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Good deck. Its underappreciated how much the leverage in Markels balance sheet has declined over the years, particularly GWP to SH equity. A natural consequence of retaining all earnings. Interestingly buying Alterra did not fix this, as their leverage was just as low!
This is a very good presentation. Thanks for sharing it. I have a quick question.Why does BRK's float increase every year, but MKL's is almost stagnant?
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