Tom Gayner, CIO of Markel Corp., understands how insurance works. That's why he was said to be one of the possible successors of Warren Buffett. Tom Gayner owns 83 stocks with a total value of $1.5 billion. These are the details of the buys and sells during the third quarter.
Tom Gayner buys CME Group Inc., First Industrial Realty Trust Inc., Schlumberger Ltd., NYSE Euronext, sells BP p.l.c., Citigroup Inc., Meadowbrook Insurance Group Inc., Valley National Bancorp during the 3-months ended 09/30/2008, according to the most recent filings of his investment company, Markel Gayner Asset Management Corp.
- New Purchases: CME, FR, NYX, SLB,
- Added Positions: COST, CX, DIS, EPE, LFG, MAN, SAP,
- Reduced Positions: AFL, ALD, BK, CINF, CORS, FBR, MHP, NWS, XL,
- Sold Out: BP, C, MIG, VLY,
For the details of Tom Gayner's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Tom+Gayner
Added: The Walt Disney Company Disney (DIS)
Tom Gayner added to his holdings in The Walt Disney Company Disney by 18.45%. His purchase prices were between $29.2 and $34.39, with an estimated average price of $31.8. The impact to his portfolio due to this purchase was 0.21%. His holdings were 666,275 shares as of 09/30/2008.
Walt Disney Company owns 100% of Disney Enterprises Inc. whichtogether with its subsidiaries is a diversified worldwide entertainmentcompany with operations in five business segments: Media Networks StudioEntertainment Theme Parks and Resorts Consumer Products and Internet andDirect Marketing. The Walt Disney Company Disney has a market cap of $38.35 billion; its shares were traded at around $20.16 with a P/E ratio of 9.23 and P/S ratio of 0.97. The dividend yield of The Walt Disney Company Disney stocks is 1.35%.
Added: LandAmerica Financial Group Inc. (LFG)
Tom Gayner added to his holdings in LandAmerica Financial Group Inc. by 7.98%. His purchase prices were between $11.66 and $23.63, with an estimated average price of $17.9. The impact to his portfolio due to this purchase was 0.16%. His holdings were 1,382,700 shares as of 09/30/2008.
LandAmerica Financial Group Inc. through its principal subsidiary Lawyers Title Insurance Corporation is engaged primarily in the title insurance business through its network of branches service offices subsidiaries and agencies. In addition to writing title insurance in some states Lawyers Title furnishes certificates of title and abstracts of title. Lawyers Title also offers a closing protection letter to lenders and owners who purchase title insurance and in some areas it also serves as an escrow agent in closing real estate transactions. LandAmerica Financial Group Inc. has a market cap of $86.67 million; its shares were traded at around $5.5 with P/S ratio of 0.03. The dividend yield of LandAmerica Financial Group Inc. stocks is 2.03%.
Added: Enterprise GP Holdings L.P. Units Repres (EPE)
Tom Gayner added to his holdings in Enterprise GP Holdings L.P. Units Repres by 153.44%. His purchase prices were between $24.09 and $29.13, with an estimated average price of $27.2. The impact to his portfolio due to this purchase was 0.15%. His holdings were 166,000 shares as of 09/30/2008.
Enterprise Group Holdings L.P. owns the general partner of Enterprise Products Partners L.P. a leading North American midstream energy company. The general partner manages the business affairs of Enterprise Products Partners L.P. which provides a wide range of services to producers and consumers of natural gas natural gas liquids and crude oil and is an industry leader in the development of pipeline and other midstream infrastructure in the continental United States and deepwater trend of the Gulf of Mexico. Enterprise GP Holdings L.P. Units Repres has a market cap of $2.79 billion; its shares were traded at around $19.98 with a P/E ratio of 18.89 and P/S ratio of 0.08. The dividend yield of Enterprise GP Holdings L.P. Units Repres stocks is 7.92%.
Added: SAP Aktiengesellschaft (SAP)
Tom Gayner added to his holdings in SAP Aktiengesellschaft by 59.05%. His purchase prices were between $51.88 and $58.13, with an estimated average price of $55.5. The impact to his portfolio due to this purchase was 0.13%. His holdings were 97,500 shares as of 09/30/2008.
