TechniqueValuationLetter located
Orange and Blue: a two-part intrinsic value that decides whether to buy back or issue
Publish the method for intrinsic value, then let it decide: buy back below it, issue above it, and keep the multiple consistent so the method cannot flatter.
Valuing a holding company or an insurer with an investment portfolio, and any discussion of how management should decide on buybacks.
From Markel Group's 2023 letter to business partners · Thomas Gayner