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2010
2010 () /
2010 A B 11% 46 ()
19 95453 20.2%
2010
40 30
6 220
()
120
()
BNSF
BNSF 1 1
500
BNSF
60
54 90
2011
80 20
2010 () /
S$P500 ()
()
46 S&P
GEICO 9
42
1980 17
1999 S&P
S&P
()
- 660
68
106
1970
1970
19.9
21.0
22.1 Berkshire
- -
'
CEO CEO
2010 () /
()
CEO
104-105
CEO MBA
1965
Aaaaaaargh
(Sees Candies)
(Business Wire)
() BNSF
30
()
' CEO
27 212
- 30 1363
2010 () /
GEICO
60 GEICO
Ben GEICO
GEICO
Lorimer Davidson
GEICO
Omaha
GEICO GEICO
9800 75%
()
'' Geico
GEICO
''
60 GEICO
1-800-847-7536 www.GEICO.com
GEICO
8.8%
CEO Tony Nicely1993 2%
GEICO
GEICO 1995 28
97%(2.7/2.8)
GEICO
143 14
GEICO (
) 1996 97%GEICO
140 GEICO
2011 ()
Tony GEICO
769898
34%
Tony Davy (
)
2010 () /
State Farm
200
170
- -
660
GEICO
(Ajit Jain)
20
1985 300
CEO
()
Tad Montross
1;2
;3
CEO
2010 () /
TTI(2008) 21
58 16 26 50TTI
(Paul Andrews), TTI
CEO (Paul Andrews)
Forest River, 20 Forest River
82
CEO Pete
Liegl
CTB 2008 CEO
Vic Mancinelli 2002 1.4 CTB
1.6 4000 1.06
CTB 18 9365
40 5878
() Born H. H. Brown (Jim Issler)
1110
Frank Rooney Rooney
89
NetJets Dave Sokol
NetJets
2010
2010
NetJets 1998
11 2009 11 1.57
NetJets NetJets
NetJets 2010
3800 NetJets 2010 2.07 2009 9.18
Dave Sokol
NetJets
NetJets
5000
300
2010 () /
Marmon 130
17% 80%
15 2013 2014
(Frank Ptak) Marmon 100
Marmon (Iscar)(Mcline)()
2010 (Grady Rosier)
320
Empire Distributors
(David Kahn ) CEO
Horizon Wine and Spirits
2010 159 2011
Eitan WertheimerJacob Harpaz Danny Goldman
(bolt-on acquisition)
2 Acme
5000 3 Johns Manville
5500 Shaw 2011
2
Berkshire
2010 () /
BNSF
GAAP
2010
BNSF () 6:1
42 BNSF 28%
BNSF 11
2
3000
2011 20
240
89.8
2002
43 43
kern River
1999
70%
2011 2909
54
2010 () /
XTRA CORT(Clayton
Homes)
XTRA 2009
63 2010 75 2009 1700 2010 3500
CORT CORT 2009
300 2010 1800
23343 1998 50046 47
372843
8%
2009
200804
3 1500
52
- -
2010 () /
20
2009 '
- 2011 -
-
30
- 14
2010 380
5 -
''
()
( Fed
Fed )
(
)
1995
8800 2011
2011 2012
'' 2010
2010 () /
(Lou Simpson) 74
- ()
1979 GEICO ()
2004
()
CEO
(Todd Combs)
S&P500
CEO 1-3
''''''
80 20%
() CEO
2010 () /
2008 251
Gen Re
203
2004-2008
34 2007
25
200
2010
2021 2028
6.47 4.25 2.22
6.47
2010 39
42
2010 () /
(netincome)
100
10 - -
X
90
()
PS 2010
6 30 64
9 30 58 Black
- Scholes 89 96
4.55
Black Scholes
Black - Scholes
Black Scholes
()
Black Scholes
GEICOBNSF
Black - Scholes
2010 () /
2008 -
2008 9
167
100 52
1939
1000 1970
- -
1,000 100
200
30
2008 9
''
40
10 40 4800 1570
2008 25 156
2010 () /
4 30 Carrie Kizer
NetJetsBNSF
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(
)
19
1053
12416 8000 8800 Quikut knives 16
GEICO GEICO
( 8%) 51 44 (
)
50%
60 DVD(Poor Charlie's Almanac)
(800-799-6634)-(Carol Pedersen)
(NFM) 72 77
3330
NFM
NFM
Borsheim's
Borsheims
63 JC Penney (Susan Jacques)
Borsheims CEO
()
Borsheim's
402-551-3733() 402-342-9038
60
20
SEC 14097
48 200
CEO ()
2011 2 26
2010 () /
MEMO
TO: ()
2010
()
( 110 )()
CEO
WEB()
PS.
76