Excellent analysis. Progressive is very impressive, indeed.My guess is Buffett would prefer to grow organically and Berkshire would rather buy back its own stock at 1.2 Times than Progressive at 3 times book.I'm no expert-but just a few thoughts: I also wonder how much of Progressive's business would walk out the door when its re-priced at GEICO. GEICO and Progressive have their own proprietary pricing models. My guess is-a lot of GEICO's book of business is much more expensive at Progressive and a lot of Progressive's business is a lot more expensive at GEICO. Plus, you're in an arena--especially with these 2 players--where there's considerable churn to begin with.But, yes, the appeal of acquiring that float is attractive. And I agree it would be very tough to make an anti-trust case against the hypothetical merged entity
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