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Geico Chairman Tony Nicely Geico Chairman Tony Nicely, right, appears with the Geico gecko mascot during a ceremony in Trenton, New Jersey on Monday, August 16, 2004. (Photo: Curt Hudson/ Bloomberg News)

Warren Buffett used his annual letter to heap praise on Tony Nicely, the long-time chief executive officer of Berkshire Hathaway Inc.’s Geico insurance unit.

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