3. 与GEICO初次结缘
原文
For my personal point of view， I think this is the best investment， Berkshire can do through a lot of advertising， GEICO can establish a direct relationship with more American families year after year per family$ 1，100 to us to use， which allows us to become one of the nation's best-selling direct selling products in many sales of a wide range of products of the company， which， as we establish a long-term relationship and more American families， cashmore will be pouring in （here does not rely on the network）， increased to 766，256 people last year， the number of customers as GEICO， contain operating profit and float increased to $ 590 million of capital contributed.
Over the last three years in the auto insurance market share increased from 2.7% to 4.1%， we rightfully belong in many families， perhaps even in your family， make a phone call to us look About 40% people who read our rates， you will find you can save a lot of money for them （only so I did not say 100% of the reason is that the insurance industry for risk estimates are different， some insurance companies residents living in certain geographical areas and customers to engage in certain occupations have a preference， but I still firmly believe that we offer to the general public rates are usually lower than other national companies， GEICO information that comes with the Annual Report ， we will be able to see that we provide to the discount rates from up to 8% of the nation's 40 states shareholders， ranging from discounts As for other states， the shareholders also accept open applications.
——摘自1999年巴菲特写给全体股东的年报
译文
就我本人而言，我一直认为这是伯克希尔做的最好投资，通过大量的广告，GEICO可以直接和越来越多的美国家庭建立起关系且每年每个家庭都会提供1100美元的资金给我们使用，这让我们的产品能快速成为全美最畅销的直销产品之一。随着我们和越来越多美国家庭建立起来的关系，现金会源源不绝地流入进来，根据去年的统计，GEICO的客户数量已经增加至766256人，包含浮存金以及营业利润等方面的增加就贡献了5.9亿美元的资金。
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