Subject: Re: Ding, ding, ding
Starting in 2024, Markel has stopped spoon-feeding Book Value to us in their earnings releases. They believe business has evolved, BV has become less reflective of shareholder value because a significant portion operations is not recorded at fair value.

DIY method to calculate BV:


Book Value = (Total Shareholders Equity - Preferred Stock)
             ---------------------------------------------
              Common Shares Outstanding

Book Value = (15,729,719 - 591,891) * 1000
             ---------------------------------------------
              13,023,511

Book Value = 1162.35 as of 1Q 2024

Price/BV   = 1618.29/1162.35 = 1.39 as of 5/24/24