No. of Recommendations: 7
Do I think Berkshire is the better company? Absolutely. But there's a case to be made that Markel is the better investment, starting at current valuations (MKL 1.14x BV, BRK ~1.45x BV).
Markel BV per share is around $1530. Compound at 10% for 10 years = $3970. Apply a 1.45x multiple to BV anywhere near the end of that period (not unrealistic, as it was aroudn that level as recently as Jan 2025), and per share price is something like $5750, a respectable 335% return.
Berkshire -- take $350 BV/ B share, grow at 10% for 10 years, apply a (higher) 1.6x multiple, and you get a B share around $1450, 290% return.
