The Importance of Intrinsic Value

In 1948, I think it was two-thirds or three-quarters of Geico was for sale because of the fact that it originally backed these two people from USAA died. They simply couldn't shake themselves loose from the miss of the past to step up and buy. You have to be very careful to look hard at what's really happening. Yogi Barra said you can observe a lot just by looking. The overpayment risk now is high and the share repurchases that are going on there.