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Is ~10x PE / 1.3x BV for Eurobank really fair value for a 15%+ ROE on TBV? I think FV is a lot higher. For accounting returns it’s contributing at over 20% given the earnings yield on carrying value. Plus with dividends and buybacks it’s returning a lot of cash. I pay attention to what they own of course but I know they will make mistakes. For the next few years at least, I don’t think we have to worry about the accounting returns which is what supports the stock.

Fairfax built their stake in Seaspan/Atlas over a number of years. And they made a number of different investments (the roll over of APR being one example). To keep the analysis simple (especially the time value of money part) I decided to take a FIFO approach. The key point: Seaspan has been one of Fairfax’s best-ever investments.

Look, both Hezbollah and Hamas say that their goal is elimination of Israel. Unless Hezbollah and Hamas disarm, there will plenty of wars sadly. Also, I doubt that Hezbollah can afford a break unless Israel withdraws from Lebanese territory that it has captured in the recent war. Hezbollah's base will justifiably ask - what was the point of the war, so Hezbollah will try to recover territory asap.

The market has lost its damn mind with AI...Adobe tanked because AI was gonna replace them due to all their customers going and using AI and then analysts found most Adobe customers don't use AI features, so the stock went down even more because now it's not an AI stock...

I love it @Parsad - this is my favorite!

The challenge I have with buying Salesforce though is that the only thing I like about it now is that it is so hated by the market and seems like decent value. Everything else such as the leadership, capital allocation skills, constant insider sales of stock historically, large SBC (although that is same for most SAAS businesses). I live in Salesforce every day due to my job configuring it for clients and I can see the sticky nature of it, I just don't really like or trust the leadership that much.

Some other facts: - Iran is bankrupt...essentially has been for over a decade - Iran's military is destroyed, but not their drones and soldiers - IRGC leadership, only half dead - Iran has no friends in the Gulf, except the United States - Finally, the US Military can do anything they wish to Iran for the next several years...but they won't because they need the SOH open When one understands that - Iran should be delighted. Especially with $25B of sanctioned assets returned and $300B in reparation funds! Art of the Deal! Art of the Deal! The best negotiator since Chief Seyseys who sold Manhattan to Peter Minuit for about $24. Cheers!

It was amazing - was there in person, Dallas stadium was awesome. Nervy first half but great 2h goals from Bellingham and rashford

I've got CSU and NOW for this - fairly confident now there will be winners and losers in software wrt AI. But bearishness persists.

ITALY!

more Adobe.

I think their headless strategy makes sense. I have never used Slack and I don't have AI agents, but I buy the argument that Slack is a great place for co workers to work and manage AI agents and work. I watched a video on CNBC with a ADBE executive yesterday and he said ADBE would be moving towards more headless offerings.

It is the largest component of IGV and i believe the whole ETF is shorted regardless of whats in it or at what valuation the stocks are, to buy more semi stocks. That trade will implode sooner or later.

You are right, and Wales had a separate team too... Shocking how Russia, India and China are not in, while Curacao is...

Got it John. Here's some facts: - Iran is bankrupt - It's military destroyed - IRGC leadership, many dead - Iran has no friends in the Gulf - Finally, the US Military can do anything they wish to Iran for the next several years When one understands that - Europe should be delighted.

Is MSFT a SaaS company? It is trading like one.

Thanks Mike [ @cubsfan ], My post was about my fumbling for facts because of the lack of actual, factual and tangible data points, facts.

Thanks, @73 Reds. So, I have not been the only one. To me, that's a weird and questional public communication strategy about the MOU.

I think we are getting close to the point where I might hold my nose and buy one or two SAAS stocks. CRM is almost worth a shot at this price. If they can execute well stock could be a bargain, if they don’t then I think the product is sticky enough at large enterprises to stop it from falling down completely.

You got it right @John Hjorth According to our buddies on CoBF, the $300B will be handed over by all of Iran's mortal enemies, just so Iran can rebuild their nukes and military - then Iran can start attacking their neighbors again. The brain trust on CoBF strikes again.

I owned KW briefly before the takeover. I think there is plenty of hidden value. The share price didn't reflect this for 3 reasons: KW screens highly levered, which puts people off; real estate is relatively unpopular today; and real estate is in a downcycle because interest rate increases lead rent increases. However, on the other side of the coin, rents are starting to accelerate, interest rate increases have or will level off, and new supply is at cyclical lows. I think FFH have timed this one quite well. When I owned it I ran simple valuation scenarios that came out between $12 and $28. Fairfax bought for £10.90. I am pretty confident they will get a decent result from this deal and that's before considering that the asset management business might grow and FFH might benefit from having real estate expertise in-house.

John, your guess is as good as mine. People who make assumptions are only arguing their "book" or bias. Likewise, media jumps to conclusions because that is what they do.

It does make me smile to see investments like Stelco and Seaspan described as high-quality. At the time, IIRC, this board was screaming that they were absolute crap. There is an element of hindsight bias here. In addition, Fairfax were brilliant investors from formation until 2008 or so. Then they had a bad decade. If that's changed, it's less "new Fairfax" and more "back to old Fairfax". One of my concerns with the business is that the portfolio built in the 2010s (Eurobank, Seaspan, etc.) has mostly hit fair value. There is a great tendency to look at old investments because we have more data, but the answers are already fairly settled; really we should be mapping out the future of investments where we don't know the outcome, like KW, Sleep, Blizzard, etc.

The setting is so fitting for the occasion as didn’t Germany also signed the treaty of Versailles officially acknowledging their defeat in 1919!

He has made a billion from boxing and apparently just blows it all the time. Buying stuff never made me happy, but apparently it makes others happy to blow their money on cars and watches. He should be a multi-billionaire by now.