"Markel repurchased $105 million of its stock in Q2 FY23 - the largest quarterly rate in its history (2017 was the first time that the company repurchased >$100 million in a year). In addition, Gayner has continued to buy more shares on the open market (
he added another ~$148,000 of stock on August 7th). In total, these actions suggest management believes the stock is an attractive proposition near current levels;
given my purchases in July, I naturally agree. (
May 2023 Meeting: “Over the past year, the two largest buyers of MKL stock were Markel Group and Berkshire Hathaway -
and I hope at least one of those two knows what they’re doing.”)"