{"podcast":{"title":"Behind the Balance Sheet","slug":"behind-the-balance-sheet-4149344","podcast_index_feed_id":4149344,"rss_url":"https://anchor.fm/s/5f616d54/podcast/rss","website_url":"https://www.behindthebalancesheet.com/podcasts","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/15902205/15902205-1655063157556-0a40669aa7a08.jpg","author":"Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities","episode_count":66,"summary":"We deconstruct the performance of world beating investors. A former Tiger Cub hedge fund partner interviews top hedge fund & long only managers & leading commentators. Past guests include John Armitage, Mario Gabelli & Bill Nygren. We explore how professionals analyse & value businesses, capital cycles, forensic accounting, pick stocks, construct portfolios, generate alpha & manage risk. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights & to master equity research, fundamental analysis & value investing. https://bit.ly/btbspod","last_synced_at":null,"page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344"},"episode":{"title":"#53 The Plodder - Tom Gayner on Building Markel and the Art of Long‑Term Compounding","slug":"53-the-plodder-tom-gayner-on-building-markel-and-the-art-of-long-term-compounding","published_at":"2025-11-20T04:42:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/53-the-plodder-tom-gayner-on-building-markel-and-the-art-of-long-term-compounding","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/53-The-Plodder---Tom-Gayner-on-Building-Markel-and-the-Art-of-LongTerm-Compounding-e3avmgb","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/111187915/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-10-14%2F261d1ce1-9446-9df1-2eac-1e02670fe2a3.mp3","summary":"Tom Gayner is the CEO of Markel Group and has run its investment portfolio for 35 years, beating the index by an astonishing 1.5% pa. This makes him one of the most successful capital allocators in the US stockmarket, yet he is under the radar. He explains why he holds 140 stocks, although the top 40 represent 80% of the value; why there are so few imitators of the insurance/equity and business investment strategy so successfully deployed by Berkshire and Markel; the simple way to analyse an insurance business; what he has learned from being on the boards of Graham Holdings with Warren Buffett and on the Coca Cola Company; and one secret of Warren Buffett’s success which you likely will not have heard before. Tom Gayner is anything but a plodder, but his thoughtful, modest and cautious approach to investing and life makes him a fantastic role model. Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios. You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠ . If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.","meta_description":"Tom Gayner is the CEO of Markel Group and has run its investment portfolio for 35 years, beating the index by an astonishing 1.5% pa. This makes him one o…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4608,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/53-the-plodder-tom-gayner-on-building-markel-and-the-art-of-long-term-compounding/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/53-the-plodder-tom-gayner-on-building-markel-and-the-art-of-long-term-compounding.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}