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Median wealth in many European countries is higher, some much higher, than the median wealth in America. America has higher median income, not really sure where all that goes. I think Spek overall is right. Americans just have a lot more go than Europeans. Good and bad sides to that.

I think shareholders at many successful companies get spoiled by great annual results for a period, and feel a sense of deflation when things aren't still going up double digits every year. The irony with Fairfax is that they are still growing at terrific annual results, but because the stock price has stagnated slightly in the last 8-12 months, the sense of deflation has come swiftly! Even long-term investors are vulnerable to that emotion...no matter how long they've held and what they've been through in the past. It's like eating just the right amount of your favorite food and instead of being satiated the next day, you feel let down that the feeling didn't linger longer. I've seen every shape of shareholder do this and go through this, including with Fairfax. It's just funny to see it happen so quickly after 5 years of massive growth and returns...that are still continuing...but in book value, rather than stock price! Cheers!

+ 1 There is no question the U.S. is the inventor of the world. But life/business is no zero sum game and we are profiting from these inventions. If you have a very good job in Europe or you are a Berkshire investor you can probably live better, because everything is relative. I like our democracy, no idiotic president, no ICE.... I heard of $20 beers at the world cup.

Watch it Cubs! His post deserves your scorn, but the "little shit" stuff can go. Blake, you're not posting on investing, and you are telling people how stupid they are, what exactly is your point of being on here? The only person who posts less about investing is Doo...but we know that already and he posts shit without specifically insulting any one person. Please keep the political posts on an issue rather than aimed at any one person. Cheers!

Some, sure. But there's enough others that seem very genuinely shocked at American suburban and rural affluence to make it seem more reflective of the whole than not. And knowing what we know of the actual disparity, that's only to be expected.

They're more than a bit poorer. Because: If they did understand, they might be less content.

Intrinsic value growth has been double digits since inception after fees. It not being reflected in the stock is the opportunity. Just like FFH, the conservatism and accounting policy make it so that book value growth lags intrinsic value growth. After 11 years, like FFH, the NAV can only be suppressed for so long.

I think the real problem is the market structure. It’s the minority shareholders that determine what the equity is valued at by the market. Fairfax pays a big premium to that. The majority of the minority have to approve any transaction. They always go along because either they have better options for their capital or they don’t want to stomach a drawdown. I’m glad Fairfax is designed to take advantage of inefficient markets. It’s part of what makes me think a 10 year CAGR of 20-25% is more likely than <15%.

People want to partner with us...India is ripe with opportunity...the government will privatize business...Poseidon going public...these notions have been around for a looong time, and, honestly, the more these things are said, the more they ring hallow. I feel like Charlie Brown having the ball pulled away right before kicking it. Please understand, FFHI is my #2 or #3 holding, depending on the day, so I did drink the Kool-Ade, and I still believe in the company and the potential, but it's interesting to see these attachments from April of 2024 26 months later realize that minimal tangible progress has been made. We have to trust that intangible progress is being made that is unseeable right now. i THINK that's happening, and really hope it is, but the fact that it hasn't yet does bring up the notion that either it won't, or that my patient capital would be better off being patient elsewhere. The above comments are well over 90% frustration with the rest being concern, anger or bewilderment. And, yes, one has to think that management is as frustrated as this shareholder. -Crip -Crip

I think it was more to do with the escrow requirements but I’m an optimist.

If we keep letting millions of people come to the US who don't share our values then we will end up much worse than Europe - look at Mamdani and the policies he is advocating/pursuing in NYC. At this point, plenty of places in the US have much higher taxes than Europe - NYC, California, Hawaii

Most likely, this is just a way to lock in a high yield effectively in dollars, given the recent Indian government efforts to bring in dollars to shore up the rupee. It also helps them earn brownie points with the Indian government to speed up approval for their investments.

I respectfully disagree - it’s not really complicated. It just never made any sense, and even Buffett eventually abandoned that way of thinking.

Well, for a long time Buffett didn't repurchase shares, idk if I'd call him an empire builder but I imagine he felt he could earn a better return investing rather than repurchasing. Then again I bet that's what every empire builder tells themselves. Of course Buffett happened to be right, at least for a very long time! The other difference IMO is Buffett maybe didn't want to come across as taking advantage of fellow shareholders (also why he publicly released his buyback criteria).

Europeans have touted their social safety net and "quality of life" since the 1990s. They have neglected economic productivity, technology, and defense since then and it's no coincidence. The problem is that guys like Putin will always exist and if you don't have defense (or technology/productivity), one day that nice social safety net and "quality of life" will be taken from you (all of a sudden, it's just gone)...just the brutal reality of this world. The time period since the end of the Cold War has been unusual because the U.S. has basically allowed Europe to create a fantasy world that's now going away...

Wealthier yes, but better I am not sure. Europe has a much better work life balance (work hours, vacation) and more livable cities. US has lower taxes , is much more entrepreneurial. I think the bottom 50% is probably better off in Europe, the top 25% better off in the USA and for the the rest depends. I think I can judge this better than most having lived and h sing friends on both sides of the pond and going back frequently. I think the combo of working in the US and retiring in Europe is hard to beat. FWIW, most people going to the Worldcup have travelled to the USA before, so I think some of the stories are a bit staged. Europeans know Amerika much better than vice versa.

Free refills is the killer app in restaurants. Here in the south they even give you a cup and a lid and refill to go.

I tell this to people, the average European doesn’t understand just how much wealthier the average American is. However, I wouldn’t say Americans live better overall, Europeans mostly seem content to be a bit poorer in exchange for a stronger safety net.

Hey, at least your old man loves you!

I knew Charlie Rose was great interviewer, but I never knew about his website. It is incredible: https://charlierose.com/ I recommend taking a look at it.

It's really great to see, especially how they celebrate the little things like air-conditioning and free soda refills.

You don't even know the half of it

100%. I think the same thinking has overcome our younger generation when it comes to 9/11 as well.

Pretty harsh Blake. You definitely sound like an arrogant little shit!

Yeah, I suspect, at heart, Buffett might have been a bit of an empire-builder, because it seemed to me that, for a thoughtful guy, he reacted too late to the challenges of scale. It feels like Fairfax has made that switch at about the right time if one is trying to maximize shareholder returns. You want the best of both worlds--economies of scale while still having a large universe of potential investments.