It couldn't be one of Markel biggest holdings, given the tiny size of Itic. But, it is meaningful that Markel invested in it despite this. I wouldn't care too much about Fidelity's sales. Could be short term trading dictated by portfolio's performance. Meanwhile, Markel buys and holds its stakes, like a true business owner who knows the value of the company. Why sell a stake in Itic after it doubled its revenues in less than 4 years, greatly increased its net income during the same timespan and promises to do more of the same? I would think to add shares at this time, noticing their current price of 10 and something, down from more than 28 in 98.