Sap Ag Adr is the recognized leader in providing collaborative e-business solutions for all types of industries and for every major market. SAP has leveraged our extensive experience to deliver a comprehensive range of solutions to empower every aspect of business operations. By using SAP solutions organizations of all sizes including small and midsize enterprises - can reduce costs improve performance and gain the agility to respond to changing business needs. SAP is the world's largest business software company and the world's third-largest independent software provider overall. SAP has also developed the SAP NetWeaver platform which allows our customers to achieve more value from their IT investments. SAP Aktiengesellschaft has a market cap of $41.46 billion; its shares were traded at around $33.9 with a P/E ratio of 18.68 and P/S ratio of 2.84. The dividend yield of SAP Aktiengesellschaft stocks is 1.72%.
Added: Manpower Inc. (MAN)
Tom Gayner added to his holdings in Manpower Inc. by 33.33%. His purchase prices were between $44.42 and $55.7, with an estimated average price of $49.4. The impact to his portfolio due to this purchase was 0.06%. His holdings were 80,000 shares as of 09/30/2008.
Manpower Inc. is a leading non-governmental employment services organization. The company's largest operations based on revenues are located in the United States France and the United Kingdom. The company provides a variety of staffing and workforce management services and solutions including temporary staffing services contract services and training and testing of temporary and permanent workers. The company provides employment services to a wide variety of customers. Manpower Inc. has a market cap of $2.19 billion; its shares were traded at around $26.93 with a P/E ratio of 8.26 and P/S ratio of 0.09. The dividend yield of Manpower Inc. stocks is 2.38%.
Added: Costco Wholesale Corp. (COST)
Tom Gayner added to his holdings in Costco Wholesale Corp. by 78.74%. His purchase prices were between $61.42 and $71.83, with an estimated average price of $67.3. The impact to his portfolio due to this purchase was 0.02%. His holdings were 11,350 shares as of 09/30/2008.
Costco Wholesale Corp. operates membership warehouses based on the concept that offering members very low prices on a limited selection of nationally branded and selected private label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. This rapid inventory turnover enables Costco to operate profitably at significantly lower gross margins than traditional wholesalers discount retailers and supermarkets. Costco Wholesale Corp. has a market cap of $20.82 billion; its shares were traded at around $48.78 with a P/E ratio of 16.69 and P/S ratio of 0.29. The dividend yield of Costco Wholesale Corp. stocks is 1.12%.
Added: Cemex S.A.B. de C.V. (CX)
Tom Gayner added to his holdings in Cemex S.A.B. de C.V. by 200%. His purchase prices were between $18.04 and $23.33, with an estimated average price of $20.9. The impact to his portfolio due to this purchase was 0.02%. His holdings were 30,000 shares as of 09/30/2008.
CEMEX is one of the largest cement companies in the world with close to 78 million metric tons of production capacity. Through operating subsidiaries in four continents they are engaged in the production distribution marketing and sale of cement ready-mix concrete aggregates and clinker. They are also the world's leading producer of white cement and the world's largest trader of cement and clinker. Cemex S.A.B. de C.V. has a market cap of $4.16 billion; its shares were traded at around $5.72 with a P/E ratio of 3.11 and P/S ratio of 0.23.
New Purchase: CME Group Inc. (CME)
Tom Gayner initiated holdings in CME Group Inc.. His purchase prices were between $305.43 and $405, with an estimated average price of $350. The impact to his portfolio due to this purchase was 0.33%. His holdings were 13,770 shares as of 09/30/2008.
Chicago Mercantile Exchange Holdings is the parent company of Chicago Mercantile Exchange Inc the largest futures exchange in the United States based on notional value trading volume and open interest. As an international marketplace CME brings together buyers and sellers on its trading floors and GLOBEX around-the-clock electronic trading platform. CME offers futures contracts and options on futures primarily in four product areas: interest rates stock indexes foreign exchange and commodities. CME Group Inc. has a market cap of $12.97 billion; its shares were traded at around $224.64 with a P/E ratio of 14.11 and P/S ratio of 5.61. The dividend yield of CME Group Inc. stocks is 1.63%.
New Purchase: Schlumberger Ltd. (SLB)
Tom Gayner initiated holdings in Schlumberger Ltd.. His purchase prices were between $85.79 and $101.66, with an estimated average price of $94.3. The impact to his portfolio due to this purchase was 0.1%. His holdings were 20,100 shares as of 09/30/2008.
