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All Markel (MKL) CIO Tom Gayner ever seems to do is handily beat both equity and fixed-income...

All Markel (MKL) CIO Tom Gayner ever seems to do is handily beat both equity and fixed-income benchmarks over time. 2012 was no exception, and his theme for 2013 (CC transcript) is the avoidance of credit and rate risk. He's taken the duration of Markel's bond portfolio down to a record-low 3 years and invested in only the highest-rated credits. "Taking credit risk for small amounts of basis points - it doesn't seem like that good an idea to me."
Comments (3)
  • Chris DeMuth Jr.
    , contributor
    Comments (4092) | Send Message
     
    Mr. Gayner is one of the all time great value investors. One tactic is to buy Alterra Capital Holdings Limited (ALTE) in order to get exposure to MKL on a slight sale.
    5 Feb 2013, 10:05 PM Reply Like
  • Jason Merriam
    , contributor
    Comments (724) | Send Message
     
    Mr. Gayner is a gem of consistency
    5 Feb 2013, 11:25 PM Reply Like
  • bazooooka
    , contributor
    Comments (2428) | Send Message
     
    Yup, he has even been better than the "Sage" himself over the last 10 years or so. Plus the stock always seems to be a great buy in January (early). I had gotten some around $400 the last few New Year's week - but this year I had to pay around $443.

     

    Anyhow, I expect this will be a $600 stock by 2015+ and over $1000 by decades end. Getting almost a 3 bagger in 5-7 years with little draw down seems pretty good to me.
    6 Feb 2013, 01:34 AM Reply Like
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