I've personally owned shares of Markel for nearly five years and have been to several of its annual shareholder meetings. It's high time I updated my thoughts and feelings with a fresh report on Markel. If you're an investor, I doubt you will find any new or unique insight into the company, but you might appreciate how I look at Markel's historical figures.

To give you a quick summary, Markel is an asset that is (1) currently undervalued and (2) likely to grow its intrinsic value at high single-digit or low double-digit rates for a long time. And perhaps most importantly, there is just very little that can go wrong with this investment.

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