Schlumberger Limited is a global technology services company consisting of two business segments Schlumberger Oilfield Services and SchlumbergerSema. Schlumberger Oilfield Services is the leading provider of exploration and production services solutions and technology to the international petroleum industry. SchlumbergerSema is a leading information technology services company providing a unique combination of domain expertise and global capabilities delivered on a local basis. Schlumberger Ltd. has a market cap of $58.83 billion; its shares were traded at around $44.99 with a P/E ratio of 10.65 and P/S ratio of 2.03. The dividend yield of Schlumberger Ltd. stocks is 1.63%.
New Purchase: First Industrial Realty Trust Inc. (FR)
Tom Gayner initiated holdings in First Industrial Realty Trust Inc.. His purchase prices were between $22.24 and $31.34, with an estimated average price of $25.2. The impact to his portfolio due to this purchase was 0.1%. His holdings were 51,200 shares as of 09/30/2008.
FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns mamages acquires and develops industrial real estste. First Industrial Realty Trust Inc. has a market cap of $319.05 million; its shares were traded at around $6.22 with a P/E ratio of 2.26 and P/S ratio of 0.50. The dividend yield of First Industrial Realty Trust Inc. stocks is 27.85%.
New Purchase: NYSE Euronext (NYX)
Tom Gayner initiated holdings in NYSE Euronext. His purchase prices were between $39.26 and $46.83, with an estimated average price of $42.3. The impact to his portfolio due to this purchase was 0.08%. His holdings were 30,000 shares as of 09/30/2008.
NYSE Group Inc. is a leading provider of securities listing trading and market data products and services. The NYSE is the world's largest and most liquid cash equities exchange. The NYSE provides a reliable orderly liquid and efficient marketplace where investors buy and sell listed companies' common stock and other securities. NYSE Arca the first open all-electronic stock exchange in the United States has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca is also an exchange for trading equity options. NYSE Arca's trading platforms provide customers with fast electronic execution and open direct and anonymous market access. NYSE Regulation an independent not-for-profit subsidiary regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Euronext has a market cap of $6.58 billion; its shares were traded at around $24.66 with a P/E ratio of 8.72 and P/S ratio of 1.30. The dividend yield of NYSE Euronext stocks is 3.98%.
Reduced: Friedman Billings Ramsey Group Inc. (FBR)
Tom Gayner reduced to his holdings in Friedman Billings Ramsey Group Inc. by 64.1%. His sale prices were between $1.47 and $1.98, with an estimated average price of $1.8. The impact to his portfolio due to this sale was -0.01%. Tom Gayner still held 140,000 shares as of 09/30/2008.
Friedman Billings Ramsey Group Inc. is a full service investment banking firm focused on investment bankingresearchinstitutional brokerage & asset management.The Co seeks to identify rapidly changing industries & those that are not fully understood or appropriately valued by the market. Once an industry is identifiedthe Co develops a thorough understanding of the fundamentals & opportunities of that indst. The Co offers significant underwriting capabilities & brokerage services as well as advisory services in mergersacquisitions & strategic partnerships. Friedman Billings Ramsey Group Inc. has a market cap of $81.27 million; its shares were traded at around $0.52 with P/S ratio of 29.63.
Reduced: CORUS Bankshares Inc. (CORS)
Tom Gayner reduced to his holdings in CORUS Bankshares Inc. by 50.76%. His sale prices were between $3.44 and $7.94, with an estimated average price of $4.4. The impact to his portfolio due to this sale was -0.02%. Tom Gayner still held 97,000 shares as of 09/30/2008.
CORUS BANKSHARES INC. is a multi-bank holding company engaged in general banking business. CORUS Bankshares Inc. has a market cap of $97.75 million; its shares were traded at around $2.15 .
Reduced: News Corp. (NWS)
Tom Gayner reduced to his holdings in News Corp. by 67.34%. His sale prices were between $13.25 and $14.85, with an estimated average price of $14.2. The impact to his portfolio due to this sale was -0.03%. Tom Gayner still held 55,300 shares as of 09/30/2008.
