31 Burst results for "Markel"
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"In 2010 and went extreme for swing voters and talked about social issues and abortion and really angered swing voters. So you can argue from political perspective, it could be helpful for a legislative perspective that it's devastating. It's very difficult to get anything done in Washington these days, as you know well. And so it largely is going to say the only thing is Washington are going to get done are bipartisan things. And it's going to make his executive orders really wanted his only avenues to go around Congress. Jim, I say for what I think is the trickiest one for last. There's a lot of talk. I don't know how far it spreads about whether President Biden should run for another term. He has said he is definitely going to run. But if at some point he decided to do otherwise, how would that come about? Is there a particular time that it's better for him to say he's not? And by the way, would it help the Democrats if he didn't? No, look, I think the president's running. And I think Donald Trump is running and in matchups with both of those. Biden beats Trump. And our theory of the case should be, how do we win this election? But if the president decides very reason he's not going to run, it is going to be a wide open field. I already talked about 20 people who think they're at least exploring a bid for the presidency if the president doesn't run. And you remember the last time we had the biggest field, we had in a very long time. Everyone in Washington wakes up in the morning and looks in the mirror and says, I should be president. And a lot of those people will run, but I would be willing to bet a lot of money that Joe Biden is running. He spent 40 years trying to be president. And except for Angela Merkel, you can't name another western leader of his voluntarily stepped away from power. So I think this Washington parlor game of easier isn't he is kind of silly because I think he is. And Chancellor Markel had held that power for a good long time, much longer than four years. That's for sure. Thank you so much to Jim masino. Always great to have you with us, Jim. He's the founder and CEO of the Messina group
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"You want with that capital over until those potential liabilities come home to roost That's not a bad source of capital It's very cheap Exactly And a lot of mines have figured that out and known about that There's some interesting sort of financial history episodes If you go back to the 1960s or 70s when conglomerates were sort of the hot money things of the day many of those had an insurance company as the financial core of the business You would golf and western teledyne and things like that Now I think there's an interesting cultural circumstance that's at play there In that if you look at insurance companies that are run by investment people oftentimes that movie didn't end that well Because you know investment people have a certain mindset a certain culture some way of doing things It's sort of lifestyle they'd like to lead Insurance people probably not wired that way Yes And most insurance companies are run by people who came up through the discipline of insurance so they were claimed to people they were actuaries They were sales people whatever But the realm of insurance is what they're wired to do and how they understand life They may or may not understand capital allocation and investments quite so much Similarly and as such since they don't understand it I don't think they appreciate it and the discipline and what's required to be really top league in that requirement Similarly investment people when they run an insurance based organization and they came up through the realm of investments I think sometimes there's a tendency not to appreciate the detail work and the daily discipline of what it takes to run a very good insurance operation coming up we continue our conversation with Tom Gaynor Markel's co CEO and CIO discussing Markel as a diversified financial holding company You're listening to masters in business with Barry ritholtz on Bloomberg radio What's the true value I.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"A day earlier due to Veterans Day The bond market will be closed Thursday and observance Herod Moscow Bloomberg radio Mattel the second largest U.S. toy company behind Hasbro is seeing early shopping in a holiday season jolted by robust demand and supply chain constraints We get more about that from Bloomberg's Charlie pellet Mattel's CEO tells Bloomberg quote people are buying toys earlier for the toy industry the holidays are accentuating a sharp turnaround sales fell early in the pandemic but have surged back and are now facing clog supply channels and jam ports Mattel did anticipate some of those supply chain issues the company said it sped procurement of raw materials and lined up ocean freight capacity and access to additional ports and shipping lanes Charlie Bloomberg radio Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is masters in business with very renewals on Bloomberg radio My extra special guest this week is Tom Gaynor He is the CIO and co CEO of Markel a diversified financial holding company He has been dubbed the next Warren Buffett by no less an expert than Jason's wife of The Wall Street Journal from 2000 to 2015 Gainers stocks have averaged a return of 11.3% annually while the S&P 500 returns a mere 4.2% counting dividends Tom Gaynor welcome to Bloomberg Thanks so much for having me So I've been looking forward to having this conversation You're kind of an interesting guy working in kind of an interesting company I don't think a lot of folks know what Markel is and does Why don't we start by just give us the short version what is Markel Sure and in fact not only do a lot of people not know what Markel does a lot of people don't know how to pronounce it So it's an easy screening technique when somebody asks for Markle It probably didn't know who they're talking to So yes Markel To some degree I think the shorthand way of describing it in the usage of today's words is we're a family office that happens to be publicly traded Now the way that business started was in the 1930s as a specialty insurance company It's kind of an interesting history in that sand Markel was in Norfolk Virginia and he was on the city council there and Norfolk Virginia was a place where a lot of veterans would be getting off the boat from World War I Some of whom decided to stay And it was the early days of the automobile and trucking industry So Sam martell had been an insurance agent There were veterans getting off the boat They were providing cab rides which were unregulated unlicensed Nikolai jitneys was the name of the term Of course accidents ensued as would be the case that anything like that And Sam Markel got a law passed that said if you're going to operate one of these kidneys you had to have insurance And adjust the people to provide it And well no insurance company would put willing to take that sort of risk So Sam Markel said well I'll start an insurance company to take that risk I don't know what the chicken and egg was whether Sam had the chest moves all laid out before he proposed the proposed of the ordinance I would not be surprised if he did But that was really the start and the genesis of the company And they caught a mega wave in the sense that the automobile trucks the highway system the Internet interstate highway system for 30 or 40 years you really had this tailwind of epic growth in the underlying business that they would ensure We could go on and on with this conversation But I think the hallmark is still matters today is you look at problems You look at something that somebody needs you try to be creative You try to figure out a way to solve it and that's what Markel does Historically largely through insurance products and ensuring things that a lot of other companies choose not to do for a variety of legitimate reasons but then also we've expanded into a lot of different products and services industrial products and services over the last 15 years with the growth of the market venture So we can do anything and everything And if we can figure out a way to make the customers the employees better off by doing so we'll do it So the interesting thing about the insurance side is insurers taking cash against a future potential liability but between when the policy is sold and want to pay out has to be made hey we have to do something with all this capital which brings us to your job CIO of Markel assets How do we describe your title technically what is your job description Well the CIO in terms of chief investment officers chief information officer that is exactly the job I had prior to becoming the co CEO and effectively it's still a job that's embedded in my role Now again if you're a business story and then you have a sophisticated listening base If you think about insurance first off set it up your initial point is correct In that And insurance company collects premiums today And they're going to make a payment.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"And then just be free to do what you want with that capital over until those potential liabilities come home to roost That's not a bad source of capital It's very cheap Exactly And a lot of minds have figured that out and known about that There's some interesting sort of financial history episodes If you go back to the 1960s or 70s when conglomerates were sort of the hot money things of the day many of those had an insurance company as the financial core of the business You would golf and western teledyne things like that Now I think there's an interesting cultural circumstance that's at play there In that if you look at insurance companies that are run by investment people oftentimes that movie didn't end that well Because you know investment people have a certain mindset a certain culture some way of doing things that sort of lifestyle they'd like to lead Insurance people probably not wired that way Yes And most insurance companies are run by people who came up through the discipline of insurance so they were claims to people they were actuaries They were sales people whatever But the realm of insurance is what they're wired to do and how they understand life They may or may not understand capital allocation and investments quite so much Similarly and as such since they don't understand it I don't think they appreciate it and the discipline and what's required to be really top league in that requirement Similarly investment people when they run an insurance based organization and they came up through the realm of investments I think sometimes there's a tendency not to appreciate the detail work and the daily discipline of what it takes to run a very good insurance operation coming up we continue our conversation with Tom Gaynor Markel's co CEO and CIO discussing Markel as.