Investor Letters

Letters through December 31, 2024

3 letters reporting on the period ending December 31, 2024, in each firm's own reckoning.

Markel Group 2024 Shareholder Letter Markel Group reported $3.7 billion of operating income, a 95.2% insurance combined ratio, and 20.1% equity-investment returns against the S&P 500’s 25.0%. Management cited strong Markel International results and $5.1 billion of Ventures revenue, while targeting further improvement in underperforming U.S. specialty lines and technology. 2024 — BRK.A $1.1T
Berkshire Hathaway 2024 Berkshire Hathaway reported $47.4 billion of 2024 operating earnings, led by insurance underwriting income of $9.0 billion and investment income of $13.7 billion. GEICO’s turnaround, a $171 billion insurance float, and long-term Japanese stakes in five trading companies anchored the discussion, while Berkshire’s per-share market value rose 25.5% versus 25.0% for the S&P 500. 2024 +25.5% ITOCY $91BMARUY $50BMITSF $87BMSBHF $111B
First Eagle Investments Global Value Team Annual Letter Global Value Team argues that US market concentration, China’s economic weakness and growing sovereign debt make differentiated sources of risk and return essential. The team retains a diversified, bottom-up value approach and a structural gold allocation, citing inflation, currency debasement and geopolitical risk. 2024 — EVGRF $237M