Berkshire Hathaway

GEICO has shown a combined ratio that has an eight in front of it for the last seven quarters, producing the largest underwriting profit in the personal auto business. Workforce reduced from 50,000 to 30,000 saving $2 billion annually.

Berkshire holds over $300 billion in cash and short-term investments, representing 27% of total assets. Buffett would prefer $50 billion in cash rather than $335 billion in treasuries but finds nothing to buy.