Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has a tremendous history of success that spans more than a half-century, as seen from its 20% annual compound returns since the 1960s. Competitors often look to emulate the conglomerate, which produces steady cash flows and uses that cash to acquire companies and build a massive stock investment portfolio.

One company that earns comparisons to Berkshire Hathaway is Markel (NYSE: MKL). The specialty insurance company has a business model and investment approach similar to Berkshire's and also boasts a solid track record itself. Here's which one is a better buy today.

Berkshire Hathaway is renowned for its massive $354 billion investment portfolio. However, there is much more beneath the surface. Berkshire owns numerous companies privately, including insurance, railroads, energy, and manufacturing companies. These subsidiaries are a significant source of cash flow for the conglomerate, which is why its investment portfolio has grown to such a massive scale today.

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Source Fool.com