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Teddy-boy, I don't really care what you think. Spek keeps ignoring the facts, solely because he can't stand Trump. It's not the first time and certainly won't be the last time. Take a chill pill already.

I think the key metric in assessing intrinsic value—while admittedly imperfect and particularly volatile in Fairfax’s case—is net earnings. Ultimately, a business’s intrinsic value is determined by its ability to generate earnings over time. With that in mind, it may be informative to look at the trend in annual net earnings alongside earnings per share (EPS). Since Fairfax has also been aggressively repurchasing shares, the EPS trend provides additional insight into the value accruing to each remaining shareholder. I also thought it would be useful to include return on equity (ROE). Although ROE is also subject to significant year-to-year volatility and accounting noise at Fairfax, it remains a helpful measure of how effectively the company has been compounding shareholders’ capital over time. Year Total Revenue (US$B) Net Earnings (US$B) Diluted EPS (US$) ROE 2017 16.2 1.74 64.98 15.0% 2018 15.6 0.38 14.08 3.2% 2019 19.1 1.65 62.45 13.3% 2020 20.0 2.06 80.76 15.6% 2021 27.0 3.18 123.61 20.2% 2022 29.0 3.38 129.23 18.6% 2023 31.8 4.38 173.24 20.2% 2024 35.2 3.87 160.56 16.0% 2025 38.3 4.77 213.78 18.1%

PBAM files to uplist to Nasdaq https://www.sec.gov/Archives/edgar/data/1705284/000119312526302001/d924865d1012b.htm

Could also add the impact to BVPS as Viking calculated. Just need the effective shares outstanding at the end of 2024 and 2025. I don’t think the accretion to BVPS from buybacks at a discount are relevant.

May be he didn’t take his meds today. I would not worry to much, tomorrow is Taco Don Tuesday.

Chatgpt: Year Shares Repurchased (millions) Total Cost (US$ millions) Avg. Purchase Price Year-end Book Value/Share Avg. Purchase Price as % of BV Estimated % of Shares Retired 2017 ~0.35 ~150 ~$430 ~$450 96% ~1.4% 2018 ~0.55 ~250 ~$455 ~$455 100% ~2.2% 2019 ~0.38 ~170 ~$447 ~$484 92% ~1.5% 2020 ~0.56 ~215 ~$385 ~$525 73% ~2.2% 2021 ~2.31 ~1,240 ~$537 ~$674 80% ~9.3% 2022 ~0.61 ~398 ~$652 ~$752 87% ~2.7% 2023 ~0.31 ~276 ~$890 ~$940 95% ~1.4% 2024 1.347 1,588 $1,179 $1,060 111% ~6.3% 2025 1.007 1,625 $1,614 $1,260 128% ~5.0%

The inflation was an own goal. Trump shut things down did a little stimmy, bad but made more sense when apparently people thought there were so many unknows, and politically because he would be the only who didn't. Then biden, when the coast was clear, loaded up lots of stimmy, unnecessarily and without a meritable argument at the time. Also, in general lefty states wanted to stay closed vs rightie, counterfactually if trump won, would things of opened up sooner if most of his base wanted it? Yes, question is how quickly, would that have reduced inflation, having companies open? I don't know a single righty who didn't say they wanted things opened. 78 year olds with 2.5 co morbities/similar could have been taken care of cheaply.

Return of the King- what a book ! .took me 2 months to digest it all..great author ! thank you linking the podcast

Cubs, no one on this board, save you, thinks the economy runs on the election calendar. Inflation created by the Biden administration flowed into Trump's second term, just as it flowed into Biden from Trump's first. Also, your syntax makes your posts read like you are an asshat. And I don't think you are! Why would you address Spek with an opening sentence like that?? I love the exchange of ideas and the vastly differing opinions. The message would be better received if toned down a bit.

Bought small position in NQ cuz if it feels good, why not

Shit man, if that many funboys got liquidated then maybe it's time for a short term bounce

Obviously you don't know what you are talking about. Biden's SECOND year in office printed 8%+ inflation - a clear disaster - when there was NO need for any stimulus. You don't stimulate a fast recovering economy. When you add 10-20 million new residents to the housing/rent market - rents/housing prices explode. You can put lipstick on the Biden pig all you like - it's still a pig.

