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Markel Group Inc

Markel Group Inc (MKL)

1,562.66
-10.74
(-0.68%)
Closed July 23 4:00PM
1,552.47
-10.19
(-0.65%)
After Hours: 6:02PM

Empower your portfolio: Real-time discussions and actionable trading ideas.

Key stats and details

Current Price
1,552.47
Bid
-
Ask
-
Volume
30,149
1,561.34 Day's Range 1,582.275
1,295.65 52 Week Range 1,670.24
Market Cap
Previous Close
1,573.40
Open
1,572.55
Last Trade
4418
@
1562.66
Last Trade Time
Financial Volume
$ 47,319,380
VWAP
1,569.5174
Average Volume (3m)
40,532
Shares Outstanding
13,002,646
Dividend Yield
-
PE Ratio
10.38
Earnings Per Share (EPS)
150.74
Revenue
15.8B
Net Profit
1.96B

About Markel Group Inc

Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a litt... Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little over 15% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding. Show more

Sector
Fire, Marine, Casualty Ins
Industry
Fire, Marine, Casualty Ins
Website
Headquarters
Glen Allen, Virginia, USA
Founded
1970
Markel Group Inc is listed in the Fire, Marine, Casualty Ins sector of the New York Stock Exchange with ticker MKL. The last closing price for Markel was $1,573.40. Over the last year, Markel shares have traded in a share price range of $ 1,295.65 to $ 1,670.24.

Markel currently has 13,002,646 shares outstanding. The market capitalization of Markel is $20.46 billion. Markel has a price to earnings ratio (PE ratio) of 10.38.

Markel (MKL) Options Flow Summary

Overall Flow

Bullish

Net Premium

84k

Calls / Puts

100.00%

Buys / Sells

100.00%

OTM / ITM

100.00%

Sweeps Ratio

0.00%

MKL Latest News

Rob Cole named Markel's Chief Actuarial Officer

Rob Cole named Markel's Chief Actuarial Officer PR Newswire RICHMOND, Va., July 15, 2024 RICHMOND, Va., July 15, 2024 /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc...

Markel Canada inaugure les produits et services officiels de Markel Play Insurance

La combinaison d'une expérience spécifique à ce secteur avec le partenariat offre une couverture spécialisée et une protection accrue aux organismes de sport et aux athlètes dans tout le Canada...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-40.91-2.567498023071593.381651.951562.5101398821602.376537CS
4-27.84-1.761679670441580.311651.951525.49436671577.4547429CS
12113.477.8853370396114391670.241436405321583.95301803CS
26100.726.937833649041451.751670.241342.66457751512.10455948CS
52120.518.415737869771431.961670.241295.65486491470.09770169CS
156317.425.69894823781235.071670.241064.09457031353.22548111CS
260462.9242.48726538481089.551670.24710.52474421228.03037997CS

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MKL Discussion

View Posts
CantonG CantonG 3 months ago
Another all time high today.
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CantonG CantonG 3 months ago
All time high hit today.
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CantonG CantonG 12 months ago
52 wk high
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bar1080 bar1080 1 year ago
Thanks. Markel is mostly out of the question for me as I already own sizable chunks of TRV and BRK, both insurance stocks. MKL is interesting.
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Enterprising Investor Enterprising Investor 1 year ago
Sold in early 2022, thanks to Ouija.

Normally, I rely on my gut.
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bar1080 bar1080 1 year ago
Did you sell your MKL?
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CantonG CantonG 2 years ago
52 wk and all time high set today.
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CantonG CantonG 2 years ago
Quarterly earnings was awesome. Market should respond....Records set for Markel.
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BottomBounce BottomBounce 3 years ago
Markel Corporation $MKL

Total Debt (mrq) 3.56B

Book Value Per Share (mrq) 913.34
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CantonG CantonG 3 years ago
The next Berkshire Hathaway. Just in its infancy.
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Elfa1014 Elfa1014 4 years ago
Still on the fence
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whytestocks whytestocks 5 years ago
News: $MKL LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Markel Corporation To Contact The Firm

NEW YORK , Jan. 24, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Markel Corporation ("Markel" or the "Company") (NYSE:MKL) of the March 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class actio...

Read the whole news https://marketwirenews.com/news-releases/lead-plaintiff-deadline-alert-faruqi-faruqi-llp-encourages-investors-who-suffered-losses-exceeding-100-000-in-markel-corporation-to-contact-the-firm-7549590.html
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catty catty 6 years ago
MKL: highly recommend by Motley Fool
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Enterprising Investor Enterprising Investor 8 years ago
Markel Reports Second Quarter And Six-Months Results (8/02/16)

RICHMOND, Va., Aug. 2, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $603.13 at June 30, 2016, up 7% from $561.23 at December 31, 2015. Comprehensive income to shareholders was $209.9 million for the second quarter of 2016 compared to a comprehensive loss to shareholders of $132.9 million for the second quarter of 2015. Comprehensive income to shareholders was $606.9 million for the six months ended June 30, 2016 compared to $148.9 million for the same period of 2015. The combined ratio was 93% for the second quarter of 2016 compared to 96% for the second quarter of 2015. The combined ratio was 90% for the six months ended June 30, 2016 and 2015. Diluted net income per share was $5.41 for the quarter ended June 30, 2016 compared to $6.72 for the second quarter of 2015. Diluted net income per share was $16.55 for the six months ended June 30, 2016 compared to $20.21 for the same period of 2015.

Alan I. Kirshner, Executive Chairman, commented, "The second quarter of 2016 results continued to reflect strong performance from our underwriting, investing and Markel Ventures operations. We were pleased with our underwriting results which had minimal impact from the industry-wide large loss events that occurred during the quarter. Our investment portfolio benefited from favorable movements in the debt and equity markets and our Markel Ventures operations reported another quarter of year over year growth in operating revenue, EBITDA and net income."

The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2016 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Wednesday, August 3, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com. A replay of the call also will be available from approximately one hour after the conclusion of the call until Monday, August 15, 2016.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-second-quarter-and-six-months-results-300308047.html
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Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/24/16)

MARKEL CORP (MKL)
Last Trade [tick] 975.6600 [-]
Volume 79,328
Net Change -0.7800
Net Change % -0.08%
52 Week High 989.1800 on 05/24/2016
52 Week Low 763.0000 on 05/26/2015
Day High 989.1800
Day Low 967.2100
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Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/23/16)

MARKEL CORP (MKL)
Last Trade [tick] 976.4400[+]
Volume 41,109
Net Change -6.4000
Net Change % -0.65%
52 Week High 986.5400 on 05/23/2016
52 Week Low 763.0000 on 05/26/2015
Day High 986.5400
Day Low 976.1700
👍️0
Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/20/16)

MARKEL CORP (MKL)
Last Trade [tick] 982.8400 [-]
Volume 52,032
Net Change 18.7400
Net Change % 1.94%
52 Week High 986.2600 on 05/20/2016
52 Week Low 763.0000 on 05/26/2015
Day High 986.2600
Day Low 968.5100
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Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/10/16)

MARKEL CORP (MKL)
Last Trade [tick] 957.8800[+]
Volume 60,222
Net Change 7.0900
Net Change % 0.75%
52 Week High 964.9600 on 05/10/2016
52 Week Low 763.0000 on 05/26/2015
Day High 964.9600
Day Low 948.5200
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Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/09/16)

MARKEL CORP (MKL)
Last Trade [tick] 950.7000[+]
Volume 32,969
Net Change 13.90
Net Change % 1.48%
52 Week High 951.3600 on 05/09/2016
52 Week Low 763.0000 on 05/26/2015
Day High 951.3600
Day Low 938.8800
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Enterprising Investor Enterprising Investor 8 years ago
MKL hits new 52-week high (5/05/16)

MARKEL CORP (MKL)
Last Trade [tick] 937.2600[+]
Volume 54,237
Net Change 6.4400
Net Change % 0.69%
52 Week High 949.9900 on 05/05/2016
52 Week Low 745.0200 on 05/06/2015
Day High 949.9900
Day Low 924.7750
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Enterprising Investor Enterprising Investor 8 years ago
Markel Reports First Quarter 2016 Results (5/03/16)

RICHMOND, Va., May 3, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $589.86 at March 31, 2016, up 5% from $561.23 at December 31, 2015. Comprehensive income to shareholders was $397.0 million for the first quarter of 2016 compared to $281.8 million for the first quarter of 2015. The combined ratio was 88% for the first quarter of 2016 compared to 83% for the first quarter of 2015. The increase in the combined ratio for the first quarter of 2016 was driven by less favorable development of prior years' loss reserves and a higher expense ratio, partially offset by a lower current accident year loss ratio compared to the first quarter of 2015. Diluted net income per share was $11.15 for the quarter ended March 31, 2016 compared to $13.49 for the first quarter of 2015.

Alan I. Kirshner, Executive Chairman, commented, "2016 is off to a strong start with solid contributions from our underwriting, investing and Markel Ventures operations. Our growth in book value per share for the quarter reflects significant returns from our investment portfolio and our long-term focus on underwriting discipline. We are well-positioned to continue to build shareholder value and to take advantage of profitable growth opportunities as they arise."

The Company also announced today it has filed its Form 10-Q for the quarter ended March 31, 2016 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Wednesday, May 4, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com. A replay of the call also will be available from approximately one hour after the conclusion of the call until Monday, May 16, 2016.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-first-quarter-2016-results-300262195.html#continue-jump
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Enterprising Investor Enterprising Investor 8 years ago
Markel Announces The Expiration And Final Results Of Its Notes Tender Offer (4/26/16)

RICHMOND, Va., April 26, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today the final results of its previously announced cash tender offer (the "Tender Offer") for up to $250 million combined aggregate principal amount of its 7.350% Senior Notes due 2034 (the "2034 Notes") and its 7.125% Senior Notes due 2019 (the "2019 Notes" and, collectively with the 2034 Notes, the "Notes"). Approximately $178,971,000 in combined aggregate principal amount of the Notes was validly tendered and not validly withdrawn at or prior to the expiration of the Tender Offer at midnight, New York City time, at the end of April 25, 2016 (the "Expiration Date"). The Tender Offer was made upon, and subject to, the terms and conditions set forth in the Offer to Purchase, dated March 29, 2016, and the related Letter of Transmittal (as amended or supplemented, the "Tender Offer Documents").

The table below sets forth the aggregate principal amount of each series of Notes that was validly tendered and not validly withdrawn on or prior to the Expiration Date.