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"My extra special guest this week is Tom Gaynor He is the CIO and co CEO of Markel a diversified financial holding company He has been dubbed the next Warren Buffett by no less an expert than Jason's wife of The Wall Street Journal from 2000 to 2015 Gainers stocks have averaged a return of 11.3% annually while the S&P 500 returns a mere 4.2% counting dividends Tom Gaynor welcome to Bloomberg Thanks so much for having me So I've been looking forward to having this conversation You're kind of an interesting guy working in kind of an interesting company I don't think a lot of folks know what Markel isn't does Why don't we start by just give us the short version what is Markel Sure and in fact not only do a lot of people not know what Markel does a lot of people don't know how to pronounce it So it's an easy screening technique when somebody asks for Markle They probably don't know who they're talking to So yes Markel to some degree I think the shorthand way of describing it in the usage of today's words is we're a family office that happens to be publicly traded Now the way that business started was in the 1930s as a specialty insurance company It's kind of an interesting history in that Sam Markel was in Norfolk Virginia and he was on the city council there and Norfolk Virginia was a place where a lot of veterans would be getting off the boat from World War I Some of whom decided to stay And it was the early days of the automobile and trucking industry So Sam martel had been an insurance agent There were veterans getting off the boat They were providing cab rides which were unregulated unlicensed nickel arrive jitneys was the name of the term Of course accidents ensued as would be the case in anything like that And Sam Markel got a law passed that said if you're going to operate one of these jetties you had to have insurance And so just the people to provide it And well no insurance company would need to take that sort of risk So Sam Markel said all started an insurance company to take that risk I don't know what the chicken and egg was whether Sam had the chest moves all laid out before he proposed the proposed of the ordinance I would not be surprised if he did But that was really the start and the genesis of the company And they caught a mega wave in the sense that the automobile trucks the highway system the interstate highway system for 30 or 40 years you really had this tailwind of epic growth in the underlying business that they would ensure We could go on and on with this conversation but I think the hallmark that's still matters today is you look at problems you look at something that somebody needs you try to be creative You try to figure out a way to solve it and that's what Markel does Historically largely through insurance products and insurance things that a lot of other companies choose not to do for a variety of legitimate reasons but then also we've expanded into a lot of different products and services industrial products and services over the last 15 years with the growth of the market venture So we could do anything and everything And if we could figure out a way to make the customers the employees better off by doing so we'll do it So the interesting thing about the insurance side is insurers taking cash against a future potential liability But between when the policy is sold and want to pay out has to be made hey we have to do something with all this capital which brings us to your job CIO of Markel assets How do we describe your title technically what is your job description Well the CIO in terms of chief investment officers chief information officer that is exactly the job I had prior to becoming the co CEO and effectively it's still a job that's embedded in my role Now again if you're a business story and then you have the sophisticated listening base If you think about insurance first off set it up Your initial point is correct In that and insurance company collects premiums today And they're going to make a payment.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"You want with that capital over until those potential liabilities come home to roost That's not a bad source of capital It's very cheap Exactly And a lot of mines have figured that out and known about that There's some interesting sort of financial history episodes We go back to the 1960s or 70s when conglomerates were sort of the hot money things of the day Many of those had an insurance company as the financial core of the business You've got the western teledyne things like that Now I think there's an interesting cultural circumstance that's at play there In that if you look at insurance companies that are run by investment people oftentimes that movie didn't end that well Because you know investment people have a certain mindset and certain culture some way of doing things that sort of lifestyle they'd like to lead insurance people probably not wired that way Yes And most insurance companies are run by people who came up through the discipline of insurance so they were claims people they were actuaries They were sales people whatever But the realm of insurance is what they're wired to do and how they understand life They may or may not understand capital allocation and investments quite so much Similarly and as such they don't understand it I don't think they appreciate it and the discipline and what's required to be really top league in that requirement Similarly investment people when they run an insurance based organization and they came up through the realm of investments I think sometimes there's a tendency not to appreciate the detail work and the daily discipline of what it takes to run a very good insurance operation coming up We continue our conversation with Tom Gaynor Markel's co CEO and CIO discussing Markel.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"Is Markel corporation's CIO and co CEO He runs a portfolio of about $27 billion and has been handily outperforming the S&P 500 for quite a while So let me ask you a little bit of a twist question How do you know if one of your acquisitions is not working out I mean there's some pretty clear metrics for hey we're seeing revenues increase we're seeing profitability increase How do you measure when hey maybe we made a mistake This one isn't working Sure Well when we make mistakes in the fullness of time they show up So what we do is we stop doing that And we do more of the things that work and we do less of the things that didn't work And over time the weighted average of that really works in your favor And again I use that language very precisely The weighted average because the things that worked mathematically become larger and larger as a percentage of the total whereas the things that didn't work become less and less a percentage of the total so the mistakes give deluded into the overall solution which in aggregate worked out just fine It's my grandmother's lesson I really don't know the names of those other ten stocks she out But it doesn't matter Doesn't matter Right During COVID you have 20,000 employees How did you maintain that corporate culture How did you keep everybody involved integrated and all moving in the same direction Well I heard him last year's annual report There's been an unprecedented use of the word unprecedented And that's an accurate statement to make none of us had a playbook for how to do this and how to proceed And of those 20,000 people 15,000 of them are within ventures and a lot of them are in the category of frontline workers As one of our businesses called half go and it makes the flooring for trailers of tractor trailers And it's wood And as the president of that business can improve Bruce Vader said he can't make wood floors from home Right We had to keep the factory running and we had to figure out how to operate cleaning procedure sanitation procedures not wildly unlike the procedures that existed to get into this building this morning You got to figure all of that out on the fly and we did so And I am so amazed and so grateful for the ways in which the leaders of those companies And by that I mean not just the CEOs but the people who work for them and the frontline supervisors and all the associates who they went to work among other reasons because they needed to work And so it's our job to figure out Look if you want to work and you can work And by the way our society needs you We must find a way to figure out how to do that as safely and as effectively in its efficiently as possible That's our job So that's really what we have been about And the very act of doing that it's almost like exercising So if you want to lift a lot of weight I would suggest and that weight is just too much for you right now but it's within the realm of theoretical possibility I would suggest to you well let's lift a little bit That's the 25% of that Now let's do it a couple of times And then when we can do that and do it a couple of times well let's slip 35% of that You build bustle by doing This is not theoretical exercises Some theories that guide you But the very act of doing itself is what creates the learning of how to do it So there's been a lot of that going on where we've been learning how to move differently and lift different weights of what we had And in and of itself that act has reinforced culture where you could choose and I believe there is a great choosing going on not just in Markel but really sort of society we're at large Whether you really want to do that or not And there are some professions in some circumstances We don't have to do that so much In our business you get to Both in the 15,000 frontline workers And I would argue in a second derivative since Even the white collar workforce that can work remotely There's something about being together in person The water cooler conversations the coffee cup conversations The quips that these of humor and laughing and joking and going back and forth that's really hard to do in a virtual world that I think there's a place for everything in this world It's not right or wrong It is just different So we run the gamut of where it is just the physical reality whether we're making wood floors or lifting a thousand tons You got to be present to win So you got to do that in person And that creates some aspects of the culture by itself of doing so There's some that's creative So you may not think of us as a creative business and insurance operational white collar work But it's something it's almost like an advertising agency So there are some parts of our business which are actuarial And formula and mathematically driven But there's a lot of insurance business which is more like an advertising agency that it is a big insurance company because you got to be creative and you got to figure out how to solve this problem of some risk That's not going to be price words out of my mouth All problem solving unless you're doing basic arithmetic involves creativity Hey maybe this will work Sometimes not every solution is ideal for this problem.