Tom Gayner's comments during the earnings call:

The last five years included some of the most difficult insurance and investment markets we've ever faced. The last five years also included the effects of some acquisitions and expansions into new businesses, which did not go as well as we would have hoped it first. Despite that, we've made meaningful progress.

Please consider the following: Revenues in the first six months of 2018 were $3.6 billion. Revenues in the first six months of 2023, five years later, came in at $7.8 billion, an increase of 119%. Underwriting profits in the first six months of 2018 were $209 million. Underwriting profits in the first six months of 2023 were $264 million, an increase of 27%.

Recurring investment income for the first six months of 2018 was $213 million. Recurring investment income in the first six months of 2023 was $329 million, an increase of 54%. The EBITDA of Markel Ventures in the first six months of 2018 was $82 million. The EBITDA of Markel Ventures in the first six months of 2023 was $317 million, an increase of 284%. The total number of shares of Markel outstanding five years ago was $13.9 million. The total number of shares of Markel today is $13.3 million, a decrease of 4.3%.

The price per share five years ago on June 30, 2018, was $1,084. Five years later, the share price stood at $1,385, an increase of 28%. This combination of facts, along with many other factors, seems to have created a situation for many of the indicators of the economic value of Markel Growth, seem to have appreciated at a faster rate than that of the share price. In response to those circumstances, we've repurchased shares in recent years.

Additionally, our rate of repurchases was higher in the first half of 2023 than any other period. It's also a matter of public record that in five of the last six quarters I've personally taken money out of my pocket to purchase some Markel Group shares.

seekingalpha.com - Markel group inc mkl q2 earnings call transcript