7.35% Senior Notes due 2034
570535 AG9
$200,000,000
$70,154,000

7.125% Senior Notes due 2019
570535 AH7
$343,628,000
$108,817,000

Holders of Notes accepted for purchase that were validly tendered and not validly withdrawn at or prior to 5 p.m., New York City Time, on April 11, 2016, the early tender date for the Tender Offer (the "Early Tender Date"), received the applicable "Total Consideration," which included an early tender premium of $30 per $1,000 principal amount of Notes accepted for purchase (the "Early Tender Premium"). The Company purchased the Notes tendered at or prior to the Early Tender Date on April 13, 2016, pursuant to the terms of the Tender Offer Documents. Holders of Notes accepted for purchase that were validly tendered after the Early Tender Date, but at or prior to the Expiration Date, received only the applicable "Tender Offer Consideration," which is an amount equal to the applicable Total Consideration minus the Early Tender Premium. The Total Consideration for each series per $1,000 principal amount of Notes was announced by Markel on April 12, 2016.

Markel has accepted for purchase all of the Notes validly tendered after the Early Tender Date and at or prior to the Expiration Date. Settlement for the Notes that were tendered following the Early Tender Date but on or prior to the Expiration Date occurred today.

In addition to the Tender Offer Consideration or the Total Consideration, as applicable, holders of Notes accepted for purchase have also received accrued and unpaid interest, rounded to the nearest cent, on such $1,000 principal amount of Notes from the last applicable interest payment date up to, but not including, the applicable settlement date.

Markel retained Citigroup Global Markets Inc. and Wells Fargo Securities, LLC as the Joint Lead Dealer Managers. Global Bondholder Services Corporation is the Information Agent and Depositary. For additional information regarding the terms of the Tender Offer, please contact: Citigroup Global Markets Inc. at (800) 558-3745 (toll free) or (212) 723-6106 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704) 410-4760 (collect). Requests for documents and questions regarding the tendering of securities may be directed to Global Bondholder Services Corporation by telephone at (212) 430-3774 (for banks and brokers only), (866) 924-2200 (for all others toll-free) or +001 (212) 430-3774 (international), by email at contact@gbsc-usa.com or to the Joint Lead Dealer Managers at their respective telephone numbers. These documents regarding the tendering of securities are also available at http://www.gbsc-usa.com/Markel/.

This news release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer was made only pursuant to the Offer to Purchase and only in such jurisdictions as permitted under applicable law.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-announces-the-expiration-and-final-results-of-its-notes-tender-offer-300257914.html#continue-jump
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Enterprising Investor Enterprising Investor 8 years ago
Markel introduces enhancements to private company management liability policy (3/22/16)

RICHMOND, Va., March 22, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) is pleased to announce the launch of its revamped management liability policy for private companies. Markel has provided industry-leading management liability protection for over 14 years. The enhanced form now offers a number of new coverage features that make the policy more attractive to consumers. Some of the new features include retention credit for early settlement, extended reporting for retired directors and officers, and sublimits for shareholder dilution claims.

"Our customers and distribution partners are facing an environment of expanding liability exposure, and we are excited to announce the release of our new management liability policy for private companies. Working collaboratively with our stakeholders, we have developed a product aimed at meeting the ever-growing needs of our customers," said Sal Pollaro, Markel's Managing Director of Management Liability.

Led by Pollaro, Markel has a team of dedicated management liability underwriters that are located in Alpharetta, Georgia; Chicago, Illinois; New York, New York; Red Bank, New Jersey; San Francisco, California; and Woodland Hills, California. Pollaro joined Markel in 2009 and brings 20 years of leadership experience in management liability.

Markel is also one of a handful of providers for tenant discrimination coverage which is accessible through Markel's network of appointed wholesale brokers. A list of Markel's appointed wholesale brokers can be found at https://www.markelcorp.com/us-insurance/wholesale.

Markel's management liability product is not available in all states. The policy is available on admitted and excess and surplus bases and underwritten by Markel depending on jurisdiction.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://www.prnewswire.com/news-releases/markel-introduces-enhancements-to-private-company-management-liability-policy-300239804.html#continue-jump
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Enterprising Investor Enterprising Investor 8 years ago
Markel issues $400 million in 5.000% Senior Notes due 2046 (3/29/16)

http://www.sec.gov/Archives/edgar/data/1096343/000119312516521596/d137732dfwp.htm
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Enterprising Investor Enterprising Investor 8 years ago
Markel announces notes tender offer (3/29/16)

Commenced a tender offer to purchase for cash up to $250 million of its 7.350% Senior Notes due 2034 and 7.125% Senior Notes due 2019

http://www.reuters.com/article/idUSASC08INR
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Enterprising Investor Enterprising Investor 8 years ago
Markel Reports 2015 Financial Results (2/10/16)

RICHMOND, Va., Feb. 10, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $561.23 at December 31, 2015, up 3% from $543.96 at December 31, 2014. Over the five-year period ended December 31, 2015, compound annual growth in book value per common share outstanding was 11%. Comprehensive income to shareholders was $232.7 million for the year ended December 31, 2015 compared to $935.9 million in 2014. The combined ratio was 89% in 2015 compared to 95% in 2014. Diluted net income per share was $41.74 for the year ended December 31, 2015 compared to $22.27 in 2014.

Alan I. Kirshner, Executive Chairman, commented, "2015 was a tremendous year for our underwriting operations, which made substantial contributions to profitability despite challenging market conditions. We celebrated the 10 year anniversary of our Markel Ventures operations this year, which surpassed $1.0 billion in revenues, and welcomed the addition of CapTech in late 2015. We continue to pursue growth opportunities in both our Markel Ventures and insurance operations. We are excited about the recent Markel CATCo transaction, which expands our presence in the insurance-linked securities space and provides us with a platform to bring new insurance and investment products to the market. Overall, we are pleased with our 2015 results. We continue to drive shareholder value and want to thank our associates for their significant contributions in 2015."

[tables deleted]

Comprehensive income to shareholders for 2015 was $232.7 million compared to $935.9 million in 2014. The decrease was due to a decrease in net unrealized gains on investments, net of taxes, of $320.5 million in 2015 compared to an increase in net unrealized gains on investments, net of taxes, of $661.7 million in 2014, partially offset by higher net income to shareholders in 2015 compared to 2014. The decrease in net unrealized gains on investments, net of taxes, in 2015 was attributable to a decrease in the fair value of our fixed maturity and equity portfolios as of December 31, 2015 compared to December 31, 2014. Net income to shareholders was $582.8 million in 2015 and $321.2 million in 2014. The increase in net income to shareholders and diluted net income per share during 2015 was driven by more favorable underwriting results and higher net realized investment gains, partially offset by higher income tax expense compared to 2014.

On December 8, 2015, we completed the acquisition of substantially all of the assets of CATCo Investment Management, Ltd. (CATCo IM) and CATCo-Re Ltd. CATCo IM was a leading insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda focused on building and managing highly diversified, collateralized retrocession and reinsurance portfolios covering global property catastrophe risks. Results attributable to the acquisition are included within our non-insurance operations, which are not included in a reportable segment.

The consolidated combined ratio was 89% in 2015 compared to 95% in 2014. The decrease in the consolidated combined ratio was driven by more favorable development on prior years' loss reserves in each of our underwriting segments in 2015 compared to 2014, as well as a lower current accident year loss ratio in 2015 compared to 2014. The decrease in the current accident year loss ratio in 2015 was due in part to lower attritional losses across several product lines in our Reinsurance segment in 2015 compared to 2014.

The 2015 combined ratio included $627.8 million of favorable development on prior years' loss reserves compared to $435.5 million in 2014. The increase in prior year redundancies in 2015 compared to 2014 was due in part to a decrease in the estimated volatility of our consolidated net reserves for unpaid losses and loss adjustment expenses as a result of ceding a significant portion of our asbestos and environmental exposures to a third party during the first and fourth quarters of 2015. As a result of this decrease in estimated volatility, our level of confidence in our net reserves for unpaid losses and loss adjustment expenses increased. Therefore, management reduced prior years' loss reserves by $82.7 million, or approximately two points on the consolidated combined ratio, in order to maintain a consolidated confidence level in a range consistent with our historic levels. This reduction in prior years' loss reserves occurred across all three of our ongoing underwriting segments. We also experienced more favorable development in 2015 compared to 2014 as management had more confidence in the actuarial projections for product lines previously written by Alterra Capital Holdings Limited (Alterra) during 2015 compared to 2014.

U.S. Insurance Segment

The combined ratio for the U.S. Insurance segment for 2015 was 89% compared to 95% in 2014. The decrease in the 2015 combined ratio was due to more favorable development of prior years' loss reserves and a lower expense ratio compared to 2014. The U.S. Insurance segment's 2015 combined ratio included $299.0 million of favorable development on prior years' loss reserves compared to $216.6 million of favorable development in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $35.2 million was in the U.S. Insurance segment (approximately two points on the segment combined ratio). We also experienced favorable development on prior years' loss reserves in our Global Insurance division in 2015, primarily on our inland marine product line, compared to adverse development in 2014. Favorable development on prior years' loss reserves experienced within the U.S. Insurance segment during 2015 was most significant on our general liability product line and on our brokerage property and workers' compensation product lines. In 2014, the redundancies on prior years' loss reserves were most significant on our general liability and professional liability product lines. Favorable development on our professional liability lines in 2014 was partially offset by adverse development on our architects and engineers product line. The improvement in the U.S. Insurance segment's expense ratio was primarily due to higher earned premiums and lower general expenses.

International Insurance Segment

The combined ratio for the International Insurance segment was 86% for 2015 compared to 93% for 2014. The decrease in the 2015 combined ratio was driven by more favorable development of prior years' loss reserves, partially offset by a higher expense ratio. The International Insurance segment's 2015 combined ratio included $248.8 million of favorable development on prior years' loss reserves compared to $166.6 million of favorable development in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $32.3 million was in the International Insurance segment (approximately four points on the segment combined ratio). We also experienced more favorable prior year development on our marine and energy and general liability product lines in 2015 compared to 2014. Prior year redundancies in both 2015 and 2014 were most significant on our marine and energy, professional liability and general liability product lines. The increase in the expense ratio was due to higher profit sharing costs, higher general expenses and lower earned premiums in 2015 compared to 2014.

Reinsurance Segment

The combined ratio for the Reinsurance segment was 90% for 2015 compared to 96% for 2014. The decrease in the 2015 combined ratio was driven by a lower current accident year loss ratio and more favorable development on prior years' loss reserves. The decrease in the current accident year loss ratio was driven by lower attritional losses across several product lines in 2015 compared to 2014. The Reinsurance segment's 2015 combined ratio included $97.9 million of favorable development on prior years' loss reserves compared to $80.0 million in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $15.2 million was in the Reinsurance segment (approximately two points on the segment combined ratio). The favorable development on prior years' loss reserves in 2015 was most significant on our casualty and property lines of business. The favorable development on prior years' loss reserves in 2014 was primarily on our property lines.