News Corporation's diversified global operations include the production and distribution of motion pictures and television programming; television satellite and cable broadcasting; the publication of newspapers magazines books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular on-line programming. News Corp. has a market cap of $ million; its shares were traded at around $7.32 . The dividend yield of News Corp. stocks is 1.13%.
Reduced: Allied Capital Corp. (ALD)
Tom Gayner reduced to his holdings in Allied Capital Corp. by 42.78%. His sale prices were between $11.47 and $15.03, with an estimated average price of $13.5. The impact to his portfolio due to this sale was -0.04%. Tom Gayner still held 134,299 shares as of 09/30/2008.
Allied Capital is the nation's largest business development company andprovides long-term investment capital to support the expansion of growingcompanies nationwide. The company provides mezzanine debt and equityfinancing and also participates in the real estate capital markets as aninvestor in commercial mortgage-backed securities. The company isheadquartered in Washington DC. Allied Capital Corp. has a market cap of $561.09 million; its shares were traded at around $3.13 with P/S ratio of 1.12. The dividend yield of Allied Capital Corp. stocks is 35.62%.
Reduced: XL Capital Ltd (XL)
Tom Gayner reduced to his holdings in XL Capital Ltd by 28.63%. His sale prices were between $16.09 and $20.59, with an estimated average price of $19. The impact to his portfolio due to this sale was -0.08%. Tom Gayner still held 249,230 shares as of 09/30/2008.
LX Capital Limited through its subsidiaries provides excess liability insurance coverage to industrial commercial and other enterprises directors and officers of such enterprises professional firms high excess property coverage and the assumption of reinsurance contracts on a worldwide basis. The company's strategy is to be the premier provider of strategic financial risk solutions to specific global markets by applying intellectual and financial capital to assure its customers' economic vitality and enhance their competitive positions. XL Capital Ltd has a market cap of $2.04 billion; its shares were traded at around $6.07 with P/S ratio of 0.25. The dividend yield of XL Capital Ltd stocks is 7.84%.
Reduced: Cincinnati Financial Corp. (CINF)
Tom Gayner reduced to his holdings in Cincinnati Financial Corp. by 29.91%. His sale prices were between $22.98 and $33.6, with an estimated average price of $28.1. The impact to his portfolio due to this sale was -0.12%. Tom Gayner still held 210,906 shares as of 09/30/2008.
Cincinnati Financial Corporation offers property and casualty insurance its main business through The Cincinnati Insurance Company The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability income insurance and annuities. CFC Investment Company offers commercial leasing and financing services. CinFin Capital Management Company provides asset management services to institutions corporations and individuals. Cincinnati Financial Corp. has a market cap of $4.11 billion; its shares were traded at around $23.16 with a P/E ratio of 9.19 and P/S ratio of 0.99. The dividend yield of Cincinnati Financial Corp. stocks is 6%.
Reduced: The Bank of New York Mellon Corp. (BK)
Tom Gayner reduced to his holdings in The Bank of New York Mellon Corp. by 30.82%. His sale prices were between $34.13 and $39.65, with an estimated average price of $35.9. The impact to his portfolio due to this sale was -0.14%. Tom Gayner still held 205,849 shares as of 09/30/2008.
Bank of New York is a bank holding company and one of the world's larger financial institutions. They provide comprehensive financial services to individuals small and mid-sized businesses multinational corporations financial institutions governments and public agencies worldwide. Their products and services are organized into five business lines: Securities Servicing and Global Payment Services Private Client Services and Asset Management Corporate Banking Global Markets and Retail Banking. The Bank of New York Mellon Corp. has a market cap of $35.4 billion; its shares were traded at around $29.19 with a P/E ratio of 18.93 and P/S ratio of 2.31. The dividend yield of The Bank of New York Mellon Corp. stocks is 2.91%.
Reduced: The McGrawHill Companies Inc. (MHP)
Tom Gayner reduced to his holdings in The McGrawHill Companies Inc. by 35.45%. His sale prices were between $34.03 and $44.75, with an estimated average price of $40.5. The impact to his portfolio due to this sale was -0.16%. Tom Gayner still held 220,000 shares as of 09/30/2008.
