From the 13F:”Markel has purchased shares of common stock of the Issuer because Markel believes the shares present an attractive investment at current market prices based on the Issuer’s operating history and prospects. Depending on prevailing market, economic and other conditions, and subject to the regulatory considerations described below, Markel may from time to time purchase additional shares or engage in discussions with the Issuer concerning the acquisition of additional shares. Markel will review its investment in the Issuer on an ongoing basis and, depending on such factors as the price and availability of shares of the Issuer’s common stock, developments relating to the Issuer’s business and prospects, general economic conditions and other investment and business opportunities available to Markel, may decide at any time to increase or decrease its investment in the Issuer.

Markel has been advised that ownership of more than 10% of the Issuer’s common stock requires prior approvals from state and federal regulatory authorities. Markel intends to seek such approvals. ”

Markel 13F

Update: “It’s just in our investment portfolio,” said Bruce Kay, spokesman for Markel. “We think it’s a good value right now.

“The company is right down the street from us in Innsbrook; it is headquartered here. We know the people running it, and it’s a great business.”

LandAmerica posted a third-quarter loss of $20.8 million, reflecting the housing slump. It cut jobs and closed offices this year, as fewer people needed home purchasing services.

“We are pleased that Markel has recognized the potential long-term value of an investment in LandAmerica stock, and we appreciate its vote of confidence in our ability to manage the company through the real estate cycle,” said LandAmerica Chairman and CEO Theodore L. Chandler Jr”

From the article: “The growth has been eye-catching with a book value that compounded at a 23 percent annual rate from 1986 to last year. Like Berkshire Hathaway, Markel doesn’t split its stock every time the price increases 50 points. It cost around $460 in late July to acquire a single share of the company. Some analysts believe the stock is undervalued and should be commanding $560/share.

Steve Markel says the real issue is whether shareholders are getting a fair price, and he believes they are. That goes to the core of what the company advertises as “The Markel Style,” a creed the company endeavors to live by: honesty and fairness, respect for suppliers, commitment to community, creating an atmosphere where employees can reach their full potential. Plus, Markel emphasizes, taking a long view. ”

Risky Niches - richmond-finance.com

Morningstar finally posted their video on Tom Gayner and the Markel Corporation (long term position). Click on the link below to watch the short video.

Stock Picks from a Berkshire-like Investor - morningstar.com