No. of Recommendations: 17
Texirish,
Good thoughts. I attended the Markel annual meeting last week. The first session of the morning of Markel's Annual Meeting was labeled "CEO Conversation Fireside Chat". A professor of the University of Richmond's business school led this session. The CEOs were Tom Gayner of Markel and Jennifer Mann, President of North America Coca-Cola. The second session was a panel of two CEOs of two firms Markel owns led by the Markel President responsible for the Ventures Group. The third session was a panel of Markel's International Insurance leaders led by Markel's President of Insurance. The three sessions provided insights into the operations, culture and future of those aspects of Markel. These sessions allowed audience members to raise questions at the end of each session.
Berkshire could employ a similar methodology for featuring its different companies and divisions. I know I'd appreciate getting to know the leadership, business challenges and future plans for companies within Berkshire.
The CEO fireside chat session provided some worthwhile information to me. Mostly I walked away thinking Jennifer Mann is a highly capable corporate leader capable of kicking butt, taking names and leading folks forward in a positive manner.
The Markel Ventures panel felt reminiscent of the late 1990s when I first invested in Berkshire. This was the time when Buffett was literally stating in the annual report of being open to talking to companies with $25M in revenues. This was the route for how many family run companies took lower valuations to sell to Berkshire to enable their companies, staff, and customers to continue and thrive going forward. Justin Boots, Acme Brick and many other companies traveled this path. The two companies featured at Markel's panel discussion were Metromont and Costa. Both companies are thriving inside Markel with the original leadership continuing in place for the two companies
The Insurance panel was quite worthwhile. Basically, Markel is now in many international markets where rule of law prevails and is expecting to double its market share over the next five years. A word about market share. First, many of the insurance companies and products are serving niche segments. Second, Markel's market share ranges from 0.5% to 2.0% of the larger property and casualty share in those large national markets. The premise is growing to 1.0% to 4.0% in these markets is attainable while continuing to seek long-term profitable business premiums.
Markel's afternoon meeting first dealt with shareholder matters and votes. Afterwards the meeting went into honoring Tony Markel as Emeritas Chair of Markel's Board. The gathering on the University of Richmond football field (under tents) was a good time for all despite a light rain falling with drinks and food in abundance.
I agree with Texirish, maybe it is time to change the Berkshire meeting format.
Uwharrie