McGraw-Hill Companies Inc. serves business professional andeducational markets around the world with information products and services. Key markets include finance business education construction medical and health aerospace and defense. As a multimedia publishing and information company the company employs a broad range of media including books magazines newsletters software on-line data services CD-ROMs facsimile and television broadcasting. The McGrawHill Companies Inc. has a market cap of $7.43 billion; its shares were traded at around $22.1 with a P/E ratio of 9.26 and P/S ratio of 1.07. The dividend yield of The McGrawHill Companies Inc. stocks is 3.28%.
Reduced: AFLAC Inc. (AFL)
Tom Gayner reduced to his holdings in AFLAC Inc. by 48.78%. His sale prices were between $54.66 and $63.58, with an estimated average price of $58. The impact to his portfolio due to this sale was -0.2%. Tom Gayner still held 105,000 shares as of 09/30/2008.
AFLAC Inc. is a general business holding company and acts as a management company overseeing the operations of its subsidiaries by providing management services and making capital available. Its primary business is supplemental health and life insurance which is marketed and administered primarily through its subsidiary American Family Life Assurance Company of Columbus. AFLAC Inc. has a market cap of $19.29 billion; its shares were traded at around $40.56 with a P/E ratio of 13.93 and P/S ratio of 1.16. The dividend yield of AFLAC Inc. stocks is 2.17%.
Sold Out: Meadowbrook Insurance Group Inc. (MIG)
Tom Gayner sold out his holdings in Meadowbrook Insurance Group Inc.. His sale prices were between $5.35 and $8.22, with an estimated average price of $6.7. The impact to his portfolio due to this sale was less than 0.01%.
MEADOWBROOK INS GROUP INC through its subsidiaries is engaged primarily in developing and managing Alternative Market risk management programs for defined client groups and their members. This includes providing services such as reinsurance brokering risk management consulting claims handlingadministrative services along with various types of property and liabilityinsurance coverage including workers' compensation surety and commercialmultiple peril. Meadowbrook Insurance Group Inc. has a market cap of $265.16 million; its shares were traded at around $4.62 with a P/E ratio of 6.77 and P/S ratio of 0.69. The dividend yield of Meadowbrook Insurance Group Inc. stocks is 1.52%.
Sold Out: Citigroup Inc. (C)
Tom Gayner sold out his holdings in Citigroup Inc.. His sale prices were between $15.72 and $20.39, with an estimated average price of $18.4. The impact to his portfolio due to this sale was less than 0.01%.
Citigroup Inc. the leading global financial services company has some two hundred million customer accounts and does business in more than hundred countries providing consumers corporations governments and institutions with a broad range of financial products and services including consumer banking and credit corporate and investment banking securities brokerage and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank CitiFinancial Primerica Smith Barney and Banamex. Citigroup Inc. has a market cap of $48.77 billion; its shares were traded at around $9.64 with P/S ratio of 1.92. The dividend yield of Citigroup Inc. stocks is 4.69%.
Sold Out: Valley National Bancorp (VLY)
Tom Gayner sold out his holdings in Valley National Bancorp. His sale prices were between $14.62 and $24, with an estimated average price of $19.5. The impact to his portfolio due to this sale was less than 0.01%.
Valley National Bancorp is a bank holding company whose principal subsidiary is Valley National Bank. Valley National Bank provides a full range of commercial and retail banking services through branch offices located in northern New Jersey. These services include the following: the acceptance of demand savings and time deposits; extension of consumer real estate Small Business Administration and other commercial credits; title insurance; investment services; and full personal and corporate trust as well as pension and fiduciary services. Valley National Bancorp has a market cap of $2.37 billion; its shares were traded at around $17 with a P/E ratio of 20.83 and P/S ratio of 6.03. The dividend yield of Valley National Bancorp stocks is 4.21%.
Sold Out: BP p.l.c. (BP)
Tom Gayner sold out his holdings in BP p.l.c.. His sale prices were between $53.07 and $64.26, with an estimated average price of $57.5. The impact to his portfolio due to this sale was less than 0.01%.
BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Their main activities are exploration and production of crude oil and natural gas; refining marketing supply and transportation; and manufacturing and marketing of petrochemicals. They have a growing activity in gas and power and in solar power generation. BP has well-established operations in Europe North and South America Australasia and Africa. BP p.l.c. has a market cap of $134.66 billion; its shares were traded at around $42.13 with a P/E ratio of 4.75 and P/S ratio of 0.35. The dividend yield of BP p.l.c. stocks is 6.26%.
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