Warren Buffett's champion stock picker is dead at 85. The billionaire ranked Louis Simpson among the best investors ever.

The man is Warren Buffett.

REUTERS

Louis Simpson was a champion stock picker.

Simpson managed the investment portfolio of Geico between 1979 and 2009. He returned an average of 20.3% a year between 1980 and 2004, trouncing the S&P 500's 13.5% average annual return over the same period. He beat the benchmark in 18 of the 25 years.

Simpson's performance made his performance look bad, so he never disclosed his results. "Who needs that?"

Simpson's abilities were praised by the chief of the company. If he and Charlie Munger died, the GeICO executive would take charge of the portfolio.

The eight best comments about Simpson were lightly edited andCondensed for clarity.

1. "Lou Simpson is the best investment manager in the property-casualty business."

2. Lou has a combination of intellectual and temperamental characteristics that make him an outstanding long-term investment performer. He has generated returns that have been the best in the insurance industry.

3. It's a little embarrassing for me, the fellow responsible for investments at the company.
Lou performed at Geico. These figures are terrific but also important because they have been achieved in the right way. Lou has consistently invested in common stocks that were close to risk-free and that were not likely to present him with a permanent loss.

4. It is an enormous plus for us to have Lou on board because he takes the same conservative approach to investments that we do at Berkshire. If something were to happen to Charlie and me, he would be available to handle the investments for the company.

5. One in a thousand is how many people I will let run money for businesses that we have control over. We're happy in the case of Lou.

6. Lou is a good candidate to be in the investment Hall of Fame.

7. Lou is a top-notch investor with an outstanding long-term record of managing GeICO's equity portfolio. He would fill in if I died soon.

8. Lou has never advertised his talents. Lou is one of the investment greats. We will miss him.

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