Other Insurance (Discontinued Lines) Segment

The Other Insurance (Discontinued Lines) segment produced an underwriting loss of $20.4 million for the year ended December 31, 2015 compared to an underwriting loss of $28.0 million in 2014. The underwriting loss in 2014 included $27.2 million of loss reserve development on asbestos and environmental (A&E) exposures resulting from our annual review of these exposures. During our 2015 annual review, which occurred in the third quarter, we determined that no adjustment to loss reserves was required. During our 2014 annual review, we increased our expectation of the severity of the outcome of certain claims subject to litigation. As the ultimate outcome of known claims increases, our expected ultimate closure value on unreported claims also increases. As a result of these developments, we increased prior years' loss reserves accordingly. A&E loss reserves are subject to significant uncertainty due to potential loss severity and frequency resulting from an uncertain and unfavorable legal climate.

In March and October 2015, we completed two retroactive reinsurance transactions through which we ceded a significant portion of our A&E exposures to a third party. Reserves for unpaid losses and loss adjustment expenses ceded by these transactions that were attributable to A&E exposures represented approximately 55% of our A&E reserves for unpaid losses and loss adjustment expenses as of December 31, 2014. The first transaction resulted in a gain of $5.1 million, which was deferred and will be recognized in earnings in proportion to actual reinsurance recoveries received pursuant to the transaction. The second transaction resulted in an underwriting loss of $10.1 million, which was recognized during the fourth quarter of 2015. Following the October 2015 retroactive reinsurance transaction, our actuaries increased their estimate of the ultimate losses on the remaining A&E claims and management increased prior years' loss reserves by $15.0 million. Without the diversification of a larger portfolio of loss reserves, there is greater uncertainty around the potential outcomes of the remaining claims, and management strengthened reserves accordingly.

The Other Insurance (Discontinued Lines) segment also included other revenues of $0.6 million and other expenses of $29.1 million for the year ended December 31, 2015 and other revenues of $1.6 million and other expenses of $37.1 million for the year ended December 31, 2014 related to the life and annuity reinsurance business which was acquired as part of the Alterra transaction on May 1, 2013 (the Acquisition Date). This business is in run-off, and we are not writing any new life and annuity reinsurance contracts. The life and annuity benefit reserves on existing obligations are recorded on a net present value basis using assumptions that were determined at the Acquisition Date. The accretion of this discount is included in other expenses. The decrease in other expenses in 2015 compared to 2014 is primarily attributable to lower accretion expense, as a result of a favorable impact from changes in foreign currency exchange rates in 2015 compared to 2014. Other revenues attributable to the life and annuity book included in this segment represent ongoing premium adjustments on existing contracts.

Premiums and Net Retentions

We monitor the effect of movements in foreign currency exchange rates on gross premium volume and earned premiums. To the extent there are significant variations in foreign currency exchange rates between the U.S. dollar and the foreign currencies in which our insurance business is transacted, management uses the change in gross premium volume and earned premiums at a constant rate of exchange to evaluate trends in premium volume. The impact of foreign currency translation is excluded, when significant, as the effect of fluctuations in exchange rates could distort the analysis of trends. When excluding the effect of foreign currency translation on changes in premium, management uses the current period average exchange rates to translate both the current period and the prior period foreign currency denominated gross premiums written and earned premiums.

Gross Premium Volume

Gross premium volume decreased 4% in 2015 compared to 2014. At a constant rate of exchange, gross premium volume would have decreased 2% in 2015 compared to 2014. The change is primarily attributable to a 13% decrease in gross premium volume in the Reinsurance segment, or a 10% decrease at a constant rate of exchange. The decrease in gross premium volume in our Reinsurance segment was driven by changes in our auto reinsurance book. During 2014, we ceased writing auto reinsurance in the United Kingdom and decreased our quota share percentage on our non-standard auto reinsurance business in the United States. Additionally, lower gross premium volume in our general liability and property lines within the Reinsurance segment was partially offset by higher gross premium volume in our professional liability line. Gross premium volume in our International Insurance segment decreased 3% in 2015 compared to 2014. At a constant rate of exchange, gross premium volume in the International Insurance segment would have increased 2% in 2015 compared to 2014.

We have continued to see small price increases across many of our product lines during 2015. However, beginning in 2013 and continuing through 2015, we have experienced softening prices across most of our property product lines, as well as on our marine and energy lines. Our large account business is also subject to more pricing pressure. When we believe the prevailing market price will not support our underwriting profit targets, the business is not written. As a result of our underwriting discipline, gross premium volume may vary when we alter our product offerings to maintain or improve underwriting profitability.

Net Retention

Net retention of gross premium volume was 82% for 2015 and 2014. Higher retention in the U.S. Insurance and International Insurance segments was offset by lower retention in the Reinsurance segment in 2015 compared to 2014. Retention rate changes in 2015 were driven by changes in our mix of business when compared to 2014. We purchase reinsurance and retrocessional reinsurance in order to manage our net retention on individual risks and enable us to write policies with sufficient limits to meet policyholder needs.

Earned Premiums

Earned premiums for 2015 decreased slightly compared to 2014. Higher earned premiums in our U.S. Insurance segment were offset by lower earned premiums in the Reinsurance segment and the effects of foreign currency exchange rate movements in our International Insurance and Reinsurance segments. The increase in earned premiums in our U.S. Insurance segment in 2015 was primarily due to higher earned premiums in our program business, general liability lines and personal lines compared to 2014. Lower earned premiums in the Reinsurance segment were due to lower gross premium volume. At a constant rate of exchange, consolidated earned premiums would have increased 2% in 2015 compared to 2014.

Investing Results

Net investment income for 2015 was $353.2 million compared to $363.2 million in 2014. Net investment income in 2015 included lower bond income on our fixed maturity portfolio primarily due to the unfavorable impact of foreign currency exchange rate changes compared to 2014. Net investment income in 2015 also included higher dividend income on our equity portfolio due to higher equity security holdings during 2015 compared to 2014.

Net realized investment gains for 2015 were $106.5 million compared to $46.0 million in 2014. Net realized investment gains for 2015 were net of $44.5 million of write downs for other-than-temporary declines in the estimated fair value of investments compared to $4.8 million of write downs in 2014. The 2015 write downs were all attributable to equity securities. Net realized gains from the sale of equity securities in 2015 were $155.8 million compared to $50.6 million in 2014. During 2015, we liquidated certain equity securities in our portfolio in light of our outlook on the economic and competitive environment facing those companies.

Markel Ventures Operations

The results of Markel Ventures, a diverse portfolio of industrial and service companies in which we have a controlling interest, are included in other revenues and other expenses. In 2015, other revenues from our Markel Ventures operations were $1.0 billion compared to $838.1 million in 2014. Other expenses from our Markel Ventures operations were $978.1 million in 2015 compared to $775.2 million in 2014. Net income to shareholders from our Markel Ventures operations was $11.0 million in 2015 compared to $9.6 million in 2014 and earnings before interest, income taxes, depreciation and amortization (EBITDA) was $91.3 million in 2015 compared to $81.3 million in 2014.

The increase in revenues from our Markel Ventures operations in 2015 compared to 2014 was primarily driven by our acquisition of Cottrell in July 2014 and higher revenues within certain of our other manufacturing operations due in part to higher sales volumes in 2015 compared to 2014. Revenues for the year ended December 31, 2015 also included growth in certain of our non-manufacturing operations.

Net income to shareholders and EBITDA from our Markel Ventures operations increased in 2015 compared to 2014 due to more favorable results in our manufacturing operations in 2015, partially offset by less favorable results in our non-manufacturing operations in 2015. The increase in net income to shareholders and EBITDA in our manufacturing operations in 2015 was due to increased revenues, as described above, partially offset by an increase in our estimate of the fair value of the contingent consideration obligation related to the acquisition of Cottrell. A portion of the purchase consideration for Cottrell was based on Cottrell's post-acquisition earnings through 2015, as defined in the purchase agreement. During 2015, our estimate of Cottrell's 2015 earnings increased beyond our initial projection. As a result, our estimate of the fair value of the contingent consideration increased by $31.2 million during 2015. The decrease in net income to shareholders and EBITDA in our non-manufacturing operations was primarily attributable to increased expenses at certain of our non-manufacturing operations. Net income to shareholders and EBITDA in our non-manufacturing operations was net of a $14.9 million and $13.7 million non-cash goodwill impairment charge in the fourth quarter of 2015 and 2014, respectively, related to the Diamond Healthcare reporting unit. See below for a reconciliation of Markel Ventures EBITDA to net income to shareholders.

In December 2015, we completed the acquisition of CapTech Ventures, Inc. (CapTech). CapTech is a leading management and IT consulting firm, providing services and solutions to a wide array of customers. Due to the one month lag in consolidating the results of our Markel Ventures operations, the financial results for CapTech will be included in our consolidated statements of income and comprehensive income beginning in January 2016.

Financial Condition

Invested assets were $18.2 billion at December 31, 2015 compared to $18.6 billion at December 31, 2014. Equity securities were $4.1 billion, or 22% of invested assets, at both December 31, 2015 and December 31, 2014. Net unrealized gains on investments, net of taxes, were $1.5 billion at December 31, 2015 compared to $1.8 billion at December 31, 2014. At December 31, 2015, we held securities with gross unrealized losses of $95.9 million, or less than 1% of invested assets. During 2015, we increased our holdings of cash and cash equivalents and short-term investments and reduced our holdings of fixed maturities. At December 31, 2015 short-term investments, cash and cash equivalents and restricted cash represented 26% of our invested assets compared to 22% at December 31, 2014. Fixed maturities at December 31, 2015 represented 52% of our invested assets compared to 56% at December 31, 2014.

At December 31, 2015, our holding company had $1.6 billion of invested assets compared to $1.5 billion of invested assets at December 31, 2014. The increase in holding company invested assets is primarily due to dividends received from our subsidiaries, partially offset by a decrease in unrealized gains on our investment portfolio at December 31, 2015 compared to December 31, 2014.

Net cash provided by operating activities was $651.2 million in 2015 compared to $716.8 million in 2014. Net cash provided by operating activities in 2015 was net of cash payments totaling $156.4 million made in connection with two retroactive reinsurance transactions completed in 2015, in which we ceded two portfolios of policies comprised of liabilities arising from A&E exposures to a third party. Net cash provided by operating activities in 2015 was also net of a $29.0 million cash payment made to transfer our obligations under a reinsurance contract for life and annuity benefits to a third party. Also in 2015, higher cash flows attributable to our Markel Ventures operations were partially offset by higher payments for income taxes compared to the same period of 2014.

