Key Quotes from 2006 Shareholder Letter

1. "We believe that $16.9 billion is a record for a one-year gain in net worth -- more than has ever been booked by any American business."

2. "GEICO didn't start fat"

3. "Size seems to make many organizations slow-thinking, resistant to change and smug."

4. "Of the ten non-oil companies having the largest market capitalization in 1965... only one made the 2006 list."

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Source: Full Letter