Tom Gayner - A Discussion with Markel's CEO
Tom Gayner stops by The Business Brew to discuss a number of things. You can see the detailed show notes for specifics, below the https://www.stratosphere.io/ sponsor copy. In summation, Bill has wanted to interview Tom for a long time but didn’t know how to make the interview unique. We think this interview covers some topics Tom has not discussed elsewhere.
Please consider attending Markel’s annual meeting. On Wednesday, May 17th, from 9-10:30 the good folks at Robotti and Co. are hosting an investor panel. There will be 8-12 “best ideas” presented. The Markel annual meeting will follow that event. Food, music, and beer will follow the Markel annual meeting.
We hope you enjoy this podcast episode.
This episode is sponsored by Stratosphere.io. https://www.stratosphere.io/ is a web based terminal that has financial data, KPIs, links to filings, hedge fund letters, etc. A key differentiator is Stratosphere.io’s segment data and KPIs, which are triple checked for accuracy. https://www.stratosphere.io/ saves users time, enables easy comparisons between companies, and offers company specific metrics such as subscriber counts, numbers of locations, etc.
Head over to https://www.stratosphere.io/ for a free trial. Should you want to sign up for a paid offering please use the promo code BREW for 15% off.
Thank you to the team at thepodcastconsultant.com for producing the show.
Detailed Show Notes -
5:00 – The goal of the Markel annual event
7:30 – Tom’s background
9:35 – Blue capital and orange capital
17:05 – Creating dealflow and how long that takes
20:10 – Learning how to delegate
24:55 – What happened with the ILS transactions
33:20 – Searching New Highs and New Lows
38:40 – How investing at Markel does or does not impact Tom’s investing style
34:20 – The intertwining of Berkshire, Markel, and The Davis Funds
43:50 – The importance of relationships
48:40 – The Big Lebowski
49:10 – What traveling to India has taught Tom
56:25 – Decisions in March 2020 and how being at Markel impacted Tom
1:02:20 – How was the transition from Co-CEO to CEO
1:05:40 – How to be a deserving spouse
Book Mention:
The Way We Live Now
https://www.amazon.com/Way-Live-Now-Penguin-Classics/dp/0140433929/ref=asc_df_0140433929/?tag=hyprod-20&linkCode=df0&hvadid=475771750252&hvpos=&hvnetw=g&hvrand=16689022937612321338&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9011844&hvtargid=pla-469518675534&psc=1
社交媒体聆听
Tom Gayner - A Discussion with Markel's CEO
Tom Gayner stops by The Business Brew to discuss a number of things. You can see the detailed show notes for specifics, below the https://www.stratosphere.io/ sponsor copy. In summation, Bill has wanted to interview Tom for a long time but didn’t know how to make the interview unique. We think this interview covers some topics Tom has not discussed elsewhere. Please consider attending Markel’s annual meeting. On Wednesday, May 17th, from 9-10:30 the good folks at Robotti and Co. are hosting an investor panel. There will be 8-12 “best ideas” presented. The Markel annual meeting will follow that event. Food, music, and beer will follow the Markel annual meeting. We hope you enjoy this podcast episode. This episode is sponsored by Stratosphere.io. https://www.stratosphere.io/ is a web based terminal that has financial data, KPIs, links to filings, hedge fund letters, etc. A key differentiator is Stratosphere.io’s segment data and KPIs, which are triple checked for accuracy. https://www.stratosphere.io/ saves users time, enables easy comparisons between companies, and offers company specific metrics such as subscriber counts, numbers of locations, etc. Head over to https://www.stratosphere.io/ for a free trial. Should you want to sign up for a paid offering please use the promo code BREW for 15% off. Thank you to the team at