Interest Expense and Income Taxes

Interest expense for 2015 was $118.3 million compared to $117.4 million in 2014.

Income tax expense for 2015 was 21% of our income before income taxes compared to 26% in 2014. The decrease in the effective tax rate in 2015 compared to 2014 was primarily due to the impact of foreign tax credits. This decrease was partially offset by the impact of anticipating a smaller tax benefit related to tax-exempt investment income which resulted from having higher estimated income before income taxes in 2015 compared to 2014.

For 2015, the effective tax rate differs from the statutory rate of 35% primarily as a result of credits for foreign taxes paid and tax-exempt investment income. In previous periods, foreign taxes paid were not available for use as tax credits against our U.S. provision for income taxes. Based on our earnings from our foreign operations in 2015, significant foreign taxes paid in both the current period and prior periods have been used as credits against our U.S. provision for income taxes in 2015. Our recognition of these tax credits in 2015 had a favorable impact on our 2015 effective tax rate of approximately 8%. We caution readers that a similar benefit may not be recognizable in future years. For 2014, the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income.

Safe Harbor and Cautionary Statement

This release contains statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management.

There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" and "Safe Harbor and Cautionary Statement" in our 2014 Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q or are included in the items listed below:

•our anticipated premium volume is based on current knowledge and assumes no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions;

•the effect of cyclical trends, including demand and pricing in the insurance and reinsurance markets;

•actions by competitors, including consolidation, and the effect of competition on market trends and pricing;

•we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;

•the frequency and severity of man-made and natural catastrophes (including earthquakes and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of weather-related catastrophes, may be exacerbated if, as many forecast, conditions in the oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity;

•emerging claim and coverage issues, changing legal and social trends, and inherent uncertainties (including but not limited to those uncertainties associated with our A&E reserves) in the loss estimation process can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;

•reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;

•changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material increases in our estimated loss reserves for such business;

•adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;
•the failure or inadequacy of any loss limitation methods we employ;

•changes in the availability, costs and quality of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business;

•industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes can affect the ability or willingness of reinsurers to pay balances due;

•after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings;

•regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital;

•general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors;

•economic conditions, actual or potential defaults in municipal bonds or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility;

•economic conditions may adversely affect our access to capital and credit markets;

•the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns and economic and currency concerns;

•the impacts that political and civil unrest and regional conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments;

•the impacts that health epidemics and pandemics may have on our business operations and claims activity;

•the impact of the implementation of U.S. health care reform legislation and regulations under that legislation on our businesses;
•we are dependent upon the successful functioning and security of our computer systems; if our information technology systems fail or suffer a security breach, our businesses or reputation could be adversely impacted;

•our acquisition of insurance and non-insurance businesses may increase our operational and control risks for a period of time;

•we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;

•any determination requiring the write-off of a significant portion of our goodwill and intangible assets;

•the loss of services of any executive officer or other key personnel could adversely impact one or more of our operations;

•our expanding international operations expose us to increased investment, political and economic risks, including foreign currency exchange rate and credit risk;

•our ability to raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital;

•the effectiveness of our procedures for compliance with existing and ever increasing guidelines, policies and legal and regulatory standards, rules, laws and regulations;

•the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than those applicable to non-U.S. companies and their affiliates;

•a number of additional factors may adversely affect our Markel Ventures operations, and the markets they serve, and negatively impact their revenues and profitability, including, among others: changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing market; and volatility in interest and foreign currency exchange rates; and

•adverse changes in our assigned financial strength or debt ratings could adversely impact our ability to attract and retain business or obtain capital.

Our premium volume, underwriting and investment results and results from our non-insurance operations have been and will continue to be potentially materially affected by these factors. By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as at their dates.

Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 11, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through Markel Corporation's web site, www.markelcorp.com. A replay of the call will also be available on this web site from approximately two hours after the conclusion of the call until Monday, February 22, 2016.

* * * * * * * *

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-2015-financial-results-300218447.html
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Enterprising Investor Enterprising Investor 9 years ago
Michael Heaton promoted to President, Markel Ventures (1/04/16)

RICHMOND, Va., Jan. 4, 2016 /PRNewswire/ -- Markel Ventures, a wholly owned subsidiary of Markel Corporation (NYSE: MKL), announced today that Michael Heaton, Chief Operating Officer of Markel Ventures, has been promoted to President, Markel Ventures. He will also retain his COO title.

Markel Ventures owns interests in various industrial and services businesses that operate outside of the specialty insurance marketplace. These businesses are separate and distinct from Markel's insurance operations.

Heaton joined Markel in 2006 and held several positions managing real estate and special projects. In January 2012, he was named Managing Director for Markel Ventures, and he was promoted to Chief Operating Officer for Markel Ventures in September 2013. He also sits on the board of several Markel Ventures companies.

"Since 2008, Mike has played an integral role in managing the growth and development of Markel Ventures," said Thomas S. Gayner, Co-Chief Executive Officer of Markel Corporation. "With his leadership, we have broadened our overall portfolio through acquisitions and expanded the individual Markel Ventures companies."

Heaton is based out of Markel Corporation's headquarters in Richmond, Virginia, and reports to Gayner.

About Markel Ventures
Markel Ventures, Inc. is a wholly owned subsidiary of Markel Corporation. Markel Ventures makes strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The primary goal of Markel Ventures is to support the long-term financial performance of Markel Corporation through the Markel Ventures companies. Learn more at markelventures.com.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://www.prnewswire.com/news-releases/michael-heaton-promoted-to-president-markel-ventures-300198993.html
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Enterprising Investor Enterprising Investor 9 years ago
Markel Ventures And CapTech Announce Majority Investment In CapTech (12/14/15)

RICHMOND, Va., Dec. 14, 2015 /PRNewswire/ -- Markel Ventures, Inc. ("Markel") and CapTech Ventures, Inc. ("CapTech") announce today a majority investment in CapTech by Markel. Headquartered in Richmond, Virginia, CapTech is a national management consulting firm that helps bridge the gap between business and technology. Terms of the transaction were not disclosed.

Sandy Williamson and Slaughter Fitz-Hugh, CapTech's Co-Founders, remarked, "At CapTech, our people are our business and they are passionate about what they do. Our culture provides the opportunity for them to express their ideas and utilize their talents to create unique solutions with our customers." Williamson and Fitz-Hugh further commented, "When looking for a partner, we knew that we needed to find one that could understand CapTech's culture going forward, and we are excited to have Markel as that partner."

Thomas S. Gayner, President of Markel Ventures, commented, "We are delighted to welcome the CapTech team to Markel. They provide their clients with mission critical business and IT services and solutions, and their long-term record demonstrates success in accomplishing this goal. CapTech's focus on creating a great environment for its employees and clients matches up with our values at Markel. We look forward to working together to create continued growth and success."

About CapTech

CapTech (www.captechconsulting.com) is a national management consulting firm that bridges the gap between business and technology. CapTech delivers transformation, customer engagement, data & analytics and custom IT solutions for private companies, public companies and government agencies. The company's collaborative approach helps organizations grow their business, engage with customers and turn information into powerful data assets.

About Markel Ventures

Markel Ventures, Inc. (www.markelventures.com) is a wholly-owned subsidiary of Markel Corporation (NYSE: MKL). Markel Ventures makes strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The primary goal of Markel Ventures is to positively contribute to the long-term financial performance of Markel Corporation through the value creating operating activities of its subsidiaries.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-ventures-and-captech-announce-majority-investment-in-captech-300192688.html
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Enterprising Investor Enterprising Investor 9 years ago
5 Stocks You Can Buy and Hold Forever (12/04/15)

Five Motley Fool contributors highlight top stock picks for long-term investors.

It's been proved time and again that long-term thinking outperforms short-term trading. With that in mind, we asked five different Motley Fool contributors to share their favorite stock ideas for the long haul. Read on to learn which stocks these industry watchers believe could have what it takes to earn a spot in your forever portfolio.

Matt DiLallo: When I think about a forever stock, two key criteria come to mind. First, the company needs to sell a product or service into a long-term uptrend of demand. Second, the company needs to be built to last, meaning it has a history of generating a lot of cash flow and a strong balance sheet. One company that really fits this mold is ExxonMobil (NYSE:XOM).

While renewables get a lot of press today, hydrocarbons aren't going to be replaced anytime soon. In fact, daily demand for oil is expected to grow by 1% per year, or about 1 million barrels, for decades to come, because emerging-market economies have a voracious appetite for energy, which is expected to fuel growing demand for oil and gas.

However, oil and gas prices tend to by highly cyclical, and today prices are clearly on the downswing. This situation has affected weaker producers, who are struggling under a weight of debt now that oil-fueled cash flows have fallen. Exxon, on the other hand, isn't plagued by these issues because it has one of the best balance sheets -- and not just in the energy sector: Its AAA-rated credit is one of the best in the world. Further, thanks to its scale and access to lower-cost oil, Exxon continues to generate billions of dollars in free cash flow each quarter despite weak prices.

Suffice it to say that Exxon is built to last.

With decades of growth left in the tank and a fortress-like balance sheet, Exxon really is a foundational stock that an investor could buy and forget.

Todd Campbell: There's no longer time horizon than forever, and there's no guarantee that any stock will have the staying power to positively affect portfolios for generations, but if I had to pick one company that might be forever-worthy, it would be Johnson & Johnson (NYSE:JNJ).

Johnson & Johnson makes its money selling commonly used over-the-counter brands such as Band-Aid and Listerine, top-selling pharmaceuticals, and medical devices. It sells so much of this stuff that its third-quarter revenue totaled more than $17 billion.

Importantly, Johnson & Johnson does a good job turning its tens of billions of dollars in annualized sales into profit. Last quarter, Johnson & Johnson's earnings exceeded $3 billion.

The company's top- and bottom-line performance is even more compelling when we recognize that its long-term growth has come in spite of competitive threats and economic downturns.

Johnson & Johnson's uncanny knack for discovering and commercializing new products, medicines, and medical technology has led to a steady-Eddy reputation for investor-friendly dividends that's allowed it to outperform the market during inevitable corrections and bear markets. Overall, Johnson & Johnson's staying power and ability to thrive over time makes it a great option for long-minded investors.

Tim Green: Forever is a long time, and any company that will be part of your investment portfolio for the long haul needs to have two things: a sustainable competitive advantage, and a long track record of success. Corning (NYSE:GLW), a leading manufacturer of glass and ceramics, fits the bill.

