Just picked up a few names: Markel, Alleghany, Leucadia, ... Big names for value investors.

Unlike Berkshire and Markel, neither Leucadia nor Alleghany is an insurance company--although both have previously invested in the field, and Alleghany's recent acquisitions of several insurers suggest it may eventually more closely resemble Berkshire and Markel. Both firms, however, boast hallmarks of great investment firms. Managerial ownership is high, which aligns interests with the true interests of outside shareholders--maximizing long-term net returns from investments. Alleghany's managers own about 24% of its shares, while Leucadia's team owns about 25% of their firm. Both also aspire to make long-term investments at prices far below fair value, a historically successful strategy of which we heartily approve. There are important differences between the strategies of the two firms, which we'll explore momentarily. We'll follow with a selection of six 5-star stocks culled from the firms' publicly disclosed portfolios, then list their largest holdings. Given the exceptional long-term records of each firm, we contend that these stocks are excellent candidates for further research--as are, naturally, Alleghany and Leucadia.