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"Be free to do what you want with that capital over until those potential liabilities come home to roost That's not a bad source of capital It's very cheap Exactly And a lot of mines have figured that out and known about that There's some interesting sort of financial history episodes we go back to the 1960s or 70s when conglomerates were sort of the hot money things of the day Many of those had an insurance company as the financial core of the business You've got golf and western tele and things like that Now I think there's an interesting cultural circumstance that's at play there In that if you look at insurance companies that are run by investment people oftentimes that movie didn't end that well Because investment people have a certain mindset and certain culture some way of doing things and life Lifestyle they'd like to lead Insurance people probably not wired that way Yes And most insurance companies are run by people who came up through the discipline of insurance so they were claimed to people they were actuaries They were sales people whatever But the realm of insurance is what their wire to do and how they understand life They may or may not understand capital allocation and investments quite so much Similarly and as such since they don't understand it I don't think they appreciate it and the discipline and what's required to be really top league in that requirement Similarly investment people when they run an insurance based organization and they came up through the realm of investments I think sometimes there's a tendency not to appreciate the detail work and the daily discipline of what it takes to run a very good Insurance operation coming up we continue our conversation with Tom Gaynor Markel's co CEO and CIO discussing Markel.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"This is masters in business with very little on Bloomberg radio My extra special guest this week is Tom Gaynor He is the CIO and co CEO of Markel a diversified financial holding company He has been dubbed the next Warren buffet by no less an expert than Jason's wife of The Wall Street Journal from 2000 to 2015 Gainer stocks have averaged a return of 11.3% annually while the S&P 500 returns a mere 4.2% counting dividends Tom Gaynor welcome to Bloomberg Thanks so much for having me So I've been looking forward to having this conversation You're kind of an interesting guy working in kind of an interesting company I don't think a lot of folks know what Markel is and does Why don't we start by just give us the short version what is Markel Sure and in fact not only do a lot of people not know what Markel does a lot of people don't know how to pronounce it So it's an easy screening technique when somebody asks for Markle They probably don't know who they're talking to So yes Markel to some degree I think the shorthand way of describing it in the usage of today's words is we're a family office that happens to be publicly traded Now the way that business started was in the 1930s as a specialty insurance company It's kind of an interesting history in that Sam Markel was in Norfolk Virginia and he was on the city council there and Norfolk Virginia was a place where a lot of veterans would be getting off the boat from World War I Some of whom decided to stay And it was the early days of the automobile and trucking industry So Sam Markel had been an insurance agent There were veterans getting off the boat They were providing cab rides which were unregulated unlicensed Nikola ride jitneys was the name of the term Of course accidents ensued as would be the case in anything like that And Sam Markel got a law passed that said if you're going to operate one of these jitneys you had to have insurance And so just the people to provide it And well no insurance company would was willing to take that sort of risk So Sam Markel said I'll start an insurance company to take that risk I don't know what the chicken and egg was whether Sam had the chest moves all laid out before he proposed the proposed of the ordinates I would not be surprised if he did But that was really the start and the genesis of the company And they caught a mega wave in the sense that the automobile trucks the highway system the Internet interstate highway system for 30 or 40 years you really had this tailwind of epic growth in the underlying business that they would ensure We could go on and on with this conversation but I think the hallmark is still matters today is you look at problems you look at something that somebody needs you try to be creative You try to figure out a way to solve it and that's what Markel does Historically largely through insurance products and insuring things that a lot of other companies choose not to do for a variety of legitimate reasons but then also we've expanded into a lot of different products and services industrial products and services over the last 15 years with the growth of the market venture So we can do anything and everything And if we can figure out a way to make the customers and the employees better off by doing so we'll do it So the interesting thing about the insurance side is insurers taking cash against a future potential liability But between when the policy is sold they want to pay out has to be made Hey we have to do something with all this capital which brings us to your job CIO of Markel assets How do we describe your title technically what is your job description Well the CIO in terms of chief investment officers chief information officer that is exactly the job I had prior to becoming the co CEO and effectively it is still a job that's embedded in my role Now again if you're a business story and then you have the sophisticated listening base If you think about insurance first off set it up your initial point is correct In that and insurance company collects premiums today And they're going to make a payment.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"What led you to stay with them over the long haul Well let me take each of those two because I think they installed Yes they are instructors Take Amazon as an example I talked earlier about the importance of the shareholders of Markel And the desire that we have at martel to have great shareholders who are thoughtful and intelligent and really contribute ideas and thoughts to me and to Markel that make us better and specifically with Amazon I have a friend named Josh tarasoff who runs his own investment management firm and he's done extraordinarily well So Mark Cal shareholder friend and so we had a relationship We talked back and forth And Josh noticed that if you went back and I lose track of time a decade or more whatever Our holdings in the world of technology were pretty slim Let's round it to zero not much And if Josh is kind and helpful and gentle wave was helping me realize I might be making a mistake about this And when you say kind and gentle was he like Tom what the hell are you doing here You missing the boat Or was he you know how kind and how gentle Do you really watch kind of jokes Despite I mean I love New Yorkers because they are by the way that was kind and gentle just so I understand that completely And there's no mystery or subterfuge about that you're saying What is wrong with you I get that So I can absorb that and not take it personally But by the way Josh is a kind and gentle person But he really walked me through thinking about Amazon and helping me to come to understanding in a much more productive way than I had in the past So that's point number one So that trade worked out I'm guessing Yeah it's more green than red on that one And here's the other thing that really matters So one of my hiccups or concerns about Amazon would have been the idea of the valuation at that instant What is it if I pencil out numbers And because Markel has been a profitable insurance underwriting organization for so long What that creates is regular periodic cash flow And the ability to do dollar cost averaging So I've been to Markel a little over 30 years Well times four for a quarter That's a 120 quarters And I would say of those 120 quarters that I've been there the insurance operations And now the ventures operations as well have deposited cash Into the investment account maybe a 116 out of those 124 So you have money to put to work Exactly And if I make a mistake there'll be among the mistakes you can make You can make a mistake about valuation where look this is a great company but it's just really high priced And so you paid too much for it Or you can make a mistake about the business itself It's an honest good business as you thought it was Well if I'm right about the second thing that this is really a good business I get to solve for the valuation problem a little bit By dollar cost average you just nibble nimble And again ultimate return that you earn if you really have a long-term horizon is the intrinsic return that the business itself earns not the trading returns from the more volatile stock price It's the underlying returns on capital that the business itself are So dollar cost averaging and flow and time in enables you to get to the point where you can power your way through evaluation error Especially if the growth is exactly exactly That needs to be true for you to be able to power through the valuation If the growth doesn't happen then you've got a problem on your hands What about a company like Regeneron which seems to be so industry specific Yeah and I'm gonna give credit to my colleague Dan Gartner for that particular stock that is his pick And the way our system works he has a sleeve of money that he manages He gets a portion of that flow as well And part of his job for me is to signal through his purchases What he has conviction about and Regeneron is his idea and something that he has conviction about And again if you look at Regeneron's performance over the last 5 ten years I mean especially the past two years have been pretty good But even more than that and again while Dan is the expert on that not me You have founder leaders who are in place You have a culture of scientific discovery that seems to be embedded in that organization and talk about the comfort level that you get from investing in people that are making the world a better place rather than a worst place Regeneron solving some thorny problems And as a human being I'm grateful for what they do And what they've come up with a sort of rooting for them So it wins on a lot of different counts Thank you so much Tom for being so generous with your time We have been speaking with Tom Gaynor He is the CIO and co CEO of Markel corporation If you enjoy this conversation well be sure.