BRK-B vs MKL: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MKL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BRK-B and MKL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BRK-B and MKL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Berkshire Hathaway is a diversified holding company that owns a wide range of businesses outright and holds a large portfolio of public stocks. Its foundation is insurance: GEICO, Berkshire Hathaway Reinsurance, and other insurers generate underwriting profit and, more importantly, float (premiums held before claims are paid) that Berkshire invests. In Q1 2026 insurance underwriting income rose to about $1.72 billion from $1.34 billion a year earlier. Beyond insurance, Berkshire owns the BNSF railroad, Berkshire Hathaway Energy, and consumer and industrial businesses such as Duracell, Dairy Queen, See's Candies, and Precision Castparts, alongside a stock portfolio historically anchored by names like Apple and American Express.

Full BRK-B guide

Markel Group Inc. is a Virginia-based holding company built on three engines: a specialty property and casualty insurance operation that underwrites hard-to-place and niche risks (from executive liability to equine coverage), an investment portfolio funded largely by insurance float, and Markel Ventures, a group of wholly owned operating businesses spanning industrial, consumer, and services companies. The insurance business generates premiums and, ideally, an underwriting profit, while the float is invested in equities and fixed income to compound over time. This design is why MKL is frequently described as a mini Berkshire Hathaway.

Full MKL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BRK-B drivers: Leadership transition to Greg Abel; Insurance float and underwriting.
• MKL drivers: Specialty underwriting discipline; Investment portfolio and float.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central 2026 risk is the leadership transition itself: Buffett's judgment and reputation were core to Berkshire's edge, and the market will test whether Greg Abel can allocate capital as effectively, especially with a record cash pile to deploy. For MKL, reported earnings are volatile because unrealized investment gains and losses run through the income statement, so a down market can produce a headline net loss (as in Q1 2026) even with solid underwriting.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BRK-B if you believe its drivers more; MKL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BRK-B and MKL guides.

BRK-B. Figures are approximate and tied to the asOf date; verify live numbers before acting. Because accounting rules force Berkshire to mark its large stock portfolio to market each quarter, GAAP net income is noisy, so investors typically focus on operating earnings and book value per share rather than a simple P/E. The record cash balance means a meaningful part of the market cap is cash awaiting deployment, which affects how the business should be valued.

MKL. MKL trades around a low-to-mid teens price-to-earnings multiple and near a modest premium to its roughly $1,447 book value per share, valuation anchors that matter more than headline EPS given the volatility of investment marks. Consensus 2026 EPS estimates were trimmed (from about $159 toward the low $140s) after a soft first quarter, and the reported Q1 2026 net loss reflected investment swings rather than a collapse in underwriting. Figures are approximate and move with markets and reserve updates.

Headline figures (approximate, Jul 2026): BRK-B shows operating earnings (q1 2026) ~$11.35 billion, up ~18% year over year (approximate; verify live), net earnings (q1 2026) ~$10.1 billion, but volatile due to mark-to-market swings on equities (approximate; verify live), cash and treasurys ~$397 billion at end of Q1 2026, a record (approximate; verify live), market cap ~$1 trillion (BRK-B ~$497 per share in mid-July 2026; approximate; verify live); MKL shows revenue (ttm) ~$15B, q1 2026 revenue ~$3.55B, market cap ~$23B, book value per share ~$1,447.

BRK-B and MKL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BRK-B and MKL exposure against your real portfolio. It is not an investment adviser.