In-depth Notes from the 2013 Markel Breakfast in Omaha via Ben Claremon of Cove Street Capital:
Tom Gayner (TG):
The Talas Turkey Value Fund returned 9.5% net for the first quarter on a concentrated portfolio in which 93% of its capital is invested in 14 holdings. The MSCI Turkey Index returned 13.1% for the first quarter, while the MSCI All-Country ex-USA was down 5.4%. Background of the Talas Turkey Value Fund Since its inception Read More
- This is the 23rd year they have come out to Omaha
- Steve Markel was the architect of a firm that tried to make money from underwriting and make excellent investments as well
o When Tom was talking to Steve about the idea, Tom realized there was a company that had done pretty well with that exact model—Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)
o They knew that the people who were most likely to understand what they were trying to do were people who already owned Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s shares
- Decided to come to Omaha to try to meet like-minded investors
o The first time they came here there were 6 people at the meeting
- The stock price and the number of people at the meeting seem to be correlated
- When there were 6 people at the meeting, the stock was $7-$8
- Now that there are 400-500 people here, the stock is over $500
2013 Markel Breakfast Notes
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