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"Special guest this week is Tom Gaynor He is Markel corporation's CIO and co CEO He runs a portfolio of about $27 billion and has been handily outperforming the S&P 500 for quite a while So let me ask you a little bit of a twist question How do you know if one of your acquisitions is not working out I mean there's some pretty clear metrics for hey we're seeing revenues increase we're seeing profitability increase How do you measure when hey maybe we made a mistake This one isn't working Sure Well when we make mistakes in the fullness of time they show up So what we do is we stop doing that And we do more of the things that work and we do less of the things that didn't work and over time The weighted average of that really works in your favor And again I use that language very precisely The weighted average because the things that worked mathematically become larger and larger as a percentage of the total whereas the things that didn't work become less and less a percentage of the total to the mistakes could deluded into the overall solution which in agric worked out just fine It's my grandmother's lesson I really don't know the names of those other ten stocks she out But it doesn't matter Right During COVID you have 20,000 employees How did you maintain that corporate culture How did you keep everybody involved integrated and all moving in the same direction Well I heard in last year's annual report there's been an unprecedented use of the word unprecedented And that's an accurate statement to make none of us had a playbook for how to do this and how to proceed And of those 20,000 people 15,000 of them are within ventures and a lot of them are in the category of frontline workers As one of our businesses called half go And it makes the flooring for trailers of tractor trailers And it's wood And as the president of that business can improve Bruce Vader said he can't make wood floors from home We had to keep the factory running And we had to figure out how to operate cleaning procedure sanitation procedures not wildly unlike the procedures that existed to get into this building this morning You haven't figured all of that out on the fly and we did so And I am so amazed and so grateful for the ways in which the leaders of those companies And by that I mean not just the CEOs but the people who work for them and the frontline supervisors and all the associates who they went to work among other reasons because they needed to work Right And so it's our job to figure out Look if you want to work and you can work And by the way our society needs you We must find a way to figure out how to do that as safely and as effectively and as efficiently as possible That's our job So that's really what we have been about And the very act of doing that it's almost like exercising So if you want to lift a lot of weight why would suggest and that weight is just too much for you right now but it's within the realm of theoretical possibility I would suggest to you well let's lift a little bit That's the 25% of that Now let's do it a couple of times And then when we can do that and do it a couple of times let's slip 35% of that You build muscle by doing This is not theoretical exercises Some theories that guide you But the very act of doing itself is what creates the learning of how to do it So there's been a lot of that going on where we've been learning how to move differently and lift different weights of what we had And in and of itself that act has reinforced culture where you could choose and I believe there is a great choosing going on not just in Markel but really sort of society writ large Whether you really want to do that or not and there are some professions in some circumstances where you don't have to do that so much In our business you do Both in the 15,000 frontline workers and I would argue in a second derivative since Even the white collar workforce that can work remotely There's something about being together in person The water cooler conversations the coffee cup conversations The quips that these have humor and laughing and joking and going back and forth that's really hard to do in a virtual world That I think there's a place for everything in this world It's not right or wrong It is just different So we run the gamut of where just the physical reality whether we're making wood floors or lifting a thousand tons You got to be present to win So you got to do that in person And that creates some aspects of the culture by itself of doing so There's some that that's creative So you may not think of us as a creative business and insurance operational white collar work But it's something it's almost like an advertising agency So there are some parts of our business which are actuarial And formula and mathematically driven But there's a lot of insurance business which is more like an advertising agency than it is a big insurance company because you got to be creative and you got to figure out how to solve this problem of some risk That's not going to be price The words out of my mouth All problem solving unless you're doing basic arithmetic involves creativity Hey maybe this will work Sometimes not every solution is ideal for this problem Let's see what else we can come up with And that doesn't really work great over a zoom Coming up we continue our conversation with Tom Gaynor He is the CIO and co CEO of Markel corporation discussing.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"Does not call on us to emulate his resume to stimulate his character and his example as a human being COVID recently claimed Powell's life at the age of 84 I'm Brian schuck I'm Barry results you're listening to masters and business on Bloomberg radio My extra special guest today is Tom Gaynor He is the CIO and co CEO of Markel corporation a publicly traded family office for lack of a better word focusing on insurance public investing and venture work Let's talk a little bit about some of your favorite companies You have some holdings and when I look at some of your top 5 or top ten they're almost nothing like each other There's just a mix of companies CarMax Disney Berkshire Amazon Regeneron and then a whole bunch of investing firms BlackRock Federated oak tree tyro Have I named anything that you've jettisoned since or actually oak tree is no longer with us That's part of Brookfield asset management which is our second largest holding that we have And we are no longer of CarMax Oh you sold com X which had a huge run up Correct Given the craziness with supply chain and I think at a certain point that just became fully valued Well I guess no I would admit an error on my part in this And in fact the gentleman who runs CarMax the CEO I mean we owned it for a long time and have been absolutely great holding When we sold it I called him and I said Bill that was our circumstance not yours Carmichael is a great company It's very well run Have epic respect for what they do We enjoyed being a shareholder for a long long time When we go back to the initial days of the pandemic and the shock losses from event cancellation insurance business interruption which was uncertain In the first quarter of 2020 I'll lose track of years And time these days We reported a combined ratio of one 18 So as compared to our historical record of underwriting profitability where that combined ratio number would always be below a hundred one 18 that is the worst period Mark corporation has endured in 90 years of existence Wasn't a great court It was not a great quarter And the model where we're using the profits from the insurance company to create the flow to create the reverse Exactly So jet engines don't fly in reverse That jet engine was fine in reverse during the first quarter of 2020 As such and I think even independent of that there were kind of a combined set of forces that work where look we got to make sure that the insurance business is on firm capital footing It's a regulated business And we always want margin of safety and margin where that humility look let's not pretend we're the smartest So if we were the dumbest what do we need to do to protect ourselves from us To make sure we keep going So we would have re underwritten and as usual we did We re underwrote every single security regret And by the way in that environment we also re underwrote our thinking on every insurance policy We wrote because it was clear that this was a fundamental change that had overtaken all of us So let's make sure that we're adaptable and think and that we're able to answer the bell for the next round of the fight So in looking at each and every security that we own and recognize and look I want to take a little bunny on the off the table and I wish to make sure that the capital footings are impeccably sound and unquestionable Looking at each and every one among the decisions that we decided to sell was CarMax And I thought you know at that point in time 50% of locations were closed who needs a new car who needs a used car Well it turns out everybody did But I did not foresee that coming And just given the time and facts of the circumstances there were several things we sold at that point In retrospect they all went up and they all went up a lot Since that sale But at the same time our capital basis has never been questioned the integrity of the business is there And we kept 80% of what we owned at that point across the board in aggregate And that's done great So we're in good shape You would have had to anticipate not only a surge of movement to the suburbs that would require more cars but you would have had to anticipate all of the supply chain on the semiconductor all that whole interruption and supply issues that have led to just a surge in use of our prices and unavailability of new cars kind of hard to foresee coming in the first quarter of 2019 As I wrote in last year's annual report on the whole discussion of the pandemic stuff we did not see that coming So that's a long list of stuff we did not see coming So add those to the list as well So let's talk about some of the companies you kept 'cause not a bunch of stiffs or some pretty good companies I want to get a sense of the thought process as to what leads you to find a company like I guess in some ways Disney and Amazon are somewhat similar But in so many ways they're so different What led you to each of them and what led you to stay with them over the long haul Well let me take each of those two because I think they are instructive to think Amazon as an example I talked earlier about the importance of the shareholders of Markel and the desire that we have at Markel to have great shareholders who are thoughtful and intelligent and really contribute Ideas and thoughts to me and to mark how that makes us better And specifically with Amazon I have a friend named Josh tarasov who runs his own investment management firm and he's done extraordinarily well So Mark L shareholder friend and so we have a relationship We talked back and forth and Josh noticed that if you went back and again I lose track of time A decade or more whatever Our holdings in the world of technology were pretty slim Let's round it to zero not much And if Josh is kind and helpful and gentle wave was helping me realize I might be making a mistake about this And when you say kind and gentle was he like Tom what the hell are you doing here You missing the boat Or was he you know how kind and how gentle He really was kind of joke Okay Despite I love New Yorkers because they are by the way that was kind and gentle Just so I understand that completely And there's no mystery or subterfuge about that What is wrong with you I get that So I can absorb that and not take it personally By the way Josh is a kind and gentle person But he really walked me through thinking about Amazon and helping me to come to understanding in a much more productive way than I had in the past So that's point number one So that trade worked out I'm guessing Yeah it's more green than red on that one And.