Today, Corning is best known for making the glass used in LCD screens, as well as for Gorilla Glass, the scratch-resistant glass that's now been used in 4.5 billion devices. In its early days, Corning manufactured glass encasements for Thomas Edison's incandescent lamp, and over its 164-year history, the company has transformed itself again and again. From creating Pyrex in 1913 to producing the glass used in the mirror of the Hubble telescope, Corning's success has been driven by constant innovation.

Corning may look like a very different company 20 years from now, but its vast patent portfolio and its long history of innovation give the company a competitive advantage. The ride is unlikely to be smooth for investors; Corning's earnings and stock price have been volatile over the past decade, in part because of Corning's dependence on sales of LCD screens. But Corning has demonstrated an ability to adapt in the past, and for investors with a holding period of forever, that track record makes the company a great choice.

Daniel Miller: When you're looking at stocks you could buy and hold forever, the business would have to possess a long track record of returning value to shareholders, have some protection in the event of an economic slowdown, and offer a long-term growth story. Boeing (NYSE:BA) meets all the criteria and is my pick for a stock to buy and hold forever.

Currently, Boeing's dividend is at $0.91 per share, which is more than double what it paid out in 2012 and roughly triple what it was in 2006. Also, about a year ago, CEO Jim McNerney announced the company's authorization to boost its share-repurchase program to $12 billion -- the largest in its history.

To help long-term investors sleep at night in the event of an economic slowdown, Boeing has a total backlog of $485 billion. Further, 5,700 commercial airplane orders make up $426 billion of that backlog total, which is between six and seven years' worth of annual revenue for its healthy commercial airplane business.

Boeing's long-term growth is a global story, and in late August, Boeing increased its forecast for China's aircraft demand despite the volatility in China's financial market -- which is a great sign for investors. The company estimates that China's commercial airplane fleet will nearly triple over the next two decades. Further, it estimates that there will be demand for more than 38,000 new commercial airplanes over the next two decades, valued at about $5.6 trillion.

Steve Symington: Every time I purchase a stock, it's with the intention of buying and holding for the long term. But if there's one single business I'm confident will remain a part of my portfolio indefinitely, it's specialty insurer and financial holding company Markel Corporation (NYSE:MKL).

That's not to say Markel is a screaming buy right now. Shares are up more than 30% year to date as of this writing, and they trade at a somewhat steeper-than-usual price-to-book value just shy of 1.7 -- well above the five-year average price-to-book ratio of roughly 1.25.

But it's also not hard to argue that it's a well-deserved premium for this so-called "mini-Berkshire Hathaway." Similar to the company Warren Buffett built, Markel employs a veritable trifecta of businesses to consistently generate and compound shareholder value: first, an insurance business that demonstrates consistently disciplined, profitable underwriting; second, a long-term-oriented investment operation with renowned value investor Tom Gayner at the helm; and third, an ever-growing diversified group of acquired non-insurance businesses under the wing of Gayner and Markel Ventures.

And of course, it also helps that Markel's executive bonus compensation is tied directly to five-year compound average growth in book value per share. This means that the interests of Markel management are both aligned with those of shareholders, and overwhelmingly in favor of creating shareholder value over long periods of time.

In the end, as long as Markel continues implementing this model and compounding its returns, I intend to continue building and holding my position in this steady performer for the rest of my life.

http://www.fool.com/investing/general/2015/12/04/5-stocks-you-can-buy-and-hold-forever.aspx
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Enterprising Investor Enterprising Investor 9 years ago
Markel Announces Executive Officer Changes (11/19/15)

RICHMOND, Va., Nov. 19, 2015 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that, effective January 1, 2016, Thomas S. Gayner, President and Chief Investment Officer, and Richard R. Whitt, III, President and Co-Chief Operating Officer, will serve as Co-Chief Executive Officers of the Company. In addition, F. Michael Crowley, President and Co-Chief Operating Officer, will serve as the sole President of the Company as of the same date. Each of Messrs. Crowley, Gayner and Whitt will continue to report to Alan I. Kirshner, who will serve as the Company's Executive Chairman.

Mr. Kirshner, Markel's Chairman of the Board and Chief Executive Officer, remarked, "Markel is a company 'built to last.' The unanimous decision taken by the Board of Directors today to appoint Tom and Richie as Co-CEOs of the Company effective January 1 sets the stage for Markel's future and builds upon and continues a long tradition of collegial and collaborative leadership, management and decision-making. Though the CEO position will be assumed by both Tom and Richie, who are 53 and 51 years old, respectively, Mike, who is 64 years old, will continue to be an integral part of the executive management team." Mr. Kirshner further commented, "We could not be happier with the character, talent, experience, and vision Mike, Tom and Richie possess and contribute to the Company. We are equally fortunate that the management teams across our organization are filled with exceptional leaders that are executing upon the goals and aspirations of Markel on a daily basis. Our bench is indeed strong and deep."

In addition to serving as Co-Chief Executive Officers of the Company, Mr. Gayner will oversee the Company's investment portfolio and non-insurance operating companies, known as Markel Ventures, and Mr. Whitt will oversee the Company's international insurance and reinsurance operations as well as its underwriting, finance, actuarial, claims, information technology, legal and administrative functions. Mr. Crowley will continue to oversee the Company's global insurance, specialty and wholesale operations and its marketing, human resources and strategic management functions.

As Executive Chairman, Mr. Kirshner will continue to focus on long-term strategic planning and development for the Company.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-announces-executive-officer-changes-300182199.html
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Enterprising Investor Enterprising Investor 9 years ago
MKL hits new 52-week high (11/18/15)

MARKEL CORP (MKL)
Last Trade [tick] 896.0000[+]
Volume 89,099
Net Change 22.4700 52 Week High 900.1400 on 11/18/2015
Net Change % 2.57% 52 Week Low 660.0500 on 01/14/2015
52 Week High 900.1400 on 11/18/2015
(52 Week Low 660.0500 on 01/14/2015
Open 876.2600
Day High 900.1400
Day Low 858.8400
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Enterprising Investor Enterprising Investor 9 years ago
Markel Reports Third Quarter And Nine-Months Results (11/05/15)

RICHMOND, Va., Nov. 4, 2015 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $551.63 at September 30, 2015, up 1% from $543.96 at December 31, 2014. Comprehensive loss to shareholders was $51.1 million for the third quarter of 2015 compared to comprehensive income to shareholders of $36.5 million for the third quarter of 2014. Comprehensive income to shareholders was $97.7 million for the nine months ended September 30, 2015 compared to $517.4 million for the same period of 2014. The combined ratio was 88% for the third quarter of 2015 compared to 97% for the third quarter of 2014. The combined ratio was 89% for the nine months ended September 30, 2015 compared to 97% for the same period of 2014. Diluted net income per share was $7.39 for the quarter ended September 30, 2015 compared to $5.30 for the third quarter of 2014. Diluted net income per share was $27.60 for the nine months ended September 30, 2015 compared to $14.21 for the same period of 2014.

Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "We are thrilled with our underwriting results in 2015. Despite challenging conditions we are observing in the market, we produced a lower combined ratio in all three of our ongoing underwriting segments for both periods of 2015 compared to 2014. Our Markel Ventures operations continue to make substantial contributions to our operations this year, with over 30% growth in revenues year over year. Comprehensive income to shareholders for both the quarter and nine months ended September 30, 2015 was unfavorably impacted by declines in our equity portfolio, however, we continue to maintain a long-term focus with our investment strategy."

The Company also announced today it has filed its Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Thursday, November 5, 2015, beginning at 8:00 a.m. (Eastern Time). Any person interested in listening to the call, or a replay of the call, which will be available from approximately two hours after the conclusion of the call until Monday, November 16, 2015, should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-third-quarter-and-nine-months-results-300172832.html
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Enterprising Investor Enterprising Investor 9 years ago
Markel Global Insurance announces captive agents and broker-dealers coverage (9/28/15)

RICHMOND, Va., Sept. 28, 2015 /PRNewswire/ -- Markel Global Insurance, a division of Markel Corporation (NYSE: MKL), announced today new product offerings and leadership for captive agents and securities broker-dealers coverage. To support these new product lines, Markel Global Insurance welcomes Frank Frieri, Senior Vice President, and Michael Driscoll, Vice President, to its professional liability team.

Frieri and Driscoll have more than 45 years of combined industry experience with well-known insurance companies including Arch, Zurich, CNA, and AIG.

Frieri reports to Dan Gamble, Executive Vice President, Markel Global Insurance, Professional Liability. Driscoll reports to Frieri. They are based out of Markel's New York City office.

The captive agents product covers the professional liability exposures of company-sponsored life and property and casualty insurance agents. The policy provides insurance for claims arising from wrongful acts against the insured agent for the rendering of or failure to render professional services.

The securities broker-dealer product addresses claims arising from the alleged wrongful acts and wrongful supervisory acts of an insured securities broker-dealer who renders or fails to render professional services. This product is often written to complement the broker-dealer operations of company-sponsored life and property and casualty customers.

"These products are in line with our focus to expand our capabilities to our producers and provide coverage for niche markets," said Jim Gray, Executive Vice President and Chief Underwriting Officer, Markel Global Insurance, Professional Liability. "The distribution of these products will be highly selective with our key existing producers."

Gamble shared, "Frank and Michael bring more than 45 years of successful underwriting experience in these lines. With their breadth of knowledge and expertise, we look forward to offering this new opportunity to our producers and expanding our distribution platform in Markel's Global Insurance division."

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://www.prnewswire.com/news-releases/markel-global-insurance-announces-captive-agents-and-broker-dealers-coverage-300149928.html
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Enterprising Investor Enterprising Investor 9 years ago
Markel to Acquire Assets of CATCo Investment Management Ltd. (9/10/15)

RICHMOND, Va., LONDON and HAMILTON, Bermuda, Sept. 10, 2015 /PRNewswire/ -- Markel Corporation ("Markel") (NYSE: MKL) and CATCo Investment Management Ltd. ("CATCo") jointly announced today that they have entered into an agreement whereby Markel will acquire substantially all of the assets of CATCo. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. Additional terms were not disclosed.

Upon completion of the acquisition, the business will operate as Markel CATCo Investment Management Ltd. ("Markel CATCo"). The existing CATCo management team, led by Chief Executive Officer Tony Belisle, will transition into commensurate roles at Markel CATCo and will operate the business from its Hamilton, Bermuda, headquarters under Markel's ownership.

Richard R. Whitt, President and Co-Chief Operating Officer of Markel, commented, "We are very pleased for Tony Belisle and the entire CATCo team to join Markel. The addition of CATCo's insurance linked investment management capabilities alongside Markel's traditional reinsurance capabilities makes for a powerful combination. While Markel has a long and successful track record in the insurance linked securities space, the addition of the CATCo team takes our capabilities to an entirely new level. The current challenges in the reinsurance and retrocessional markets are well documented. Despite these short-term challenges, we believe that with innovative products and services the long-term future is bright."

