Markel Gayner Asset Management recently released its 2018 annual investor letter – you can download a copy below.
Thomas Gayner’s fund posted a loss of 3.5% on its equities for the full year 2018, still managing to outperform the S&P 500, which reported a loss of 4.4%. In a bigger picture, more precisely, over 30 years, the fund has also beaten the S&P 500 index by more than 100 basis points.
“2018 was a good, but not great, year. We grew the business both organically and by...
