“Last week, it began to look as if CarMax, one of the pioneers of the used-car superstore, had become the next target. Legendary investor Warren Buffett was said to be buying in. Headlines like “Buffett buys major stake in CarMax” and “Buffett Buy Sends CarMax shares soaring” appeared. Copycat investors sent CarMax’s stock price shooting up when the news broke on November 15.

CarMax’s (Charts, Fortune 500) stock jumped $1.62, up 7.5%. But the story as reported by many news outlets isn’t accurate, because Buffett wasn’t directly involved in the purchase. The stock was bought by GEICO, the auto insurer and a subsidiary of Buffett’s company, Berkshire Hathway. There’s a big difference, as I’ll explain. “

Die ganze Story: A Buffett investment that wasn’t