Tony Belisle, Chief Executive Officer of CATCo Investment Management Ltd., said, "We are excited to join forces with Markel, a leading global specialty insurer and reinsurer which operates with a strong commitment to its core values and distinguished corporate culture. We felt this partnership offered a rare opportunity for CATCo to combine with a culturally similar organization which shares our results-oriented commitment to success and market leadership. We are confident that uniting the strength of the Markel brand and its global reach with CATCo's differentiated product innovation capabilities will serve to improve our value proposition for investors and cedants. CATCo has grown significantly since its launch in 2010, and the agreement with Markel will allow the same management team to maintain its commitment to both client service and continual product innovation."

Willis Capital Markets & Advisory served as exclusive financial advisor and Hogan Lovells International LLP served as legal advisor to CATCo. Sidley Austin LLP served as legal advisor to Markel.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

About CATCo Investment Management Ltd.

CATCo Investment Management Ltd. is a specialist investment management business. From its headquarters in Hamilton, Bermuda, CATCo manages approximately $2.7 billion of retrocession and traditional reinsurance portfolios for clients around the world, including financial institutions, charities, pension funds, family offices, and investment funds. CATCo Investment Management Ltd. is authorized and regulated by the Bermuda Monetary Authority. Visit CATCo Investment Management Ltd. on the web at www.catcoim.com.

http://www.prnewswire.com/news-releases/markel-to-acquire-assets-of-catco-investment-management-ltd-300140505.html
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Enterprising Investor Enterprising Investor 9 years ago
Markel Reports Second Quarter And Six-Months Results (8/05/15)

RICHMOND, Va., Aug. 5, 2015 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $554.97 at June 30, 2015, up 2% from $543.96 at December 31, 2014. Comprehensive loss to shareholders was $132.9 million for the second quarter of 2015 compared to comprehensive income to shareholders of $250.6 million for the second quarter of 2014. Comprehensive income to shareholders was $148.9 million for the six months ended June 30, 2015 compared to $480.9 million for the same period of 2014. The combined ratio was 96% for the second quarter of 2015 compared to 101% for the second quarter of 2014. The combined ratio was 90% for the six months ended June 30, 2015 compared to 98% for the same period of 2014. Diluted net income per share was $6.72 for the quarter ended June 30, 2015 compared to $2.66 for the second quarter of 2014. Diluted net income per share was $20.21 for the six months ended June 30, 2015 compared to $8.91 for the same period of 2014.

Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "Our Markel Ventures operations made substantial contributions to our results during 2015 and our underwriting results improved significantly compared to last year. Book value per share at June 30, 2015 was impacted by unfavorable movements in our fixed maturity portfolio, as a result of the increase in interest rates during 2015. We continue to exercise a disciplined underwriting approach, despite soft market conditions, and will only write business that supports our underwriting profit targets."

The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2015 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Thursday, August 6, 2015, beginning at 10:30 a.m. (Eastern Time). Any person interested in listening to the call, or a replay of the call, which will be available from approximately two hours after the conclusion of the call until Monday, August 17, 2015, should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-second-quarter-and-six-months-results-300124487.html
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Enterprising Investor Enterprising Investor 9 years ago
I guess it's about time for me to add a 5-pound bag of sugar!
Koppenheffer: Switching gears, circle of competence. This is something that we hear Warren Buffett talk about so much. What would you consider that your circle of competence is, in terms of investing?

Gayner: "Sugar, money, and dirt" are the three catchwords that I use to describe my circle of competence over the years.

One is the sense that, in sugar, you're talking about food, candy, chocolate, alcohol, things of that nature. Those are things that human beings, in general, like very much; understandable businesses, businesses that produce cash flows that you can make sense of. You can think about what they did the last five years, and what they're likely to do the next five years. That makes a lot of sense to me.

Money -- financial intermediation, banks, brokerage firms, insurance companies, financial advisory businesses, investment management -- things that deal in the inventory of money naturally resonate and make sense to me. I feel very comfortable operating in those worlds.

Dirt are real estate or businesses that you can touch and feel, and have tangible assets to them, and again the cash flows from those businesses tend to be relatively predictable, compared to many others, and reasonable people can make reasonable judgments about those kinds of businesses.

That would tend to define the circle of competence as I would define it right now.

It's also important to never be satisfied with anything, including your circle of competence. One of the things you should always be doing with your circles of competence is see if you can push it a little bit more, because the world changes. It keeps spinning, and things don't stay the same, so you always need to be working and learning and studying to make sure that your circles of competence are relevant.
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Enterprising Investor Enterprising Investor 9 years ago
An Interview with Markel's Tom Gayner (7/25/14)

Tom Gayner is the President and Chief Investment Officer of Markel, a specialty insurer located 102 miles south of Motley Fool HQ. Mr. Gayner kindly invited me and three other Fools to have lunch with him this past Tuesday.

Markel is regularly mentioned in speculative discussions around which company could be the "next Berkshire Hathaway." As Chief Investment Officer, Gayner manages the company's equity portfolio which has generated returns of 12.4% per year over the past decade – handily beating the S&P 500. In addition to that sterling performance, Gayner is one of the most quotable investors out there. The video below is our full conversation. A full transcript follows the video.

Matt Koppenheffer: I'm here today with the CIO and President of Markel, Tom Gayner. Tom, thank you so much for joining us. This is a really exciting opportunity to get to chat with you.

Tom Gayner: My pleasure, thanks for coming.

Koppenheffer: Let me start out with a nice easy question, here. I know that you are a voracious reader. What are some books that you've recently read?

Gayner: Funny you should ask; last week I happened to be on vacation and it was a great treat because essentially I got to sit and read a book a day, and that's a great luxury, to have that much time.

One of the books that I read through the course of that week was a book called Once in Golconda, by John Brooks. I don't know if you saw it, but recently Buffett and Bill Gates were talking about a John Brooks book called Business Adventures, and just by coincidence I'd read Once in Golconda earlier in that week.

It's the story of the 1920s and 1930s, written from the perspective of Richard Whitney, who was the President of the New York Stock Exchange at that time. It's a fun book. It's extraordinarily well-written. There's thousands of books to talk about, but that one is fresh in my mind, being very recent.

Koppenheffer: Sounds like a good beach read.

Gayner: It is that!

Koppenheffer: Switching gears, circle of competence. This is something that we hear Warren Buffett talk about so much. What would you consider that your circle of competence is, in terms of investing?

Gayner: "Sugar, money, and dirt" are the three catchwords that I use to describe my circle of competence over the years.

One is the sense that, in sugar, you're talking about food, candy, chocolate, alcohol, things of that nature. Those are things that human beings, in general, like very much; understandable businesses, businesses that produce cash flows that you can make sense of. You can think about what they did the last five years, and what they're likely to do the next five years. That makes a lot of sense to me.

Money -- financial intermediation, banks, brokerage firms, insurance companies, financial advisory businesses, investment management -- things that deal in the inventory of money naturally resonate and make sense to me. I feel very comfortable operating in those worlds.

Dirt are real estate or businesses that you can touch and feel, and have tangible assets to them, and again the cash flows from those businesses tend to be relatively predictable, compared to many others, and reasonable people can make reasonable judgments about those kinds of businesses.

That would tend to define the circle of competence as I would define it right now.

It's also important to never be satisfied with anything, including your circle of competence. One of the things you should always be doing with your circles of competence is see if you can push it a little bit more, because the world changes. It keeps spinning, and things don't stay the same, so you always need to be working and learning and studying to make sure that your circles of competence are relevant.

Koppenheffer: It's nice to have some of those like sugar, where ... I'm pretty confident the chocolate bar is going to do well.

Gayner: It was popular yesterday, it was popular last year, it was popular 100 years ago, it'll be popular 100 years from now as well, probably.

Koppenheffer: Sure.

Now, some people watching this may hear Tom Gayner talking about sugar, money, and dirt, and say, "That should be my circle of competence, because Tom Gayner is a fantastic investor." Is that the right takeaway from that?

Gayner: No, I think that oversimplifies things, and I think anybody who's watching this really should figure out what their circles of competence are.

Different people have different skills and abilities. If they happen to be particularly knowledgeable about medical things, or technological things, or entertainment, or sports -- anything that's their skill and their ability -- those should be defined by them, rather than thinking, "Somebody else does that, so I should do that too."

For instance, I like to play golf so I was sitting there watching the British Open and Rory McIlroy wins that wire-to-wire. I think about myself when I go play golf, and I think, "There's Rory, and he's got a golf shirt. I've got a golf shirt. He's got a golf glove, and I've got a golf glove. He's got a golf club. I've got a golf club. I see him swing like that, and I think I swing like that" -- but it turns out I don't!

His circle of competence is very different than mine. Even if I try to pretend and put on the uniform and the attributes of what his circle of competence is, my results are not going to be as good as his because we're just two different people, and have two different sets of gifts.

Koppenheffer: Got you.

Now in your investing, management -- evaluating management -- is a big part of the process. From a retail investor's perspective, obviously Tom Gayner pays a visit or calls somebody and it's a different reception than John Smith calling them up.

For that retail investor, what's a good way to get a sense for management; their trustworthiness, their capabilities?

Gayner: For instance in the course of the last week or two, I don't remember where I read it, but there was an article that profiled Bill Marriott. I believe he's roughly 82 years of age, and it was his life story and how he started out working in the root beer stand, but then morphed into the hotel business. It was talking about what Marriott is doing now, with some of the newer designs.

Well, we're Marriott investors. I've never spent any time with Bill Marriott. I don't think I've even had the chance to shake his hand, although I'd very much like to do so. But we've owned that stock probably for the better part of 20 years.

I'm a Marriott customer. I can see and understand what they do, as a customer, as well as reading their financial statements and the annual report. So, even though I don't know him, I can see and taste and touch and feel the product and the service.

I can read the financial statements. I can read profiles about him, and I can get as good a sense as possible without actually having a personal relationship with him, that enables me to make some judgment about the company that would not be wildly different than what any retail investor would have the opportunity to do.

Koppenheffer: I would say that another -- you just mentioned how long Marriott has been in the portfolio -- a key aspect of the investing at Markel is the long-term ownership. It can be such a huge advantage, to own stocks for that long.

How do you deal with ... we'll say the "dedication." I could also maybe say the potential boredom; some people might think of it as boring! What is it that allows you to own a stock for 10 years, for 20 years, and just say, "I'm going to own this. I'm not going to worry about everybody else buying and selling and turning things over"?

