Subject: Share Buybacks Comparison
I compared recent share purchases by Markel, Fairfax Financial and BRK.

Both Markel and Fairfax have repurchased and retired around 6% of the shares outstanding over the past 2 years, while BRK has repurchased none.

Interestingly PB for the 3 companies are very close:
MKL = 1.41, FFX =1.44, BRK = 1.46.

Of the 3 companies BRK share price is the closest to its 52 week lows.

I expect Abel to initiate share repurchases if valuations continue to remain at current PB levels or lower. I believe he will break from Buffett’s ultra strict repurchase criterion.