Tom Gayner, how do you allocate Markel's capital? A talk with the Co-CEO

I had the pleasure to do an interview with Tom Gayner of Markel. Here you can find the transcript: https://www.good-investing.net/2021/03/13/tom-gayner-markels-ceo/

00:00 Introduction
01:05 MITIMCO's message
02:06 3 songs for Markel - playlist: https://www.youtube.com/watch?v=s3Q80mk7bxE&list=PL2jGs_PC8EQXIVlbHKMc08KEU7G2JXWAk
05:25 2020
06:40 The capital raise in May 2020
08:01 Structural changes in 2020
09:36 Measures for success
11:56 Key metrics for measuring Markel's success
14:58 Topics that Tom Gayner wants to understand
18:27 Examples
19:26 Changes in the use and perception of investment concepts
23:42 Owning Amazon
25:40 Where does the money for the portfolio come from?
29:25 Freedom in Markel's cash allocation
31:21 The insurance business - The bullish and bearish parts
32:40 Competitors in insurance
34:27 The Tesla cooperation
35:14 The impact of climate change
37:37 The impact of low-interest rates
44:23 The capital allocation framework
46:25 Decide between different buckets
48:20 The way to decide between inside and outside investing
49:55 Factors to invest in people outside of Markel
51:34 Markel ventures
54:26 What businesses of Markel ventures are especially interesting?
56:11 Everyday life businesses
58:00 Learning in public and private markets
01:00:29 Getting better as an investor
01:03:08 The climate in public vs private markets
01:05:14 Attractive niches
01:07:11 Why Tom wants people back
01:08:47 Buybacks
01:09:24 Why over 100 positions?
01:17:09 Keeping focus
01:18:07 Signal vs noise in the portfolio
01:19:28 Who influences Markel's portfolio?
01:21:32 Smaller and bigger positions
01:24:01 Selling Carmax
01:25:56 The outcome of the trip to India
01:29:07 India's influence on the portfolio
01:30:50 Final remarks

Here you can find Markel's portfolio: https://www.dataroma.com/m/holdings.php?m=MKL

MITIMCo
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If you, or someone you know, are currently in the process of starting a fund or has recently launched, they welcome you to reach out at partner@mitimco.org. And you can discover more on their website, https://www.mitimco.org​.
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Видео Tom Gayner, how do you allocate Markel's capital? A talk with the Co-CEO канала Good Investing Talks