MKL

Gayner discusses Markel's Q4 results, highlighting strong underwriting performance and the growing contribution from Markel Ventures. Notes the insurance market remains favorable for disciplined underwriters.

Markel's insurance segment is poised for improved profitability after exiting the reinsurance business. The stock appears undervalued, with significant capacity for share buybacks, positioning it as a long-term compounder despite potential headwinds in investment income from lower interest rates.