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"And CIO of Markel corporation Sort of a publicly traded financial holding company or family office Let's talk a little bit about your background which has some really interesting things about it You've described yourself as knowing that you're just good and not great Explain that Who goes out and says I'm not great I'm good and I'm aware of that Well I was in a discussion last night with an absolutely fascinating person absolutely high end quality on every measure you could think about And that excellence shown through and the discussion took this twist and turn where the distinction between an optimizer and a satisfier came up Sure And I think there is a tendency among type a people extraordinarily high accomplishment people I achievers to really latch onto the idea of optimization And there's nothing wrong with that But sometimes there can be a hidden intangible unquantifiable cost to focusing entirely on optimizations all the time Einstein says that not everything that counts can be counted and not everything that counts I'd say smarter to me Here's a perfect example of it I remember it Not everything that counts can be counted and not everything that can be counted count There you go My special guest Very rigid Thanks for the pickup Is that Einstein I thought that was I thought that was some management consultant I'm going to go with Einstein But I'll defer Makes it sound better I'll defer to the fact checking experts on that But the point is there's an element of intuition of the intangible sense of spirit and culture that I find extraordinarily different difficult to matter That sometimes you have to let people have some room to make some mistakes and look at outcomes that are not optimized and what you get in design thinking and systems approach If you're dealing with the right kind of systems there's a bit of an evolutionary process where mistakes that you may start drifting away and things that you did right start compounding and magnifying themselves and as such if you just leave a little slack in the system And you don't try to press it to the last red line of what's there You allow time and space and muscle and rest and energy to create things that you couldn't have thought of beforehand And that happened somewhat through serendipity So I think humility And it's an epic challenge I'm 59 years old now And fortunately things have worked out well And I have credibility because my record is pretty good I have a lot of empathy and understanding of the challenge that would face 26 year old or 25 year old or me at 22 trying to get on the ladder and get the career and get the leeway in latitude that I enjoy right now Because if you think about it say you're 22 or 25 and you're trying to pitch somebody to manage money for them or being given discretion Typically if you just say the kinds of things that I do we're a long time and we're going to be patient and we're going to look at this since you don't really stand out enough to get people to write you a check especially the 26 Exactly So you're forced almost almost bullied by the system to make hyperbolic statements and claim precision and claim efforts that are human just to get people to give you the job and give you the money to manage And I think markets are quantum systems They defy understanding And you can do a lot of work and you can keep trying to get to the next decimal point of understanding but there's a certain irreducible quantity to human psyche and greed and fear and all this sort of things that really do matter in markets And I just think it's helpful to be humble to acknowledge that Don't pretend you can know it And by virtue of not pretending that you can know it I think you're more open to ideas people different ways of thinking that you can start out with the premise that this person I'm talking to is probably smarter than I am They're demonstrably smarter than I am So I think I should listen And learn something And if you just go about your daily life that way you do learn things and you do get exposed to things and the people that were right They start to occupy a greater and greater share of your mind share and the people who are wrong kind of drift away into a smaller and smaller thing So the math of compounding really accentuates the positive and it makes the it makes the mistakes drift away into irrelevance over time Very interesting So there are two data points I'm kind of fascinated about One is in your public investments your ten largest holdings they're almost half your portfolio They're about 45% That's pretty unusual when I look at the average Let's look at a stock mutual fund The top ten holders usually way below 30% Tell us why you approach this with such a concentrated bet on those top ten stocks Well I think there are a couple of things that come together and one of my great investment teachers was my grandmother So let me give to her in just a minute Now obviously those ten have worked and those have been circumstances where we're basically right And I had high degree of confidence in order to make some substantial bets to put them in the portfolio at that size But then time and being right about your fundamental underwriting of the business kind of is your friend So here's my grandmother's story So when I was a kid and a nerd at that on Friday nights unfortunately instead of being able to get a date sometimes I would sit with my grandmother and we would watch Wall Street week with Lucifer guys And my grandmother she was widowed at a grandfather had died And she was one of the types of widows that basically never made any substantive decisions after that So she remained in the same house His suits hung from the rack in the closet his shoes were on the floor and been at just a small town local businessman and the 1960s they would have been the type that they drank coffee at the diner together and they would talk about their stock portfolio and that sort of thing That's what small town business people did And he had a 1215 stock little portfolio These are not massive suns sums of money And those 12 13 14 stocks that my grandfather had when.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"And then just be free to do what you want with that capital over until those potential liabilities come home to roost That's not a bad source of capital It's very cheap Exactly And a lot of mines have figured that out and known about that There's some interesting sort of financial history episodes If you go back to the 1960s or 70s when conglomerates were sort of the hot money things of the day many of those had an insurance company as the financial core of the business The golf and western teledyne things like that Now I think there's an interesting cultural circumstance that's at play there In that if you look at insurance companies that are run by investment people oftentimes that movie didn't end that well Because investment people have a certain mindset a certain culture some way of doing things a certain lifestyle Lifestyle they'd like to lead Insurance people probably not wired that way Yes And most insurance companies are run by people who came up through the discipline of insurance so they were claims to people that were actuaries They were sales people whatever But the realm of insurance is what their wired to do and how they understand life They may or may not understand capital allocation and investments quite so much Similarly and as such since they don't understand it I don't think they appreciate it and the discipline and what's required to be really top league in that requirement Similarly investment people when they run an insurance based organization and they came up through the realm of investments I think sometimes there's a tendency not to appreciate the detail work and the daily discipline of what it takes to run a very good insurance operation coming up We continue our conversation with Tom gayner Markel's co CEO and CIO discussing Markel.
Bloomberg Radio New York
"markel" Discussed on Bloomberg Radio New York
"Extra special guest this week is Tom Gaynor He is the CIO and co CEO of Markel a diversified financial holding company He has been dubbed the next Warren buffet by no less an expert than Jason's wife of The Wall Street Journal from 2000 to 2015 Gainers stocks have averaged a return of 11.3% annually while the S&P 500 returns a mere 4.2% counting dividends Tom Gaynor welcome to Bloomberg Thanks so much for having me So I've been looking forward to having this conversation You're kind of an interesting guy working in kind of an interesting company I don't think a lot of folks know what Markel isn't does Why don't we start by just give us the short version what is Markel Sure and in fact not only do a lot of people not know what Markel does A lot of people don't know how to pronounce it So it's an easy screening technique when somebody asks for Markle They probably didn't know who they're talking to So yes Markel to some degree I think the shorthand way of describing it in the usage of today's words is we're a family office that happens to be publicly traded Now the way that business started was in the 1930s as a specialty insurance company It's kind of an interesting history in that sand Markel was in Norfolk Virginia and he was on the city council there and Norfolk Virginia was a place where a lot of veterans would be getting off the boat from World War I Some of whom decided to stay And it was the early days of the automobile and trucking industry So Sam Markel had been an insurance agent There were veterans getting off the boat They were providing cab rides which were unregulated unlicensed nickel arrive jitneys was the name of the term Of course accidents ensued as would be the case that anything like that And Sam Markel got a law passed that said if you're going to operate one of these jetties you had to have insurance And adjust the people to provide it And well no insurance company would willing to take that sort of risk So Sam Markel said law started an insurance company to take that risk I don't know what the chicken and egg was whether Sam had the chest moves all laid out before he proposed the proposed of the ordinance I would not be surprised if he did But that was really the start and the genesis of the company And they caught a mega wave in the sense that the automobile trucks the highway system the Internet interstate highway system for 30 or 40 years you really had this tailwind of epic growth in the underlying business that they would ensure We could go on and on with this conversation but I think the hallmark is still matters today is you look at problems you look at something that somebody needs you try to be creative You try to figure out a way to solve it and that's what Markel does Historically largely through insurance products and insurance things that a lot of other companies choose not to do for a variety of legitimate reasons but then also we've expanded into a lot of different products and services industrial products and services over the last 15 years with the growth of the market venture So we can do anything and everything And if we can figure out a way to make the customers the employees better off by doing so we'll do it So the interesting thing about the insurance side is insurers taken cash against a future potential liability but between when the policy is sold and want to pay out has to be made hey we have to do something with all this capital which brings us to your job CIO of Markel assets How do we describe your title technically what is your job description Well the CIO in terms of chief investment officers chief information officer that is exactly the job I had prior to becoming the co CEO and effectively it's still a job that's embedded in my role Now again if you're a business story and then you have the sophisticated listening base If you think about insurance first off set it up your initial point is correct In that and insurance company collects premiums today And they're going to make a payment.
