Warren Buffett's Geico auto insurance division is suddenly struggling after years of strong performance.
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The latest results from Warren Buffett’s Berkshire Hathaway BRK.B BRK.A didn’t get too much attention in financial media, maybe because some other mega-billionaire also was in the headlines over the weekend. Granted, Geico has had a terrific decade, and it thrived during the pandemic because people weren’t driving — easy money for an auto insurer. But it’s paying for it now, not just because people are driving again, but because auto accidents are more expensive to repair, due to inflation.
“While a few quarters of adversity do not necessarily indicate a turning point in Geico’s long term prospects, recent results compare unfavorably with Progressive. The reason I’ve spent more time on Geico’s results is because it is clearly the most troubled operation in Berkshire’s insurance group and shareholders will want to watch future developments carefully,” the blogger says.
Lyft LYFT shares tumbled in premarket trade after its active rider numbers fell short of expectations, and the midpoint of its revenue guidance also was below estimates. Best of the web Where would you store billions of dollars worth of stolen bitcoin? Apparently, on a single-board computer submerged in a popcorn tin.The hedge-fund manager who exposed accounting fraud at Luckin Coffee LKNCY is now backing the Chinese chain.The chart The 60/40 model has been having a horrible year as both stocks and bonds have slumped.
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