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

|About: Markel Corporation (MKL)|By:, SA News Editor

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."