Markel (MKL) shares were down 13% year to date as of October 23. Often called a “mini-Berkshire” for its insurance-based model that uses capital to own companies across various industries, Markel grew a $10,000 investment over 30 years to about $220,000, an average annual gain of 10.9%, versus about $124,000 for the S&P 500, which averaged 8.7%. However, its recent gains have mostly trailed those of Berkshire Hathaway, which is Markel's largest stock holding, and weak underwriting results and reliance on volatile stock holdings are weighing on its value. The author views the shares as relatively fairly valued but is not investing now, citing the lack of a dividend and more attractive alternatives, while suggesting interested investors take a closer look.
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