Berkshire Hathaway's ownership in GEICO increased from 15.4% in 1976 to 26.8% in 1979, to 35.5% in 1980 to 38.0% in 1985.

Berkshire spent 23.5 million dollars to get 15.4% in 1976. In 1979, they added 4.8 million dollars to reach its ownership of 26.8%. They finally invested another 18.8 million dollars to get 35.5% ownership. The ownership increased from 35.5% to 38.0% due to GEICO's stock repurchase.

In 1980, Berkshire's share of GEICO's business exceeded the sum of its other segments.

This has a massive implication for me and my business. A business can earn profits from not doing its job and make more from investing. What if we invest in AI startups with great talents, or what if we invest in promising public companies?

We can't make 5 billion dollars sized nuclear reactors or spacecraft from scratch. But those companies can and don't even ask us for decision-making, networking, or help.

(Reading "Capital Allocation" by Jacob McDonough)