The inflation actually started under Trump and COVID. Pretty much every country saw inflation so it’s wasn’t unique to the US economy . The second stimulus package from Biden was a mistake and made it worse but since even economies that didn’t do a stimulus booster also had inflation, it’s hard to argue that this is the main cause. Also your 20 million illegals umring if Biden’s. Terms are pretty much twice the estimates. The bigger issue for Trump is that the K shaped economy gets more pronounced. Also with the latest increase in inflation, the real buying power of wages started to shrink again. This is particular true for the bottom 50%.

I don't disagree with this, but it's more complicated than just that the purchase price needs to come down. If the purchase price was far higher than the cost of building new homes (including land, site prep, utilities, infrastructure, etc.), then we could just build a ton of new housing stock. In many parts of the country, the purchase price of a home is lower than the all in cost of replacement. I just asked chatGPT about the net increase in the housing stock, and it's currently running 1-1.3 million a year (if chatGPT is to be trusted, and I thought I'd rather take the easy way out rather than dig through Fred) on a housing stock of about 150 million. So well below 1% net increase in the housing stock. I also asked ChatGPT what the population increase has looked like since Trump took office the second time (at which point it slowed down for obvious reasons), and that's supposedly averaged around 0.4%. Another factor, is that single member or single parent households have been exploding over the last several decades, so unless that demographic changes, there are more homes needed per person. Why would the purchase price come down (barring financial or real estate crisis) if there's a structural shortage of homes, we aren't building them fast enough, and the price of building a home is equal to or higher than buying one? To me, it seems like the most likely scenario is that housing/rent continues to eat up a larger share of budgets than it did in the past.

GLAAD - these are the same lunatics that campaign for men in women's bathrooms and locker rooms. And full trans "health care" for children - ie hormone treatments, genital mutilations, etc. Good for Lindsey for protecting women & children in private spaces and women's sports.

Hey MAGA, should we use some of that $100B+ ICE budget to instead make housing more affordable for Americans? NAH How about at least for bodycams so these ICE goons have some accountability? NAH https://apnews.com/article/ice-shooting-maine-immigration-dhs-f26f8c2256aa6f0748582ea4adbb515c Y'all Quaeda is at it again!

America did not brainwash me. America unbrainwashed me. America gave me back something I did not even know I had lost. The belief that my life still can become bigger. https://www.battleswarmblog.com/?p=72369

LILAP starter and an add to AMRZ

Did he cast any other votes in the last 30 years? Perhaps you'd have preferred his predecessor in the Senate, Strom Thurmond.

Txinvestor, there is one more useful line you could add in there...percentage of total shares retired for that year. So, that would indicate if they are paying up in terms of p/b, but buying in the same percentage of total shares outstanding. That would clearly indicate that they believe there is a long-term structural change in intrinsic value and a higher p/b is achieving the long-term return they want. Cheers!

https://glaad.org/gap/lindsey-graham/ Cheers!

I asked chatGPT to construct this going back to 2017 since when's they've taken out almost 30% of their outstanding shares via buybacks. I would argue this divergence goes back to ever since the year the buyback started happening in earnest about 9yrs ago, once their equity hedges came off. This is evidenced by the fact that their earnings whether measured by total net earnings or EPS has grown despite all the capital ~$6B cumulatively allocated towards these buybacks. Year Shares Repurchased (millions) Total Cost (US$ millions) Avg. Purchase Price Year-end Book Value/Share Avg. Purchase Price as % of BV 2017 ~0.35 ~150 ~$430 ~$450 96% 2018 ~0.55 ~250 ~$455 ~$455 100% 2019 ~0.38 ~170 ~$447 ~$484 92% 2020 ~0.56 ~215 ~$385 ~$525 73% 2021 ~2.31 ~1,240 ~$537 ~$674 80% 2022 ~0.61 ~398 ~$652 ~$752 87% 2023 ~0.31 ~276 ~$890 ~$940 95% 2024 1.347 1,588 $1,179 $1,060 111% 2025 1.007 1,625 $1,614 $1,260 128% Â

Mortgage rates are in line with long term averages and well below when I financed my first, fifth and tenth property. Today's mortgage rates are not the culprit. Its the actual purchase price and cost of insurance, taxes and maintenance.

Thanks!