The panel discussions at the Robotti Value Live prelude to the Markel annual meeting today were instructive. One panelist has zero investments in the USA (if I heard correctly) and another panelist is actively reducing their US exposure. This is out of eight panelists (two separate panels of four investors in each panel). From listening to the discourse, there are some increasing jitters regarding the US debt/fiscal policy situation coupled with the US market now representing 74% of the world's equity valuation.

It was interesting listening to analysis of transnational companies headquartered in Europe. One company is in Belgium (GBL) and another is in France (Bollore). Both have large family holdings and were/are facing generational shifts in management.

Robotti gave an analysis of Tidewater and this coupled with the petroleum related insights of other panelists gave the audience a feel for the prospects of several energy related companies, including one exclusively in the fracking water business.

Matthew Fine of Third Avenue Funds gave a mini-class on copper consumption trends (consumption is always increasing) and supply trends (ore grade is declining steadily as all the good stuff has been mined and we are now mining less rich deposits). Fine says it takes sixteen (16) years to bring a new copper mine into production.

Good stuff. Let's see what we learn tomorrow at the Markel Annual Meeting portion of the gathering.

Uwharrie

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