Tomorrow, Markel Corp. will be hosting their 2022 Annual General Meeting at:

The Richmond Raceway Complex
900 E Laburnum Ave (Gate 4)
Richmond, VA 23222, USA

As with the Berkshire Hathaway AGM, Markel management places a premium on relationships and personal attendance. I haven’t found anything that suggests the meeting and/or panel discussions will be webcast. I will post links if I do.

I’ve been a Markel shareholder and a Tom Gayner for years, but have yet to make the trek to Richmond, VA. My planned trip in Spring 2020 was cancelled due to COVID.

In the meantime, readers might benefit from reading Tom’s 2022 Letter to Shareholders.

Wishing all hosts and attendees a festive and productive meeting and safe travels from to and from your places of origin. Hope to join you next year!

Markel – Selected News Releases

• “Markel Reports Q1-22 Results” April 26, 2022.
• “Markel Re-Affirms Commitment to Renewable Energy,” March 24, 2022. Tom Baker, Markel’s International Head of Renewable Energy, discusses 2021 achievements in the renewable energy market and what’s ahead in 2022.
• “Markel’s 2021 Corporate Giving” February 23, 2022. Honoring its commitment to community, Markel achieved another historic year of corporate giving in 2021 across its insurance group.
• “Morgen Housel Joins Markel’s Board of Directors” Honoring its commitment to community, Markel achieved another historic year of corporate giving in 2021 across its insurance group. November 16, 2021.

Further Reference…

The Evolution of a Value Investor – Talks at Google – June 22, 2015. Tom Gayner is the CIO of Markel Corp, where he manages the company’s investment portfolio. He talks about his journey as an individual and value investor. A recent Wall Street Journal feature on Mr Gayner’s investing style mentions: ‘He has an outstanding investing record. He works only for Markel and doesn’t take outside clients, but every investor can learn from him.’ You never woul’ know any of this [extraordinary success] from listening to Mr. Gayner. After a good year, most portfolio managers beat their chests even harder than they beat the market; Mr. Gayner’s 2014 report merely said, “our overall equity portfolio earned 18.6%,” without even mentioning that the S&P 500 was up 13.7%. Instead of trying to mimic the inimitable brilliance of Mr. Buffett, maybe more investors should emulate the common sense and patience of Mr. Gayner.“

Ritholtz, Barry “Barry Ritholtz Interviews Tom Gayner.” – Masters in Business podcast transcript – from November 21, 2021.

Brodersen, Stig “Long Term Investing with Tom Gayner” – The Investor’s Podcast Network – posted on You-Tube about a year ago.

Morgenson, Gretchen, “Managers and Investors, Well Met “New York Times, May 13, 2007.

McGough, Robert “Markel Insures the Unusual and Makes Money in the Process” Wall Street Journal, July 16, 1999.

Markel Corporation: Everything You Need to Know Insurance Business Magazine https://www.insurancebusinessmag.com/ca/

Books Recommended by Tom Gayner – McKinsey & Co. – Business Leaders Reading…

• The Power of Bad: How the Negativity Effect Rules Us and How We Can Rule It, John Tierney and Roy Baumeister
• Love Your Enemies: How Decent People Can Save America from the Culture of Contempt, Arthur C. Brooks
• Days of Grace: A Memoir, Arthur Ashe and Arnold Rampersad