- It's an insurance company that puts a lot of money in PE-style investments, not part of its reserve requirements.
- A lot like Berkshire Hathaway, it looks for traditional companies with industrial logic at the intersection between quality and value.
- Looking at the company as an insurance company with venture interests, the SoTP valuation looks compelling.
- We think Markel is a clear high conviction buy, especially as we near a turning point in rates that will support insurers' reserve gains as a nice hedge in equity markets.
For further details see:
Markel Tastes A Bit Of Berkshire Hathaway