MKL vs BRK - BV growth vs Price

MKL Book Value has risen faster than BRK’s in last 15 years. Like BRK, they have a operations business so BV understates intrinsic value.

Yet, BRK’s price has risen faster than MKLs. It is a solid business with a good insurance business, good management and good operations arm. Is MKL a loaded spring ?

Book value growth:



you also have to consider the number of shares outstanding (MKL: rising, BRK: declining), then the result doesn’t look so good anymore: comparison of book value per share


Thanks. This is how MKL shares outstanding looks. Last several years, MKL has been buying back shares. The jump in share count was for the acquisition of Alterra capital holdings.

BRK reduced the share count faster since then

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