Celtics Beat
"markel" Discussed on Celtics Beat
"But at the same time, that hasn't always been the case. You know, I mean, it seemed to be something that got worse and worse as this season went on. If you go back to previous seasons, he wasn't shooting four shots a game. You know, he was he was comfortable taking those little mid range shots and attacked the basket. He did not seem to want to do that as this season went on, but it's not like that's been the defining factor of his whole grain on Philadelphia was in a similar situation with Markel pool to remember. And wasn't sure what to do. You didn't have anybody of evidence there if you were Philadelphia that showed that he was going to break out of it. He never really put anything forward for them. You know, at least with Simmons, you're in a situation where you're looking at a guy and you're saying, he hadn't always been like this, so he's gonna go somewhere else. He's gonna go to wherever Sacramento or somewhere and he'll be fine. But the 6 and a half time making that case to other teams as they're trying to find the right trade deal here. He's not just going to be fine, Evan..
AP News Radio
EU Likely to Decide on Moderna COVID Shot for Kids Next Week
"European drug regulators are considering Maderas application to authorizes coronavirus vaccine for children twelve and up in the European Union Maderas vaccine was given the green light for anyone eighteen and over in January but so far Pfizer's vaccine is the only one approved for children twelve and up in Europe and North America now Dr Markel capillary a top official at the European medicines agency says a decision on whether to recommend madurez vaccine for children is expected late next week E. U. officials say they've delivered it up back scenes to immunize seventy percent of the adult population there and many countries are looking to expand inoculations to children twelve and up European officials say there's a possible link between the Madera and visor vaccines to very rare cases of chest and heart inflammation mostly in younger adult men but that the benefits still outweigh the risks of covert nineteen I'm Jennifer king
Sister Love
"markel" Discussed on Sister Love
"Well in this after show met use that platform to end the relationship and in the reason he ended. Release jim this is a first not only do i african american male to ever be on the bachelor as star of the reality show but this is the first of breaking up with a woman on the shell and in addition to that he broke up with her for the reason which is the first on the show to the breaking all records because he discovered many things about ms ms. Rachel mess rachel. Ms rachel with a karen background but anyway she. There were many photos that surface all over social media of of connell attending these antebellum field theme parties. And she did this. They were in college. There were stories of other charge. Racial behavior statements and just insensitive of behavior on her behalf. Now these antebellum parties if you're not familiar theme parties where you know all the southern bales. They dress up in antebellum You know where in with petticoats and they do things that they did to celebrate The south in the ways of the you know competitors z. Am very proud of it. In fact now these parties issue is that these parties really honors in represents the symbols of the confederacy in his deep in the preservation all the historic southern society while at the same time downplaying and ignoring the their role in fighting to maintain slavery which was the foundation of the well in the ways in religion entitlements. Oh that southern very southern society so that might be extremely problematic. I think so one thing that the media in in television media and social media jumped all over this story. and it's new. It's hot y'all and They're having a field day with it. Listen you know Mister met james. I house to believe you know. First of all i am a believer of law. Love is blind. Love is colorblind. Things and i just have to believe that he chose this woman for for love down. Although i question anybody's intent other than to get pain in positioning by going on a reality show whether it's the bachelor whatever it is. I mean use that platform because you want whatever you can gain in profit from it. I mean socially in career wise etc. Okay so always questionable. Where whether it's true i just don't know in a matter of a few short weeks. All of a sudden urine some breaking dying bond love. it's questionable..
Colleen and Bradley
Meghan Markle and Prince Harry were paid 'up to $1m' to speak at JP Morgan summit in Miami
"Do you have the Sussex yes do conduct saw for sale there like but making Markel is holding firm to know appearances in the United Kingdom at all prince Harry will show up but only if there's not a conflict with a paying gig I don't time will tell time will tell no suit so this is the part okay so we go deep in the shower in the calling Bradley sure we spent an entire first segment of the show talking about the royal family what we think is really going on behind the scenes we kind of were like okay so there's probably a lot of fireworks going on this is the stuff that I want to know I want to believe or I want to know whether or not I should be believing anti lawyer in this regard because he does make it sound like Meghan Markle is the one that's like putting her foot down right and I don't know obviously because I mean it's so obvious I am not there I that's the stuff I wanna know like who's the one that's really driving this bass yeah because you know it's got to be one of them I tend to think it's easy to assume Megan because that evil which is destroying the royal family according to tabloids I think it's more complicated than that but at the end of the day people are people and there's always usually a couple one who's more you know strong willed yeah I sort of I feel like you know we've had this conversation before this is not the first time we've had this conversation but that this is I mean here you wouldn't be doing this if it weren't something that was in his heart to begin with he just has he just has found the woman in his life that is going to challenge him to do the thing you know and so she might be calling a lot of the shots but he might just be building up the courage I mean some shots the truth is something's happening one that is true things are happening happening people are saying no but what I'm saying is it's either him it's her or it's the both of them right right it has to be one of those yeah and I think you can make a plausible case for each there Sir there are certain ones that are more favorable you know than others but it just is it the fact that this is actually happening yeah and sometimes people are messy in a way that he would prefer they not be so time will tell us that we sent
Bill Leff and Wendy Snyder
Death Of Chicago Man Shot In 2010 Classified As Homicide
"A forty one year old Chicago man has died from gunshot wounds suffered a decade ago now was death is being ruled a homicide here's WGN's Ryan borough with more back in October of twenty ten Markel range we shot multiple times in the twelve hundred block of north Kildare Avenue that's in the west Humboldt park neighborhood early Tuesday morning he died of complications from those gunshot wounds the cook county medical examiner's office is called ranges death a homicide the ways of Sunday the Tribune reports Chicago police have not begun a homicide
Steve Cochran
Death Of Chicago Man Shot In 2010 Classified As Homicide
"Years a forty one year old Chicago man has died from gunshot wounds suffered a decade ago now his death has been ruled a homicide more from WGN's Ryan burrow back in October of twenty ten Markel range we shot multiple times in the twelve hundred block of north Kildare Avenue that's in the west Humboldt park neighborhood early Tuesday morning he died of complications from those gunshot wounds the cook county medical examiner's office is called ranges death a homicide the ways of Sunday the Tribune reports Chicago police have not begun a homicide
Hugh Hewitt
Documents suggest Meghan's estranged father to testify in her lawsuit
"The estranged father of Megan Duchess of suspects could be called as a defense witness in our lawsuit against the mail on Sunday newspaper Meghan is suing the newspaper and its parent company associated newspapers for publishing a letter she wrote to her father Thomas Markle the civil lawsuit accuses the newspaper of copyright infringement misuse of private information and violating the UK's data protection over the publication of the left documents filed at high court to show the newspaper plans to rely on evidence from Markel stating that he had a way to write to tell his version of what happened between himself and his daughter including the contents of the letter is there a shockingly London a presidential candidate so Elizabeth Warren to accuse Bernie Sanders of calling her a liar before a national television audience during a tense post debate exchange in which she refused to shake his
Phil's Gang
Documents suggest Meghan Markle's estranged father to testify in her lawsuit
"That the estranged father Meghan Duchess other Sussex could be called as a defense witness in a lawsuit against the mail on Sunday newspaper Megan is suing the newspaper and its parent company associated newspapers for publishing a letter she wrote to her father Thomas Markle the civil lawsuit accuses the newspaper of copyright infringement misuse of private information and violating the UK's data protection law with the publication of the left documents filed at the high court to show the newspaper plans to rely on evidence from Markel stating that he had a way to write to tell his version of what happened between himself and his daughter including the contents of the letter is there a Shockley
