LYCOS RETRIEVER 
Warren Buffett: Investments
built 635 days ago
Buffett certainly will never forget the $385 million investment he made in US Air. In 1995, he wrote off 75 percent of that investment during one of the many upheavals that make airline investments adventures into the unknown.
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In a telephone interview Friday, Buffett said the timing of his recent investments was a coincidence. Since the credit crisis erupted last summer, he has repeatedly tried to blunt speculation that he might ride to the rescue of an ailing bank or Wall Street firm.
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Ever since Berkshire's 1967 acquisition of National Indemnity Co., insurance has held double appeal for Buffett. Not only does he like the economics of the business--or parts of it, anyway--but a well-run underwriter ... generates a steady flow of low-cost investment dollars, or ''float,'' as a matter of course. The 1996 acquisition of GEICO, now the sixth-largest U.S. auto insurer, doubled Berkshire's float at one stroke, and the Gen Re buy nearly tripled it, to $21 billion.
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