ROTFLMFAO....Dont you know WHO is behind Patrick Bryne,,,
His Dad just happens to be Good Friends with the oracle..lo1
In 1976 Buffett renewed his interest in GEICO. His investment would mark another clear departure, though not total, from Benjamin Graham’s principles. GEICO was trading around $2, it had a new CEO as the last one had be booted out for writing too many risky policies. Buffett met with the new CEO, John Bryne, and decided he was indeed the man to rebuild GEICO’s franchise. He subsequently purchased 500,000 and left open orders to acquire more. Berkshire now owns all of GEICO. Buffett’s relationship with Bryne underscored his mastery of delegation, as Bryne noted, “I’d ask him all kinds of things. He showed me sensible ways to finance. He was generous with his time. But he never—ever—made suggestions.”
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Warren kinda went againt the grain...Me thinks he dont like Naked shorting much!!
5 years into the partnership Buffett was on the warpath against convention. He was modest, honest, unduly successful for his age, and betting against the “institutional imperative” of Wall Street. After 10 years one could see that the first 5 were not a fluke; the cumulative return was 1,156% to the Dow’s 122.9%. All the while, upon reporting each years results, he would caution investors against repeat performances. Lowenstein places the following quote from Buffett at the very beginning of the chapter, “I cannot promise results to partners.” His “goal” was to beat the Dow 10 by points per year. Buffett was masterful at setting partner expectations. “He took pains to explain his approach in advance, and in concrete terms—precisely because he knew that a misunderstanding could sunder the union,” writes Lowenstein
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