AP News Radio
Documents suggest Thomas Markle may testify in Meghan suit
"Meghan is suing the newspaper and its parent company associated newspapers for publishing a letter she wrote to her father Thomas Markle the civil lawsuit accuses the newspaper of copyright infringement misuse of private information and violating the U. K. state to protection over the publication of the letter documents filed at the high court to show the newspaper plans to rely on evidence from Markel stating that he had a way to write to tell his version of what happened between himself and his daughter including the contents of the letter Serra Shockley London
Babes and Babies
Inherited Family Trauma with Mark Wolynn
"Have markel in here and he is. The Director of the Family Constellation Institute in San Francisco. He is a leading leading expert in the field of inherited family trauma his book. It didn't start with you. How inherited family traumas shapes who we are and how to end the cycle is the winner of the two thousand Sixteen Nautilus? Did I say that one right now. Book Award in psychology and has been translated into seventeen languages languages. He is all over the map now. He's been in psychology today. Mind Body Green all over the Internet and I found his book through a different front podcast and I was so excited when I found it because feed on iron this phase of wanting to prepare ourselves to try to conceive but that involves healing yourself emotionally physically mentally and I ordered his book fell in love with it and I was like. Please come on our podcast. So now he is. It's here so thank you so much mark for joining us. Thank you for having me and happy to be here. Good Yeah I would love for you just to kind of tell US I. I know I did a little introduction but tell us a little bit about what you do in your own words. I guess I see myself as the guy with flashlight. Shining it on our SINTON's in our behaviors and helping clinicians and non clinicians recognize the importance of generational trauma and an biological effects on our children. And I've developed a way of looking at trauma languages you learn from the bore. Help learn from the book and Helping People Become Detectives uncovering trauma language losing their family or the trauma language. They speak and this helps to explain the the mystery that we live. We live with the mysteries. We've never been able to solve. The young explained fears anxieties. It's strike suddenly the depression. We never get to the bottom of in what I've learned is we have symptoms but they may not be hours the title of the Book of Ten start with you. These symptoms could really be the residues of trauma in our family history that we've biologically inherited from my parents and our grandparents while yeah in that is when you think about it and I'm sure anybody listen when you look back and you start start thinking about the things that you know. Your parents went through or things. You know your grandparents went through like my husband's both sets of his grandparents were both immigrants. It's to this country and kind of had to start from scratch and were brand new here and had to overcome so much and then you don't realize is how much that can be passed through to you. Oh ships the research is telling us now. Finally we've known it for a long time but finally we're learning we're born into the feelings or the fears of our parents and our grandparents in this is belief that has infants. We we enter the world clean with a clean hard drives us a computer analogy but it's not true there's an operating operating system already in place that contains the fallout from the trump is at our parents and our grandparents experienced and here. We are born with symptoms or behaviors or ears. Were never hours in the first place and no sciences. Now telling us that Well simply put the traumas of our parents and grandparents are heritable. It create a chemical change in our DNA. Hannah and this changes the wear jeans function sometimes for generations so technically after our parents or grandparents experienced something. There's this chemical tag hag attached to the DNA in it'll tell the cells to user nor certain genes based on based on what they just experience. UNABLING them to better deal with this trauma. And then what they're going to pass forward is How the genes are affected the gene expression so here we are Because of this inherited gene expression Acting feeling sensitive to or even reactive to trauma were or even just a situation it was similar to something terrible happened in a pass generation and I think I think let me give. Let me give you an idea. I don't just talk using words. Let me give you an idea if our grandparents words come from. Let's say a war torn country and there's bullets being fired and bonds coming off and uh-huh men being lined up in the square and men in uniform and people being shot They would pass forward a skill. We'll set of sharp reflexes or quicker reaction times reactions to the violence. Help them help them. Survive this trauma that they're experiencing the problem is word here inheriting this but we're also inheriting their stress response. Sometimes we could dial set to channel is a bit and here we are prepared for this catastrophe never arrives.
Colleen and Bradley
Prince Harry and Meghan Markle Photo Missing From Buckingham Palace Table
"British tabloids are claiming maybe possibly that queen Elisabeth appears to have removed a framed photo of prince Harry and Megan Markel from her house amid escalating feuding in the royal household her house being Buckingham Palace by the way so eagle eyed ropewalk watchers noted that a silver framed photo of the couple probably on display in the palace in July was noted noticeably absent from the same room yesterday however none of the other photos around on the small table in the queen's audience room appear to have budged vanishing photo comes after he admitted to to a rift with his brother the future king prince William telling a documentary that they were on quote different
Glenn Beck
'60 Minutes' Australia under fire for 'racist' Meghan Markle story
"Sixty minutes Australia's under fire for comments about the Duchess of Sussex Meghan Markle the program released a preview of an upcoming Max at segment which investigates how Megan Markel lost her sparkle years quickly at social media accusing sixty minutes Australia of being racist towards Megan. and belittling her without because with some suggesting the focus should be on prince Andrew who has ties to Jeffrey obscene the Duchess of Sussex's when the target of races coverage in the United Kingdom since she started dating prince Harry in twenty
Jason and Alexis
Everything we know about Baby Archie's christening
"I'm sure the RG we solved in everyone and we are very excited about this I don't know why but he's just so you didn't want finally saw front what we saw his face yes also if you haven't seen those pictures will we can talk about those right now but it's six thirty one welcome back decent Alexis in the morning July eighth happy Monday morning Alexis Thompson don McLean G. sin is still on vacation in Hawaii we'll be back next week okay you see these pictures I did as obsessed as I am I am obsessed I'm also obsessed with what they wear because yeah like they have to have unlimited access to just know you don't have a budget now you get to and she are expected to wear designer things meters and the designers work with you directly yeah I love dressing up I know a lot of people don't but this is a dream to me I mean not like fairy tale princess dream I don't have like delusions of grandeur like that but you know it's just it's so it's so they're so traditional like I know they have to be they can't you know shoulder shoulders are you know what it is we're weeks in their dresses yeah so they don't fly up you know and and fascinate orders and you know it's funny how they have like all one color it's very sometimes reminds me of very nineteen sixties yeah so I just loved all the outfits Kate has some of the heart the on it and it looks great he died did it with and it was also a kiss to address Diana war yes and speaking of Diana both of her sisters were there all my gosh in the in the picture of the family there the two right behind the couple in our chi those are her two sisters that's great I've actually never seen them at any offense so a couple people weren't there notably the queen right and of course Megan Markle's dad Thomas and of course he has something to say about it but the queen yes it is busy you operate yeah said that she wasn't there but she can't make everything and also it was the date was changed yeah so she has a very busy schedule she's ninety three years old her husband Philip is ninety seven we know Phyllis tired he is tired so they were some I guess rumor has it that they were at Sandringham which is one of their which is one of their Scottish estates and that they had things to do in Scotland they had different activities and things going on they change the date not at the last minute but it wasn't far enough in advance for her to cancel these very important plans these are plans I'm sure that involve people waiting for her for like they know a year in advance that she's you know yeah things are really important and so she couldn't be there yeah and maybe it would have maybe been nice to see you queen what what's your schedule like yeah can we reschedule this because everyone's going to accommodate you know yeah we'll work it out but there's twenty five people at the ceremony all our guests were gonna change the third time yeah exactly yeah but you know I wonder in the future just if if this baby you know he's you did with