The market share decline for GEICO (and the gains for State Farm and Progressive) represents a major concern that I hope Ajit will address in detail at the annual meeting. It seems clear to me that, at least in comparison with Progressive, GEICO has performed poorly. Underinvestment in technology is the most likely cause for the need to shed market share. Management doesn’t have a good enough view of risk relative to Progressive. I’m surprised this wasn’t highlighted in Warren Buffett’s letter. It’s a bigger concern than the situation at BNSF IMO.
It is known that Buffett holds JPM in his personal account, so in light of the recent article that accused him of misbehaving it would surprise me if this was actually the missing stock. What do you think Kevin?
The market share decline for GEICO (and the gains for State Farm and Progressive) represents a major concern that I hope Ajit will address in detail at the annual meeting. It seems clear to me that, at least in comparison with Progressive, GEICO has performed poorly. Underinvestment in technology is the most likely cause for the need to shed market share. Management doesn’t have a good enough view of risk relative to Progressive. I’m surprised this wasn’t highlighted in Warren Buffett’s letter. It’s a bigger concern than the situation at BNSF IMO.
It is known that Buffett holds JPM in his personal account, so in light of the recent article that accused him of misbehaving it would surprise me if this was actually the missing stock. What do you think Kevin?