Begins Buying Shares of GEICO

by admin on September 10, 2014, no comments

Begins buying shares of GEICO and continues through 1970s and until 1981 to acquire a 30% stake of the firm with a cost basis of $45.7 million. GEICO buys back their shares and Berkshire Hathaway’s stake grows to 51% by 1990s. During the dawn of 1996, Buffett strikes a deal to acquire the rest of the company for $2.3 billion. In 2009 Berkshire Hathaway annual report, Buffett notes that GEICO’s market share had increased from 2.5% to 8.1% with float growing from $2.7 billion to $9.6 billion.