Industry-Insurance

Some Thoughts on Markel’s Intrinsic Value

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I thought I’d write a post with some quick thoughts on Markel’s value. I recently had a few conversations with a friend regarding how to think about the return on equity that Markel produces relative to the investment return that you will receive as a shareholder. For example, I’ve had a couple questions from clients similar to this: “It’s great that Markel can produce 15% ROE over time, but will we receive 15% if we’re paying above book value?” The current price […]

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 […]

Investment Philosophy

Buffett on How to Think About Stocks

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“Investment is most intelligent when it is most businesslike”. – Ben Graham, The Intelligent Investor This is the time of year that I always look forward to for a variety of reasons. Spring is near in my area of the United States, college basketball tournaments will be captivating audiences around the country, the azaleas will soon be in full bloom at Augusta National Golf Club (the site of my favorite golf major), and my personal favorite: the slew of annual […]