Gayner: Well, there's a variety of factors that would go into that. First off, I never buy something and say, "I'm done." Although we've owned Marriott for well over a decade, and probably two decades, that doesn't necessarily mean we will own Marriott tomorrow.

Things could change, and in fact one of the things I like about Marriott as an example was Bill Marriott, in this interview, was talking about the way in which the hotel business is changing; Airbnb, the sharing economy, all those sorts of things which are opening up new competitors that you would have never thought of 20 years ago, but that exist now.

The Marriott Corporation, not just Bill Marriott but other people within that company, are aware of those shifting changes, so part of my job as an investor is to monitor and stay on top of what Marriott themselves are doing, in response to the fact that the world is changing.

It's not boring because there are developments to be kept track of, and things to stay on top of, and things to make sure that your thinking is appropriate for today, just as it was 10 years ago or 20 years ago. And, most importantly, what will be the case 10 years or 20 years from now.

But there are businesses that tend to remain more relevant or less relevant, as time goes by. To the extent that you can find those that remain relevant, and that have good businesses, and that their customer bases can expand over time, and you can own them for a long time, that tends to be a very exciting thing to me. Some may find it boring. I think it's wonderful.

One other point I would say about that is, we're very lucky to be alive now, in the sense that the amount of progress that is, and I think will continue to happen all around the world, is faster and more dramatic right now than it has ever been before.

You take a company like Marriott as an example. How many hotel rooms will they be adding to their portfolio in the U.S. versus the rest of the world over the next 10 or 20 years? Well, just as if you were to go into a Wayback Machine and think about 30 years ago, when Marriott was just starting out, roughly, in the U.S. -- there were a lot of potential hotel rooms in the U.S. that they could build that company on the basis of.

Well, now it's the rest of the world.

Koppenheffer: It's a pretty big place!

Gayner: It's a big place. I don't know of one that's bigger that we can operate in!

Things like that; it's some leading companies and things that you think of as very established, dominant brands. Well, that may be true, but the addressable market that they've worked with before is much smaller than what it can potentially be over the next 10 or 20 or 30 years. You have proven winners that you can invest with and back, as they go about the task of trying to be successful in other parts of the world.

Koppenheffer: In addition to Marriott, CarMax, Disney, Berkshire Hathaway among the long-term positions that have been in the portfolio a decade or more. In addition, I've heard you talk about the tax advantages of holding a stock. CarMax is an example that Markel has a rather large profit, sitting on.

This may be a little bit different for retail investors that have tax-advantaged accounts, but from a tax perspective I know you also have some thoughts on holding onto stocks, rather than selling them or turning them over.

Gayner: Sure. The math, for us -- we're a full corporate taxpayer, so 35% tax rate, roughly, is what we would incur any time we sold something and recognize a gain. If you've got a big gain in something, a dollar's worth of gain, in effect if you sold that to buy something else with it, you've only got $0.65 to invest in the second idea, after you've sold and recognized the dollar gain.

It's a lot more productive for us, and a better use of our time and limited areas under our circle of competence, to buy something that we think we're going to be able to hold this, not just for the next 10 points, but for the next 100 points or the next 500 points.

There are very compelling investment ideas where a stock may be $20 a share and somebody argues a dramatically correct and compelling case as to why this is going to be $30 -- and it works. It goes from $20 to $30, but it's not the kind of company that's going to continue to compound in value over a long period of time.

So the smart thing to do, if you're trading those kinds of securities is, if you're right and it goes from $20 to $30, you should sell it and recognize the gain. But then you have to figure out what you're going to do next.

My bias, and the way I spend my time, is to try to buy something at $20 that I think is going to go to $30 -- and then $40, and then $50, and then $90, and then $150, and $300 -- over long periods of time, because it's just a much more efficient way for me to spend my time.

Koppenheffer: Looking at the big picture here, we've had a very nice bull market run and valuations, by some people's calculations, are now looking a little bit loftier -- 18x, 19x P/E ratios kind of level.

What is your thought on the current state of the market, and what we might see over the next five years? I know speculating on the market is not really your bag, but I've got to go there just a little bit!

Gayner: Well, you asked me about that book, Once in Golconda, and one of the central characters in that book was J. P. Morgan -- the original J. P. Morgan that you think of -- and his son, who subsequently ran that bank. J. P. Morgan's famous quote, when asked about the market and what it was going to do, he says, "It will fluctuate."

Koppenheffer: That's a great answer.

Gayner: It's an accurate answer. It was true 100 years ago, it's true today.

Similarly, going back 100 years ago, if we talk about the Dow -- and the Dow roughly at 17,000 -- what was it 100 years ago? It was probably closer to 17.

Koppenheffer: And still fluctuating.

Gayner: I don't know what the number was, but it's up a lot in the course of the last 100 years. I've been in the investment business close to 30 years now. I hope to be in it for another 30 years. I think it'll be massively higher 30 years from now than it is today -- and that's really the kind of time frame that I think about.

I have no short-term predictions. It's not an extraordinarily cheap market, it's not an extraordinarily expensive market, but it's certainly one in which I think you can find productive investment ideas.

Koppenheffer: Pushing you outside of your circle of competence a little bit more ...

Gayner: I thought we were talking about that when we talked about golf!

Koppenheffer: Yes!

Social networks. Social networks -- LinkedIn, Facebook, Twitter -- these are companies that we see, we're using all the time. They're on the lips of a lot of retail investors and everyday folks getting into the market. Do you have a view on the value of these, where they could be headed? What's your thought on the businesses?

Gayner: In general, we know the ones which have been spectacularly successful. There are others that have flitted into view, and are no longer with us, or certainly no longer held in the same esteem as what they might have been, potentially. I recognize completely that some of these are, and will continue to be, of immense value. But it's not my field of expertise to be able to opine on them.

One of the things that I do think about, and that I am responsible for within my circle of competence, is the things that we do own and how are their businesses affected by the growing power of a Google or a Facebook?

For instance, in the late 90s as an example, I tended not to own some of the dot-com companies that were very popular at the time, and I would be criticized for not being "current" with technology.

I always would say to people, "Actually, I own shares in the most successful technology company in the world."

People who knew me well would look at me quite quizzically and say, "What do you mean? You don't own any of that."

I said, "Yes, I do. I own Walmart." If you think about Walmart, it was their brilliant use of technology, as much as anything else, that enabled them to scale the size of that business. While you would not necessarily have "Walmart" fall off your lips as an example of what's a great technology company, they were great users of technology.

Marriott, which we spoke of earlier -- the reservation system, the pervasiveness -- it started out with 800 phone numbers, and now marriott.com or the Expedias and Pricelines of which they would be a part of. It's my responsibility and within my circle of competence to decide and to stay on top of whether I think they are effectively adapting to the new environment they have to operate in.

Koppenheffer: I would say in the past few years, maybe the past 5 or 10 years, there's been an increased focus on behavioral investing; the ways that our brain can get in the way of good investing results. For you, what are some of the most difficult biases that you have to face, and how do you deal with them?

Gayner: Great question. I hadn't thought about it in exactly those phrases. Where it really makes sense to me, and where things clicked, was the Thinking, Fast and Slow book that Daniel Kahneman wrote.

I try to think about where I have thought quickly, and instantly reacted to something and made the decision -- whether you want to call it the reptilian brain, the Type 1 thinking, Type 2 -- all the language around those sorts of things. Where are you making simplifying assumptions, and where are you not?

I don't have a broad, generic category to answer your question with, but I do try to stay cognizant, personally, of where I might have jumped to a conclusion and where I should slow down ... and similarly, where sometimes jumping to a conclusion is very helpful, and those kinds of decisions are more likely to be correct than not.

Koppenheffer: Fortunately, I would imagine having stocks in your portfolio for 10 years plus helps avoid making split-second decisions.

Gayner: Well, let's put it this way. It helps split-second decisions to be more accurate than they used to be.

Charlie Munger talks about this quite a bit; accumulated wisdom, and having been in the business and studied companies, and studied business, and studied people, and studied history for years and years and years and years and years, you ought to be better at it the longer you've been doing it and the older you get.

Koppenheffer: Like the muscle memory of an athlete.

Gayner: Exactly.

Koppenheffer: We put a call out to Motley Fool readers, to see if they had questions that they wanted us to bring to you, and I've got a couple of them that we could potentially close with, here.

The first one is from Christ W. His question was, "Does Markel Ventures look outside the U.S. for acquisitions, and if so does the process change when looking internationally?"

Gayner: We do. The first several Markel Ventures acquisitions that we did, tended to be pretty close to home -- some of which were right here in Richmond -- because it was a new activity for us, and we were stretching and expanding our circle of competence.

We thought it was quite important to make sure that we increased the odds of knowing what we were doing, which was helped by the fact that we knew people in this community as we did our first couple of acquisitions.

Since that time, and we're 10 years into the program now, we have indeed bought some non-U.S.-based businesses. They have tended to be businesses that the companies that we already operate, were already in. It wasn't that we got into a new business that was outside the U.S., and this was the first step in that world that we ever did.

The first company we bought in Markel Ventures was AMF Bakery equipment, so we have a decade's worth of experience in baking equipment, food supplies, and things of that nature, so some of the international deals we have done have been through AMF and in the food world -- again, connected to that "Sugar" chain.

Koppenheffer: And circle of competence is big in that.

Gayner: Circle of competence, that's exactly right. We've also done some international deals in our Ellicott Dredging operation. Ellicott, while it's headquartered in Baltimore, Maryland, actually does the vast majority of their sales outside the U.S., and has for a long time, so the people who run that business are experienced and skilled, and proven winners at doing business all around the globe, so they really were leading the transaction to buy the things that we bought outside the U.S.

Koppenheffer: Great.

The second question I have here comes from Andy S. The question is, "You get five companies, excluding Markel, to hold forever. Which companies, and why?"

Gayner: I hesitate to answer that, only because that answer might change tomorrow. So, Andy S., you can look at our public filings and you can see what we own.

You've mentioned some of the names. They are subject to change, so before we memorialize something on a stone, let's defer to another question!

Koppenheffer: We'll stick to the 13Fs for that.

Gayner: Right.

Koppenheffer: Tom, I really appreciate you joining us today. This has been a lot of fun.

Gayner: My great pleasure, thanks.

