Rachel Warren

And Buffett had realized that Geico provided this massive ongoing pile of low to no cost capital that he could use to buy other companies.

So the genius wasn't really just in the insurance business, it was in using that business as a funding engine for everything else.

And sort of the

Berkshire gold standard for a merger is one that pays for itself through its own cash flow without diluting the original owners.

I think Geico is a great example of that.

Yeah, absolutely.

And I think one of the things that we've seen Buffett stress over the many decades is the importance of staying within one circle of competence.

And this is a business he knew extremely well before it came into the Berkshire fold.

And I think that that probably underscores his strategy through the decades better than many of the other companies even currently in their portfolio.

Yeah, this is one of those companies that you could look at as something of a bellwether for consumer spending, certainly within the food industry.

So, Q1 results, they actually missed on both the top and bottom lines, although not by that much.

So, adjusted earnings came in at $4.13 per share against the $4.28 expected.

Revenue hit about $1.2 billion or $1.15 billion to be exact.

That was trailing the $1.17 billion mark that Wall Street was looking for.

So again, very slight misses.

It's worth noting, total revenue actually rose about 3.5%.

That was thanks to a range of factors, including new store openings.

U.S.

growth was actually just 0.9%.

International sales actually dipped slightly.