Behind the Balance Sheet #53 The Plodder
62 snips
Nov 20, 2025 
In this engaging conversation, Tom Gayner, the long-time CEO and investment guru at Markel Group, shares insights from his remarkable career in capital allocation. He discusses his unique strategy of holding 140 stocks while focusing on the top performers. Tom breaks down why the Berkshire model is hard to replicate and highlights his thoughtful investment filters. He candidly recounts his decisions during COVID and emphasizes the importance of long-term vision over short-term fluctuations. Plus, hear how he navigates technology risks in insurance and his recommendations for aspiring investors.
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Zero-Coupon Bond Win
- Tom Gayner bought zero-coupon bonds after the junk-bond crash and recommended them to a client who could bear the tax treatment.
- The bonds refinanced at par within the year, illustrating opportunistic, contrarian investing in distressed securities.
Why Few Copy The Berkshire Model
- People resist copying Berkshire/Markel partly because of an emotional herd instinct that punishes deviation.
- Acting like a principal, not an agent, and tolerating discomfort are key enablers of that model.
Act Like A Principal
- Act as a principal where possible: behave as if it is your own money and avoid being forced by short-term pressures.
- Build psychological and financial safety nets (trusted owners, supportive spouse) to tolerate long-term decisions.