thepodcastconsultant.com for producing the show. Detailed Show Notes - 5:00 – The goal of the Markel annual event 7:30 – Tom’s background 9:35 – Blue capital and orange capital 17:05 – Creating dealflow and how long that takes 20:10 – Learning how to delegate 24:55 – What happened with the ILS transactions 33:20 – Searching New Highs and New Lows 38:40 – How investing at Markel does or does not impact Tom’s investing style 34:20 – The intertwining of Berkshire, Markel, and The Davis Funds 43:50 – The importance of relationships 48:40 – The Big Lebowski 49:10 – What traveling to India has taught Tom 56:25 – Decisions in March 2020 and how being at Markel impacted Tom 1:02:20 – How was the transition from Co-CEO to CEO 1:05:40 – How to be a deserving spouse Book Mention: The Way We Live Now https://www.amazon.com/Way-Live-Now-Penguin-Classics/dp/0140433929/ref=asc_df_0140433929/?tag=hyprod-20&linkCode=df0&hvadid=475771750252&hvpos=&hvnetw=g&hvrand=16689022937612321338&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9011844&hvtargid=pla-469518675534&psc=1
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Ian Cassel - A Micro Perspective
Ian Cassel stops back by The Business Brew to check in. As you may remember, Ian is a full-time microcap investor and founder of MicroCapClub. Ian started investing as a teenager and learned from losing his money over and over again. Today he is a full-time private investor that supports himself and his family by investing in microcaps. He is also the author of two books: Intelligent Fanatics Project: How Great Leaders Build https://www.amazon.com/Intelligent-Fanatics-Project-Sustainable-Businesses/dp/0997576502/?_encoding=UTF8&pd_rd_w=7vP7f&content-id=amzn1.sym.22f5776b-4878-4918-9222-7bb79ff649f4&pf_rd_p=22f5776b-4878-4918-9222-7bb79ff649f4&pf_rd_r=140-2211477-9010244&pd_rd_wg=oufjI&pd_rd_r=438a9be9-ba2c-44c0-a800-30367bc020a7&ref_=aufs_ap_sc_dsk Intelligent Fanatics: Standing On The Shoulders of Giants https://www.amazon.com/Intelligent-Fanatics-Standing-Shoulders-Giants/dp/0997576537/?_encoding=UTF8&pd_rd_w=7vP7f&content-id=amzn1.sym.22f5776b-4878-4918-9222-7bb79ff649f4&pf_rd_p=22f5776b-4878-4918-9222-7bb79ff649f4&pf_rd_r=140-2211477-9010244&pd_rd_wg=oufjI&pd_rd_r=438a9be9-ba2c-44c0-a800-30367bc020a7&ref_=aufs_ap_sc_dsk Ian and Bill chatted because there was some noise about small and microcaps being cheap. Then Bill said “Come on the show.” And Ian said “Sure.” And then they had this conversation. And now you are listening. We hope you enjoy! This episode is sponsored by Stratosphere.io. Stratosphere.io is a web based terminal that has financial data, KPIs, links to filings, hedge fund letters, etc. A key differentiator is Stratosphere.io’s segment data and KPIs, which are triple checked for accuracy. Stratosphere saves users time, enables easy comparisons between companies, and offers company specific metrics such as subscriber counts, numbers of locations, etc. Head over to Stratosphere.io for a free trial. Should you want to sign up for a paid offering please use the promo code BREW for 15% off. Thank you to the team at thepodcastconsultant.com for producing the show. Detailed Show Notes - 2:50 - Staying patient in illiquid ideas 6:28 - The MicrocapClub conference 10:20 - Findings a micro cap worthy of holding 12:03 - Fallen angels vs rising stars 18:50 - Quality vs value 25:50 - What is Ian looking for in investments 28:20 - Look global for microcaps 30:20 - Why it is easier to raise money internationally than in the US 35:50 - SPAC talk 47:50 - Cogstate 1:00:30 - How microcap changed over the past year 1:05:50 - Training LPs, and yourself, to handle volatility 1:06:50 - Why the first discovery is powerful 1:11:30 - How Ian started MicroCapClub 1:16:30 - How Golf Is Not a Game of Perfect applies to investing
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