Does Bill Berkley Have a Crystal Ball?

Examining W.R. Berkley's Share Repurchases

W.R. Berkley zigs where Berkshire, Fairfax and Markel zag. The latter three insurers, tracked by both generalists and journalists, retain and re-invest their earnings. The former, W.R. Berkley, returns all excess capital to its shareholders. Most prominent among them, The Company’s founder, namesake and owner of about 20% of its shares, William, “Bill” …