U.S. Markets closed

Chuck Akre Comments on Markel Corp

- By Holly LaFon

The only two detractors from performance this quarter were Markel and Berkshire Hathaway. At Markel ( NYSE:MKL ), we believe investors are disheartened by a rare annual decline in book value per share (-4% in 2018), as well as uncharacteristically moderate trailing 5-year compound annual growth rate (CAGR) in book value per share (+7%). Markel earns returns on insurance and investment. Both sides of the house had challenges in 2018. We remind ourselves of the excellent team there working on shareholders' behalf, and we believe it is likely that long- term growth at Markel may be better than the 2013-2018 period suggests.

From Chuck Akre (Trades, Portfolio)'s Akre Focused Fund first-quarter 2019 shareholder letter.
This article first appeared on GuruFocus.