Reading Markel's $MKL 10-K report. A solid 2019 as expected. 5 year BV growth at 8%. Book value at $803 / share 
Another solid year for the insurance pillar for Markel $MKL
Sharp increase in the EBITDA for $MKL Markel ventures pillar. Never been a fan of the EBITDA despite the explanations from the management.
Markel's investment pillar $MKL had a stellar year as well. The management grounding the shareholders that it is probably a one-time event where low interest rates and a surging stock market bolstered the returns.
Markel $MKL on their capital allocation to investments!
Markel $MKL continues to worry about their fixed income portfolio and the future returns of the same
Markel $MKL creating the ground work for why book value is no longer a good representative of intrinsic value for Markel...
Markel $MKL on its valuation methodology
Markel $MKL investment returns on the total investment portfolio. Impressive 5 and 10 year returns.
$MKL Markel Catco continues to be a distraction for the management. The management sure does point that while the losses were excessive on estimates and reserves, it was more due to bad business judgement than negligence though govt. investigations are still under process.
I think it is fair to say that Markel's stock CAGR has outpaced the BV CAGR. Either the book value is understating the intrinsic value or stock growth has gotten ahead of the intrinsic value..
@threadreaderapp
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