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  2. Hello, I recently transcibed the excellent guest lecture from Li Lu. I also got the stock information charts from his chinese book. Hope you enjoy it. https://roiss.substack.com/p/li-lus-investing-masterclass-at-columbia
  3. Behind the Rise and Fall of an Esteemed Value Shop _ Morningstar.pdf https://www.morningstar.com/articles/708457/behind-the-rise-and-fall-of-an-esteemed-value-shop Good article and lessons learned about IVA's fund raise and dramatic fall.
  4. Doesn’t look like we have a thread for this. I sold my Prosus stake last winter after buying pre spinoff for an easy double and I have regretted it. The price hasn’t moved that much but Tencent has performed very well, the discount to the NAV here is quite large again so I am getting back in but this time I’m planning on keeping as a long term investment. I like the portfolio of companies that Prosus have acquired and all seem well position for future growth. Management have been buying back shares of prosus and Naspers with excess cash in order to reduce the discount. To invest her
  5. I was browsing through their website and under corporate it states the Wade Burton is hwic chief investment officer. Has that always been the case?
  6. Today
  7. Thanks for the help. I just setup 8K Alerts from https://www.secfilings.com/. Lets see
  8. Is this the last positive trading update as a WFH/lockdown trade? Very curious to see how this plays out from here. There is a strong case for significant churn in 2021 as marginal consumers redirect spend into the on-trade and £25 a month of wine (to be drank in the house) becomes less of an unmet need. I do not believe this is a priority subscription for a big chunk of who they see as angels. Strong hands required indeed in 2021/2022.
  9. The dividend paid in Q1 will also be reducing BV by $10 when they report.
  10. Business Korea reporting that the IPO of Hyundai Engineering will be the first step of a "full-fledged restructuring": http://www.businesskorea.co.kr/news/articleView.html?idxno=64704 There was an article a week ago or so that suggested that Euisun might sell his Glovis shares to buy Mobis. This option sounds pretty stupid to me, but perhaps worth mentioning.
  11. Indeed, this last post takes up a whole horizontal iPad page thanks to the white space in the post and the inexplicable white space underneath it. Also, why are the adds so much taller now. At the top I have to scroll past the first one, then there’s the first post in the forum, then straight after there’s another one, also tall. No longer efficient to browse here.
  12. Just wait and see. Learn from our Canadian friends. You're just trying to buy yourself a home. Thats basically where everyone is at right now. Wait til everyone and their mother owns 5 condos! Its one of the surest things Ive ever seen in my life. Famous last words, I know. But everything is lined up, from wealth inequality, to yield desperation and insurance companies. The little guy is gonna start seeing wage increases and thats going to set off the powder keg.
  13. How do you get to 0.7x? BVPS was 478 in q4. Add 47 of gains from marks to market and you’re at 525. Share price is 454. That’s 0.86x. It would take a lot of underwriting profit to get you to 0.7x, when you consider holdco costs etc., no? Also remember there’s a ton of goodwill. I think it’s money good, but it does distort the BV comparison with other insurers that don’t have it.
  14. From Twitter: Chinese dairy companies stage a strong rally, after the PBOC said in a paper released Wed that China should remove all birth control and encourage people to have more children. https://t.co/vVS0O9qEIi https://t.co/iCoAvupVkV Wouldn't hold by breath, but a Chinese baby boom would be good for business I'm sure ^^ Up more than 50 pct in a month or so, funny how quickly sentiment change in these smallcaps
  15. Thanks Jfan and Xerxes. Do you happen to know if it was recorded, I cant seem to find the link.
  16. Nice to see Fairfax starting to outperform expectations. This makes it two quarters in a row. And the beats have been significantly better (not just a little). 1.) insurance: 96%CR is good; growth of 17% is very good 2.) net gains on investments is very good 3.) fair value of associates and consolidated stocks (in aggregate) is now comfortably over carrying value. This makes reported book value more meaningful (and lessens the need for the stock to sell below book value). And the equity holdings (in aggregate) do not look crazy overvalued at March 31 prices... lots more upsid
  17. My high level read is book value will be up by the $875+ million figure plus profits from insurance. The other gains are real gains, but won't be gains captured in book value, just like the prior deficit wasn't captured in book value. Still, with that gain, Fairfax is still at like 0.7x boon and even cheaper considering they now have $200-300 million of gains not captured there. Despite recent gains that have been very strong, Fairfax is still dirt cheap
  18. Not sure of these two statements are overlapping. Does it mean a combined ~$1.875 billion net gain in Q1, with an understanding a good portion wont go through the P&L. i guess will know tomorrow "Our investments increased significantly with net gains on investments currently estimated at approximately $875 million for the first quarter of 2021, primarily reflecting net unrealized gains from our common stock portfolio. Mark-to-market movements on certain of our non-insurance consolidated investments and investments in associates, which will not be reflected in our fina
  19. Thanks for posting, i listed to it as well and you pretty much covered anything. The two new managers are humble and eager to get things done. I like the question about alignment. If I understand correctly, what he refers to "investment manager" is not owned by the new operators personally. The two new operators own actual shares of the company. The one thing is missing is that the new management is not "new" in Africa. So i felt they should have perhaps showcased their own past deeds, for the shareholders to get some meat as to what expect.
  20. I attended. I think I was the only outside passive shareholder there. Got all my questions answered. I didn't take extensive notes but here are a few observations: 1) These guys are honest and not afraid to openly discuss the poor investments made in the past in the presence of Fairfax leadership. They said prior investments were loaded up too much with debt, poorly timed, and lacked execution. 2) In order to consummate the deal, fairfax had to provide them with insurance to set the floor on asset devaluation from their prior investments. 3) Helios brings in some existing c
  21. I don't know if we're in a housing bubble but I'm pretty sure it's not at the top of the first inning. I'm trying to buy a house and things are insane - it's an even better seller's market than it was in 2006 in my opinion.
  22. A recent article in the WSJ described a large home builder selling an entire community of new homes to a public company and generating twice the profit that they would have made selling them to individuals. That seems a bit like an investment mania in a world starved for yield. Maybe everything will stay ok as long as rates stay artificially low for another 10 years and current nominal prices stay put while inflation adjusts them in real terms. But if rates return to normal levels, all bets are off. Price to rent ratios don't make any sense compared to historical norms.
  23. (Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial information reflects preliminary indications and current estimates of key developments of the company’s first quarter of 2021 prepared using the recognition and measurement requirements of International Financial Reporting Standards (“IFRS”) except as otherwise noted, and are unaudited.) TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces preliminary unaudited financial information which will be finalized for the co
  24. This guy is a fool if he thinks we're in a housing bubble in the US...You currently have a generation of "never buy" now wanting to buy. Decade in the making supply constraint after a once in a generation economic reset. Whats the average credit score of people getting mortgages today? How many people do you know with multiple speculative housing projects/investments? Because the heavy majority of the folks Ive heard from are simply dying to get into THEIR OWN primary residence and cant. The 2005 bubble was on the back of 6% mortgages. Today we are at 3%. There's going to be a massive runway f
  25. Yesterday
  26. Sold FROG and KVSA (both for small gains).
  27. Lillian went as far as stating that $BABA is a boomer value stock, which of course makes it an autobuy.
  28. My thoughts exactly. Pulling the rug out from under Alibaba is not going to be easy.
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