the history in looking back it's like oh look the queen mother isn't in my christening picture but they probably are they have a separate pictures that we don't see yeah there sure holding him it's not like he is going to happen photographic memory is there for me yeah all my god wants he'll also miss Charlotte take believe okay and there's been a lot of other things you know yeah like you said it they're busy the old they just want you know they got other things going on so you know he actually had turned in ninety eight Philip did last month it says retired from public duty any doesn't attend many events but apparently still drives a car oh my gosh let's get him guys things can happen can we make sure that Philip doesn't drive anymore yeah last year you got that accent or maybe those this year that was that's right you missed all ninety eight the check in as I sites and you know you don't want to take their freedoms away because I can I can understand I think that I would might feel that we tall it's a problem and everyone is rife sure right how relatable is that for sure and for some people it's relatable just this Thomas Moore Markel Megan's dad wire why do media outlets still talk to him now it's the Daily Mail of course well that's what maybe that's why is that yeah so there you the contacting him what is he said he is going on and on about well I would love to be asked to go he says I was an altar boy at twelve and a member of the queen's church at fourteen arches my new grand sense of course I would have enjoyed being there for the blessing wishing him and his parents happiness and health and then that's basically his statement all right well at least we didn't have to hear from it her stepsister or we could step sister she's like the worst Hey oh boy hopefully has nothing to say about that yeah there were two pictures released of the whole family and so that's really fun to see her mom was there course prince Charles and Camilla over there and William and Kate are the god parents so they were in the picture as well then Diana sisters and there's also a black and white picture of the three of them all says all close together yeah and that's where you really see a close up of that baby get to see his face even more all my gosh river cut his American he's also get mixed race so you're what you just wonder how those babies come out all my gosh right I'm always curious I mean no matter what you just want to see the combo of the parents yeah you know here is the most exciting one of that tire family all yeah he's go you see him and you're like wow okay cool what what did they make you know you just and now we see him as he can does he can you tell feels read here is this you can't really like it's mean if you it kind of looks like he has red hair yeah a little pet the elf what a privilege to see that baby grow up you know who's missing from the picture not just the queen but the the cousins the little kids that's true I think you know they just want to deal with it you think they sit home with the nanny it's like you kind of like it's just hard to manage little kids they're in there the way it's a little probably you know getting dirty or whatever just to have a calm day were the kids learn about maybe the kids are taking naps yeah the the it's funny this is your nap time how convenient oh my gosh yeah it's just maybe it was too long the day for them they're like why don't we just leave the kids at home I love that it's like normal family decisions sort S. and they don't have to follow all these rules that we think you know I don't need to be there and they probably just wanted some adult time even though I know it's for baby but twenty five people there your friends are there your families there kids you see over there yeah and also this was just this picture so who knows who knows that really right what a fun day for all of them also what was the other thing all I wanted to tell you about a
Dirty John
The Murder of Dan Markel
"Morning attorney David latte was sitting in his apartment in DC flipping through the Sunday New York Times when he arrived at his favourite part of the paper. I have to confess I am a devoted reader of the New York Times wedding announcements latte loves the wedding section, even though the vast majority of couples are total strangers to him. They are looking for people with impressive pedigrees. They are looking for people who are photogenic. But on that morning. He spotted a pair of familiar faces. They were both very impressive accomplished young lawyers other in very nice looking couple. So if anyone was going to make it into those pages, it was going to be Dan and Wendy latte began to read. Wendy, Jill Adelson, the daughter of Donna, sue Adelson. Dr Harvey Jay Adelson of Coral Springs, Florida is to be married this evening to Dan Eric Marquel? The son of Ruth Marquel and Phil Marquel? Toronto the bride twenty-six is keeping her name. I think it was the best wedding. I've ever been to every colours was a high school buddy of Dan's he made the trip to Boca Raton for the celebration as did hundreds of other friends and family members, the weather perfect, the venue extravagant and at the center of all of it the happy couple Dan in Wendy danced for hours with their guests. It just felt like it was overflowing with with joy and love. I mean that sounds so corny. I actually found an Email. I sent to Dan on March four of two thousand six. Hi, dan. Congratulations and best wishes to you. And Wendy, I'm sitting at home reading the Sunday Times. And lo and behold there, you are best Dave, and it's funny, Dan, actually responded because Dan was a very diligent Email responder, even though he was on his honeymoon greetings from Club Med he wrote. And then I responded, you're checking your on your honeymoon. You truly are cyber addict. I thought I was bad don't respond to this Email hope you're having a wonderful time. So what makes a good marriage? Anyway, I guess I would say that crucial to a good marriage is mutual respect love, of course. But also respect, but as you can probably guess, this isn't a story about the happy ever after the lucky ones. The couples who grow more inseparable with age not even close I have to be a little circumspect here. Because over the years, I've become very familiar. Earlier with the liable laws of the United States. So i'm. I don't think I'm gonna give my personal view here. It's a story about the opposite a bad marriage. A worse break-up a brutal divorce, and he stormed out. And did he say something like I told you you should never be marrying? Just probably biggest story. I'll word on probably the biggest story. Hassi ever. I would say an everything they came after.
The Kris Kobach Show
Mnuchin says Trump putting trade war with China ‘on hold’
"Daybreak asia it is eight thirty am here in singapore on juliet sally and brian kurdish training underway in tokyo sydney and seoul we've got an hour to go before hong kong and shanghai get started the asia pacific regional index showing some losses this morning but down about a quarter of one percent juliet well sucks in japan fairly flat than a catch twenty two thousand nine hundred fifty five points but us stock index futures are higher after the trump administration and china cold an economic truce bloomberg's nathan hager has more from washington treasury secretary steven mnuchin appeared on fox news sunday we have agreed to put the tariffs on hold while we try to execute the framework in which she says china will decrease tariffs and substantially increased purchases of us goods and services white house economic adviser larry cudlow tells abc's this week commerce secretary wilbur ross gone china is going to be looking into a number of areas where we're going to have greatly significant increases in washington i'm nathan hager bloomberg daybreak asia in china state media put a positive spin on the talks as well an editorial in the global times said that the united states will be able to narrow its trade deficit it also said china can ensure a steady supply of goods that it needs to develop and improve people's lives the commentary in the xinhua news agency said that the art of the deal lies in mutual understanding and compromise the peace says any onesided transaction at the cost of the other party is doomed to fail while when when that kind of cooperation brings success well it tesla ceo elon musk is revealed at the specs on two new versions of the model three there's a performance vision and less expensive joel markel rather all wheel drive option both will have a three hundred and ten mile range the model three is intended to be the company's first highvolume vehicle bash production has been hit by delays on sunday must treated that deliveries will begin in july microsoft has reportedly secured a potentially lucrative agreement with the us government.
News, Traffic and Weather
Saudi crown prince kicks off controversial, blockbuster global tour that includes US
"In the hospital alongside a local policeman investigators are treating this as an attempted murder visiting london this week saudi crown prince mohammad bin salmane back home he's touted as a revolutionary here in the uk though protests over saudi arabia's involvement in the war in yemen he did have lunch with the queen and will meet with prime minister theresa may march eighth is international women's day and in the british house of commons labour leader jeremy corbyn reminded prime minister theresa may of that she snap back to great howls in the chambers that's man's claiming she quipped and finally world be meghan markel has been baptized in secret by the archbishop of canterbury using holy water from the river jordan i molly hunter at the abc news foreign desk in london wednesday morning grouting leaders presented.