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Insurance, Equity, and Ventures
Markel $MKLThe biggest holding in the Pillars And Profits Portfolio
Let's dive into it:
- Competitive Advantage
Created a “Blue Ocean” in insurance, investing, and ventures through long-term focus. Investments and partnerships are created with the holding period forever in mind
- Fortress Balance Sheet
Equity and Ventures investments are safety first. For the insurance engine, derisking happens by charging high premiums
- Growth
Each of the engines (insurance, investments, and ventures) have strong growth metrics. Also, the goal of having 3 engines is that if one stumbles the other two can power the company forward
- Long-term Focus
Investments are never planned to be sold this is true in both equity and Ventures investments. There are very few companies with a more long-term focus than $MKL
- Capital Allocation and Operation Skills
The 4 avenue capital allocation “flow-chart”
- Acquisition of similar insurance companies (insurance)
- Purchase of more public equities (Equity)
- Acquisition of other businesses (Ventures)
- Buying back stock
- Undervalued In Context
Each piece is valued close to its intrinsic value. The equity side is easy to value. Ventures and Insurance can most easily be measured based on revenue which has been growing rapidly
Hear about Markel more in-depth on the full deep dive
pillarsandprofits.substack.com
Markel's 3 Engines For Success (Issue #26)
Pillars: Competitive Advantage – Created a “Blue Ocean” in insurance, investing, and ventures through long-term focus Fortress Balance Sheet – equity and ventures investments are safety first Growth – Each of the engines have strong growth metrics Long-term Focus
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