Warren Buffett：Berkshire Hathaway 1980 Letter, Additional Excerpt 2

GEICO was designed to be the low-cost operation in an enormous marketplace (auto insurance) populated largely by companies whose marketing structures restricted adaptation. Run as designed, it could offer unusual value to its customers while earning unusual returns for itself. For decades it had been run in just this manner. Its troubles in the mid-70s were not produced by any diminution or disappearance of this essential economic advantage.

Source： https://www.berkshirehathaway.com/letters/1980.html
Locator：1980 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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