Investment Philosophy

Summary Thoughts on Investment Approach

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One of the most common questions I get from readers as well as clients involves my overall investment philosophy. I talk about this often with clients, but I thought I’d write some comments specifically pertaining to my own investment philosophy and a few aspects of my approach that I think are of central importance. Below are some points that help describe my investment philosophy. Strategy My firm has a simple investment objective: to compound our capital at high rates over […]

Superinvestors

Great Investor Glenn Greenberg Discusses His Investment Philosophy

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I recently watched a video lecture at Columbia from 2010 with Glenn Greenberg of Brave Warrior Advisors, and thought I’d share some thoughts. Greenberg is one of the best investors of the past 3 decades. His track record over that period is excellent. From 1984 to 2009, he and his partner Jon Shapiro ran a firm called Chieftain Capital, where they produced annual returns in the mid-20’s until 2008, when Chieftain lost 25%. The next year, Greenberg and his partner […]

Industry-Insurance

Markel (MKL): A Compounding Machine

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“Our financial goals are to earn consistent underwriting profits and superior investment returns to build shareholder value” – Markel 2013 Annual Report Markel is an outstanding business currently in its 85th year of operations. It is an excellent insurance company with a history of underwriting profits. It is also a superb investment company with a history of above average investment returns. Markel had an outstanding year in 2013, basically doubling the size of its insurance business and investment portfolio in […]