Warren Buffett Article From 1951! via London Value Investor
In December 1951, Warren Buffett wrote this article for The Commercial and Financial Chronicle titled “The Security I like Best”; that security was GEICO. In this article, Buffett set out the virtues of GEICO and his view that at 8 times 1950 earnings “no price is being paid for the tremendous growth potential of the company”. GEICO had already grown significantly from 2,514 to 143,944 policyholders in the decade prior to 1950. Berkshire Hathaway initially bought 30% of GEICO in the 1970s and the rest in 1996. It now has 12 million policyholders and is still growing rapidly.