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Frank Iryami's avatar

Before this report I had no idea Gayner’s performance in equities was this good!

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Ohio Capital Ideas's avatar

Nice thought process and enlightening comparison. I personally think you’re a little conservative on Markel, not just because of the reasons you highlight in your comment, but also because they have significant amortization expenses in Ventures and they’ve made recent acquisitions not yet reflected in the earnings of Ventures. You might be able to get to a $5 billion or more valuation for the group. But, regardless, I think your analysis shows why Buffett would have made an offer for Allegheny and not Markel and why Allegheny is much more attractive (especially at these prices) to Berkshire. Enjoyed it very much.

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