The Digest #103

Semper Augustus and Markel Letters

One of the tricky things about writing a newsletter is to achieve the right balance between issue length, content, and frequency. I normally would not want to appear in your inbox two days in a row, but the following links seem too important to hold for the next regular issue.

Semper Augustus 2021 Letter to Clients by Christopher Bloomstran, February 22, 2022. I always find Christopher Bloomstran’s extensive coverage of Berkshire Hathaway to be exceptionally well researched and worth careful study. This year’s letter contains multiple valuation approaches for Berkshire Hathaway, including a comprehensive sum-of-the-parts estimate. Berkshire will release 2021 financial results along with Warren Buffett’s annual letter to shareholders on Saturday morning at 8:00 am eastern time on Berkshire’s website. (Semper Augustus)

Markel’s 2021 Letter to Shareholders. Markel Corporation has long been regarded as a “mini” Berkshire Hathaway. While the company’s core operations have long been in the insurance industry, since 2005 Markel has made a series of non-insurance acquisitions that are now collectively known as the Markel Ventures group. In this letter to shareholders, Markel’s Co-CEO Tom Gayner covers Markel’s 2021 results as well as the company’s longstanding culture. Markel has not been free of setbacks in recent years, and I found Gayner’s discussion of areas where the company fell short to be very well thought out and uncommonly candid. (Markel Corporation)

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Disclosure: Individuals associated with The Rational Walk LLC own shares of Berkshire Hathaway and Markel Corporation.