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No. of Recommendations: 3
As I've written before here, Morningstar's view on Markel has had quite the transformation. 15 years ago the "float" and "investments per share" model was thriving...and I mean THRIVING! Morningstar valued float as equity since it had no cost and valued Markel at the level of investments per share which at the time was close to 4 times book value.

Today? Weeeeeeeehaaaaaaaaa! Morningstar isn't much above book value.

My view? When the market is going up posters here will pinpoint book value growth and extrapolate that figure out some, thus consider Markel extremetly undervalued at anything less than near 2 times book value. When the market stumbles the stock will trade near book value.

As I've stated repeatedly, there are clear times to buy and clear times not to buy Markel. Stick around a while and you'll see the extreme mood swings.
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