I'm pleased to present this episode with Steve Symington from 7investing. There's lots of great stuff for beginners to learn in valuing a business. We're talking about Markel Corporation NYSE:MKL. Steve describes it as a “mini-Berkshire” company. It follows a three-tiered approach to consistently building shareholder value over long periods of time. There's the insurance tier, what they call their “growth engine,” both through specialty insurance and reinsurance. The second tier is its investment portfolio, Tom Gayner, who’s their co-CEO, serves as their chief investment officer. They invest in both fixed income avenues and equity securities. The third is Markel Ventures. This is a group of mostly non-insurance, non-investing businesses that they’ve acquired and that operate under Markel Ventures as fully owned subsidiaries.

Here's a 7investing deep dive with Steve Symington and Simon Erickson: https://7investing.com/articles/markel-deep-dive-august-2020/

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