Markel's Tom Gayner Traded Just 0.6% of $12.8B | Investor Playbook

<p>In Q3 2026, while Wall Street traded nonstop, Tom Gayner turned over just 0.6% of Markel's $12.8B stock portfolio. We break down what the 'next Berkshire' holds, why staying still has compounded so well, and what a 13F filing can't show you.</p><p><br /></p><p>• Free DeepValues app, intrinsic value and margin of safety for any stock: iPhone <a href="https://apps.apple.com/us/app/deepvalues/id6775568608" rel="ugc noopener noreferrer" target="_blank">https://apps.apple.com/us/app/deepvalues/id6775568608</a> · Android <a href="https://play.google.com/store/apps/details?id=app.deepvalues.android&amp;referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dinvestor" rel="ugc noopener noreferrer" target="_blank">https://play.google.com/store/apps/details?id=app.deepvalues.android&amp;referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dinvestor</a></p><p><br /></p><p>Chapters</p><p>(0:00) Deep Value 13F Review</p><p>(5:00) Q3 2026 Portfolio</p><p>(8:03) Top 10 Holdings</p><p>(13:13) Macro Stats Turnover</p><p>(14:53) Alphabet Trim Move</p><p>(16:59) Macro Stats Turnover</p><p>(17:38) Zoetis Valued Move</p><p>(22:54) Meta Platforms Trim</p><p>(25:33) Alphabet Trim Move</p><p>(28:07) 10-Year Clone Track</p><p>(30:26) Patient Investor Lessons</p><p>(32:29) Get the free apps</p><p><br /></p><p>DeepValues toolkit</p><p>• Run the numbers on any stock yourself, free: <a href="https://app.deepvalues.ai/?ref=podcast&amp;src=the_tom_gayner_do_nothing_portfolio-en" rel="ugc noopener noreferrer" target="_blank">https://app.deepvalues.ai/?ref=podcast&amp;src=the_tom_gayner_do_nothing_portfolio-en</a></p><p>• Free Margin of Safety Weekly, every Saturday (guru moves, market temperature, the week's research; no account needed): <a href="https://app.deepvalues.ai/letter?src=spotify&amp;ref=the_tom_gayner_do_nothing_portfolio" rel="ugc noopener noreferrer" target="_blank">https://app.deepvalues.ai/letter?src=spotify&amp;ref=the_tom_gayner_do_nothing_portfolio</a></p><p>• Is the market overvalued? Track it with Buffett Indicator (iOS): <a href="https://apps.apple.com/us/app/buffett-indicator/id6747404614" rel="ugc noopener noreferrer" target="_blank">https://apps.apple.com/us/app/buffett-indicator/id6747404614</a></p><p>• The same market gauge on Android, Bubble Watch: <a href="https://play.google.com/store/apps/details?id=com.luluventures.bubblewatch.android&amp;referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dinve