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Thomas Gayner - Markel

  • - Updated
  • 9. April 2023

Profile

Company: Markel Corporation || Position: Chief Executive Officer (from 1/1-23)

Date of employment: 1990 || Website: https://www.markel.com/

Thomas Gayner started his career as a Certified Public Accountant at PriceWaterhouseCoopers and was subsequently Vice President at Davenport & Co.

In 1990, Gayner joined Markel to create the subsidiary ‘Markel Gayner Asset Management’, whose purpose was to invest in equities for Markel and external investors.

He then joined the executive board of Markel Corporation, which today is referred to as a “mini-Berkshire” because of the similarities between an insurance business and the use of float (customer premiums) to invest in companies.

He is a graduate of the University of Virginia and The Lawrenceville School.

Investment philosophy

Thomas Gayner has on several occasions, including in his annual ‘Letter to Shareholders’, expressed his four main investment principles:

  • He looks for companies that earn a high rate of return on invested capital (rate of return) combined with limited use of debt.
  • The company’s leadership must have a high degree of talent and integrity
  • The company must have good opportunities to reinvest capital and grow organically or through acquisitions and/or the discipline to buy back shares or pay a dividend.
  • Last but certainly not least, Gayner only buys a company when the price is fair, i.e. when the long-term return is expected to be equal to the growth in the company’s underlying and fundamental value.

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Data source: SEC EDGAR Production: Børsgade

* Reported price is the price the stock had at the time of the portfolio’s publication, e.g. 31/12. This is the last known price at which the stock is held in the portfolio.

Disclaimer

The above has been prepared by Børsgade ApS for information purposes only and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

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