Matt Koppenheffer owns shares of Berkshire Hathaway, Markel, and Wal-Mart Stores. The Motley Fool recommends Berkshire Hathaway, CarMax, Google (A shares), Google (C shares), LinkedIn, Markel, Priceline Group, Twitter, and Walt Disney. The Motley Fool owns shares of Berkshire Hathaway, CarMax, Google (A shares), Google (C shares), LinkedIn, Markel, Priceline Group, and Walt Disney. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

http://www.fool.com/investing/general/2014/07/25/an-interview-with-markels-tom-gayner.aspx
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Enterprising Investor Enterprising Investor 9 years ago
Money manager likes Berkshire Hathaway wannabe (5/30/15)

By Kathleen Gallagher of the Journal Sentinel

As results go, Berkshire Hathaway Inc. has some of the best.

The Omaha, Neb., property and casualty insurer, led by legendary investor Warren Buffett, has produced an average annual return of 21.6% over the last 49 years — more than double the 9.9% return of the Standard & Poor's 500 index, according to the company's 2014 annual report.

That sort of performance, and Berkshire's business model — solid underwriting that generates profits and smart investment of premiums that won't need to be paid out in claims anytime soon — appeals to Milwaukee money manager Luke E. Sims.

"Buffett has it right in terms of how to not only be disciplined on the underwriting side, but on the investing side," said Sims, chairman of Sims Capital Management LLC.

But the bigger Berkshire gets, the more Sims says he worries about its ability to produce high-percentage growth.

Despite spending more than $18 billion on acquisitions in 2013, and another $8 billion on acquisitions last year, Berkshire had $63 billion in cash at the end of 2014, said Greggory Warren, a senior equity analyst at Morningstar Inc., in a recent analysis. That was nearly 35% more than Berkshire had on its books at the end of 2012, Warren said.

So Sims has turned to the best Berkshire imitator.

Markel Corp. (MKL, $772.76), Glen Allen, Va., is a specialty insurer that covers niches, including day care centers, horse stables and day camps.

"They're smaller than Berkshire and, therefore, likely to be able to grow faster," Sims said.

Markel has made an underwriting profit every year since 2005, Sims said. Since going public in 1986, the company has grown its book value by an average of 20% a year, he added.

"They're not likely to do that in the future. As you get bigger, it's harder to grow as profitably and consistently," Sims said. "But even if their growth is in the midteens area, they still have a huge compounding machine going on."

At the end of 2014, Markel had $8.5 billion of reserves to invest, Sims said.

Markel invests a good portion of that in bonds. Thomas Gayner, the company's co-president and chief investment officer, who has a strong track record of stock picking, puts a portion in stocks, Sims said. Recently, the company also has been following Berkshire's practice of buying entire companies, he added.

Over time, because of their large portfolios, insurers like Berkshire and Markel are likely to earn more money as interest rates begin to make their much-anticipated move higher, Sims said. The Federal Reserve is expected to begin raising interest rates this year.

Investors are better off owning Markel shares in an account whose distributions never get taxed — like a Roth IRA, in which investors make after-tax contributions — or in an individual account that is taxed at the lower long-term capital gains rate.

The biggest risks are the possibility that Markel could run into underwriting problems; that low interest rates would continue, limiting potential investment returns; or that an economic downturn could hurt stock performance, Sims said. Also, Markel could make mistakes in its efforts to buy entire companies. None of these concerns is unmanageable, he said.

Markel shares trade in a 52-week range of $623.90 to $797.56. Investors who buy and hold them for five or more years should have "materially better" returns than those of the S&P 500, Sims said.

ABOUT THIS

The Journal Sentinel focuses on one Wisconsin money manager or analyst in this weekly feature, looking at a trend that helps investment pros make their decisions.

http://www.jsonline.com/business/money-manager-likes-berkshire-hathaway-wannabe-b99489738z1-305567331.html
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Enterprising Investor Enterprising Investor 9 years ago
MKL hits new 52-week high (7/07/15)

MARKEL CORP (MKL)
Last Trade [tick] 853.1400[+]
Volume 148,450
Net Change 10.3500
Net Change % 1.23%
Day High 854.0950
Day Low 841.2000
52 Week High 854.0950 on 07/07/2015
52 Week Low 623.9000 on 08/08/2014
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Enterprising Investor Enterprising Investor 9 years ago
Like Buffett, Another Folksy Investor Turns Patience Into Profit (5/22/15)

Earlier this month, a crowd filled an auditorium to attend a corporate annual meeting at which a folksy investor spoke about his company and the secrets of success. But they weren’t in Omaha to hear Warren Buffett talking about Berkshire Hathaway; this crowd came to the Altria Theater in Richmond, Va., for the annual meeting of Markel Corp.

One of the speakers, Thomas Gayner, co-president and chief investment officer of the financial-holding company, has an outstanding record as a portfolio manager. He works only for Markel and doesn’t take outside clients, but every investor can learn from him.

Over the past 15 years, Mr. Gayner’s stocks have returned an average of 11.3% annually, while the S&P 500 index of big U.S. stocks has returned 4.2%, counting dividends. Last year, when winning portfolio managers were scarcer than vegetarians at a pig roast, Mr. Gayner outperformed the S&P 500 by 4.9 percentage points. His portfolio fell 34% in the market rout of 2008, but that was better than the S&P 500’s 37% loss.

You never would know any of this from listening to Mr. Gayner. After a good year, most portfolio managers beat their chests even harder than they beat the market; Mr. Gayner’s 2014 report merely said, “our overall equity portfolio earned 18.6%,” without even mentioning that the S&P 500 was up 13.7%.

Several of Mr. Gayner’s peers describe him as a good investor who has become great by knowing he is just good. He is no Warren Buffett, and he is keenly aware of his limitations. “I tell investors, ’You’re smarter than I am, but I’m managing your money,’” Mr. Gayner says. “‘If you see me doing something I shouldn’t be, tell me.’”

But he also makes the most of his strengths.

Markel’s costs are so low that he can manage its $4.5 billion stock portfolio for less than 0.01% in annual expenses, about one-70th the cost of the average U.S. stock mutual fund.

Mr. Gayner, 53 years old, worked as an accountant, a stockbroker and an equity analyst before joining Markel in 1990. He looks for profitable businesses with low debt, good management, plenty of opportunities to reinvest future profits and reasonably cheap stock.

He says, “I think as hard as I can about what I would do if this was my own money and even if it was all the money I ever will have.” Adds Mr. Gayner: “Sometimes that means hanging on even longer than you might otherwise.”

According to Mr. Gayner, Markel’s insurance operations are so consistently profitable that cash has flowed into his portfolio every single month since he joined the company in 1990. Unlike most mutual-fund or hedge-fund managers, he has been able to add to his favorite holdings whenever he wishes; any individual investor who is a net saver, Mr. Gayner says, shares the same advantage.

Markel doesn’t hold “analyst days” or provide “guidance” on future earnings. So the company attracts investors who tend to hold the stock for years at a time, which, in turn, frees Mr. Gayner from the pressure to beat the market over the short run or to shadow the S&P 500.

So he can bet big. His 10 largest stockholdings total 45% of the portfolio; at the average U.S. stock fund, according to Morningstar, the 10 biggest positions account for just under 30%.

He lets his winners run. At Markel’s full 35% tax rate, “if I sell, I have to invest the proceeds, and I’m reinvesting 65-cent dollars,” Mr. Gayner points out. “That makes the hurdle for switching a lot higher.”

He has owned Berkshire Hathaway, now approximately 11% of Markel’s stock portfolio, for a quarter-century and CarMax (9% of the portfolio), Brookfield Asset Management (4%), Walt Disney Co.(4%) and Marriott International (3%) for at least 15 years apiece.

“If you stumble on something that really compounds in value for decades, it can make all the difference,” he says. “The things you were right about become more and more important as time goes by, while the things you were wrong about become less and less important.”

The economist Paul Samuelson once said that there is “only one place to make money in the mutual-fund business—as there is only one place for a temperate man in a saloon—behind the bar and not in front of it…so I invested in a [fund] management company.” Mr. Gayner also likes to invest in such companies. He owns, among others, BlackRock, Federated Investors, Oaktree Capital Group and T. Rowe Price Group.

Many of Mr. Gayner’s roughly 90 other positions are tiny, including Rush Enterprises, an operator of truck dealerships, in which Markel holds less than a $300,000 position. “I think about something more if I own a little of it than if I own none of it,” he says. “I’m scattering seeds, seeing which become seedlings.”

Instead of trying to mimic the inimitable brilliance of Mr. Buffett, maybe more investors should emulate the common sense and patience of Mr. Gayner.

http://blogs.wsj.com/moneybeat/2015/05/22/like-buffett-another-folksy-investor-turns-patience-into-profit/
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EarlyOne EarlyOne 10 years ago
I am looking at this company from a buy and lock away for several years style of investment. The past performance is there and the balance sheet looks good to me.
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Taides Taides 10 years ago
Only two messages about this stock??? Where is everyone? This has been touted as the next Berkshire for years and it seems to be performing. Can I get a "heck yeah" and get some discussion going here? New to this service
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Penny Roger$ Penny Roger$ 12 years ago
~ $MKL ~Multi chart fix and On the house shots of DD!! Version 3.2.3







~ Barchart: http://barchart.com/quotes/stocks/MKL?
~ OTC Markets: http://www.otcmarkets.com/stock/MKL/company-info
~ Google Finance: http://www.google.com/finance?q=MKL
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=MKL#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=MKL+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=MKL
Finviz: http://finviz.com/quote.ashx?t=MKL
~ BusyStock: http://busystock.com/i.php?s=MKL&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=MKL&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=MKL
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=MKL
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=MKL
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=23377&srchyr=2011&SearchStr=MKL
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=MKL
~ MarketWatch: http://www.marketwatch.com/investing/stock/MKL/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=MKL
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=60&color=g

DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=MKL
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=MKL
Check those searches for recent MKL mentions. If MKL is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a cMKLnt list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS


Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=38&y=6
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=30&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=&symb=MKL&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=14



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=20&y=16
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=6



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=42&y=20
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=11



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=31&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=15
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=MKL&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=22&y=15



























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* If a symbol changes or adds a D, etc. Message me for an updated version.
Twitter: @MACDgyver ---> MKL <---


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Penny Roger$ Penny Roger$ 12 years ago
~ $MKL ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MKL ~ Earnings expected on Wednesday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=MKL&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=MKL&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/MKL?
~ OTC Markets: http://www.otcmarkets.com/stock/MKL/company-info
~ Google Finance: http://www.google.com/finance?q=MKL
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=MKL#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=MKL+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=MKL
Finviz: http://finviz.com/quote.ashx?t=MKL
~ BusyStock: http://busystock.com/i.php?s=MKL&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=MKL&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=MKL
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=MKL
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=MKL
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=MKL
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=MKL
~ MarketWatch: http://www.marketwatch.com/investing/stock/MKL/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=MKL
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MKL&size=l&frequency=60&color=g


http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.
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