Yes, that is the Principal at the far end as the moderator for an investment panel at the Markel Annual Meeting (Yes – please come – just like Berkshire) says CEO Tom Gayner whom I have known for close to 3 decades. (Part of the globally illustrious group that will talk to me at any time but never has given us a dime to invest.)

Panelists/Victims were Samantha McLemore at Patient Capital/Miller Value, Larry Pitoskwy – GoodHaven, Andrew Walker – Rangely Capital and Jake Lubel – Brown Advisory.

Here were the questions, which in all fairness I provided to them beforehand as I have been informed from previous engagements that “you can’t just spring this on people.”(To each his own!)

1. Let’s say the myriad of events over the last decade has provided great moments that are monuments to your towering investment genius…but there are also those that have ripped the soul..and client base…out of every investor in nearly every asset class in this room. Obviously this room skews value which has had its own set of issues. This has produced soul searching as to internal process, is there really a NorthStar, probing questions from your own investors as to “are you sure you know what you are doing” to “are you going to make it as a firm and an entity” to simply “I can’t believe I had it so lined up and yet got it completely so wrong.

Walk us through an example of “that worst time for you” – what was/is it, how did “process” handle it, how did your firm handle it, what changes in investment process and practice did you make..or simply re-afirm, and then on a personal basis and I ask this from a personal note, having had a dear friend in our world whom I would bet some of you over 50 would know, who took his life in March 2020 apparently “distraught” over the red on his screen……. how you didn’t fall into an abyss of loathing and self doubt and made it through to this investing fest?

2. If you have 5 favorite investments/themes and you had to tank our audience’s net worth with just 1 because we all know the inevitable results of being put on the spot with picking 1 – what is it and why – frame business, valuation, people – and what you think you know or understand that the rest of us mortals in somewhat efficient markets don’t?

3. What is the bull and bear of an investment in MKL at current prices and valuation? And no-ass-kissing the host.

4. As many have found out painfully in recent months that the world’s best bank spreadsheets are worthless in a panic room situation, how do you approach the concept of “how are banks that are not deemed by the Feds “TBTF” investable?” What are legitimate and useful metrics that apply today in TBTF?