Earnings Call

Never heard the management team so bullish before on the earnings call.

These gems from Tom Gayner:

And over that 30-year time frame, we’ve outperformed the S&P 500 Index by over 100 basis points.

Since actions speak louder than words, we’re unrelenting in our practice of repurchasing Markel shares and we think they represent an attractive value.

In response to the question: what’s the biggest governor to your stock buyback program right now?

Tom Gayner

We just want to be able to be consistent and always answered the bell for the next round of the fight. So, obviously, there’s daily volume requirements and things like that that you need to be inside of but we wish to behave in a systemic and disciplined and regular matter. And I know sometimes and believe me there’s discussions going around here about the pace of which we’re doing some of the things we’re doing.


Seems like they are looking to step up share repurchases. At just over 1.2 times book shares are a bargain for such a high quality company in an overvalued market.