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Aug 3, 2022Liked by The Rational Walk

Thank you for highlighting the video with Tom Gayner's comments on calculating the theoretical value of Markel. Using his method and crunching the numbers based off of the Q2 2022 earnings report, it appears that MKL is currently trading at a significant discount to Tom's intrinsic value.

You mentioned in your post that you suspect Berkshire would not be willing to pay a price that Markel would accept. You may be right, and in light of the fact that Berkshire was a buyer of Markel stock in Q1 2022 this may be a classic situation where due to market volatility it's actually much cheaper to buy ownership of a public company by purchasing shares in the open market rather than simply buying the company outright. It will be interesting to review Berkshire's upcoming 13F filing to see if they bought anymore MKL stock in Q2.

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Jul 23, 2022Liked by The Rational Walk

The Britt Cool article was first published by the New York Times. https://www.nytimes.com/2022/07/16/business/warren-buffett-tracy-britt-cool.html

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