No. of Recommendations: 4
With respect, the earnings call sounded like more CYA. Q1 was a mega clunker.
I wish these guys could string together more than 2-3 quarters without crapping the bed. I'm nauseous from the relentless ups and downs.
Tom Gaynor needs to put down the MKL 'spirit king' megaphone and focus. The rah, rah, rah schtick was cute at first, now it is annoying. Reminds me of Ballmer at Microsoft working himself into a sweat rallying the troops while his leadership results conjured one of the longest periods of dead money in history.
Managing a portfolio of 128 positions? Really...? 128?! His biggest position (idea) is BRK at 12'ish% of the portfolio. His next (idea) is GOOG at 6'ish%. The remaining 126 are noisy teeny tiny ideas. Just buy the index Tom, and focus your time on insurance risk. Our results will improve.
They wont give hard numbers on "Ventures", buybacks are meh, and no divvy.
Apologies but these results really got me up on the wrong side of bed...
I've had a rather outsized position with MKL since 2012, patiently waiting.
