponsored Content
Key Quotes
“Unlike many business buyers, Berkshire has no exit strategy. We buy to keep.”
“GEICO improved its productivity by 32% in just two years.”
“When growth rates are under discussion, it will pay you to be suspicious.”
[[PLACEHOLDER]]