Why I’m Long Gjensidige – The Norwegian Insurer (Analysis)

Gjensidige, for non-native speakers an unpronounceable name, is a quality Norwegian insurer. I’ve been long since the IPO in 2010, and in this analysis of Gjensidige I briefly bring forward some arguments why I still own the stock (and why intend keeping it). Historical performance – boring  is good: Gjensidige has delivered significant alpha since…

WR Berkley – The Rare Combination Of Both Able Operators And Allocators

We buy back stock when we think it’s attractively priced relative to our assessment of the intrinsic value of the enterprise. – Robert Berkley on the 1Q2020 conference call. The business: WR Berkley is included in our “owner-operated”/managed portfolio. WR Berkley (NYSE: WRB) is an insurance and reinsurance company. Their biggest line of insurance is…

Thoughts/Analysis On Markel (The “Mini/Baby” – Berkshire)

Berkshire Hathaway needs no introduction, but what many investors might not know is the existence of several “Mini-Berkshires” or “Baby-Berkshires”, companies that are much smaller but in many ways similar both in business model and mindset of the management. One of these companies is Markel Corporation which is traded on the NYSE and has the…