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This was the presentation that I used last week that has my thoughts on valuation, book value, ROE amongst other stuff. I find ROE and EPS most useful (especially as Fairfax earnings power has become much more stable). Book value is an additional data point and quick way to compare insurers. However an insurer trading at 1x book earning 8% ROE is much more expensive than an insurer trading at 1x book earning 20% ROE. Which will be captured in the PE multiple (i.e the second business will be trading at a much lower PE). Fairfax_Pitch_final_P&R_VIS.pdf

Messi has an old school mentality. High IQ, incredible skills, and tenacity. There is zero flop in Messi's game. He's like an NFL running back when he has the ball and will run through just about anything if he can. The game would be so much better if people had his tenacity instead of the flop tendency. Sports across the board are getting soft. I think it's more engrained in the generation than any specific sport. NFL, MLB, NBA, Tour de France etc. all getting soft.

Incredible player! I remember watching him, Samuel Eto'o and Ronaldinho on the front line at Spain. People tried to say he had no air game because he's short but he proved them wrong. Can't believe he's still playing at this level when Ronaldinho is long gone.

Yea but AI's gonna be big.

Yea man besides porn, what's the point of the internet haha

I don't know if it was the same thing for him but for me the news about TPU and going after Nvidia lunch caused a huge bump in my valuation of Alphabet. It has now a long ramp up for growth

Imo you just need to be directionally correct, especially if the company is pumping out high ROE and compounding equity at high rates. At 1.1x book, you know that directionally, Fairfax is cheap even if it had an average ROE. So the fact that they are doing buybacks and that they have well above average ROEs just means that its pretty damn cheap right now.

LOL, @73 Reds, I may [perhaps, only perhaps! ] have gotten out of line here, entering self-occilation mode! -Honestly, I'm just so tired and fed up with all this Epstein sh*te [not judging anyone not already convivected]!

Just look at the process, it's been dragged out, withdrawn, and restarted, and there are only 2 bidders remaining and the prices being reported are below where it was trading a few months ago. None of that speaks to strong demand.

LOL, I had a hard time taking Obama. At least Buffett always means well.

It's all PR *BS* - Causing Medal of Fredom to Buffett by Obama - and what do I know. To me, nauseating. I have a hard time taking it.

This is the way

Buffett is a very smart man, but he's had many misses. Airlines, IBM, etc. etc. I think the worst thing you can do is factor Buffett buying into your investment thesis and decisions. Google is a double digit portion of my portfolio fwiw.

If you're looking for lots of restaurants and nightlife, Pensacola Beach is the place, but if you want rural beachy with lots of nature and a more family friendly atmosphere, Perdido Key is the place for you. The traffic has gotten a lot worse since it's just two lanes in and out. Pro tip: take Blue Angel Parkway from town and go all the way to the last traffic light before the back entrance to the naval base. Then take a right on Old Gulf Beach Highway for less lengthy traffic back ups on weekends and holidays.

The gestapo commentary was a joke obviously. Google was forced by government to take down 3 star reviews. That is not a private company doing what it wants because in Germany the government is making the demands. Same thing happened at Twitter when government pressured it to take down “misinformation” like that covid probably originated in a lab before Elon bought it. This is a much bigger issue with google maps in Germany than the USA and to compare the two is apples to oranges: https://www.iamexpat.de/expat-info/germany-news/google-reviews-are-changing-germany-heres-why https://www.settle-in-berlin.com/google-reviews-removal-defamation-in-germany/ Again, a country where people were investigated/fined/prosecuted for calling politicians “Pinnochio” or “idiot” does not have Free Speech

The gator's back in the canal again. Can't get close enough to get a picture without it diving down and swimming off. Lots of mullet and other bait fish to attract them.

I was trying to think of a way to keep from having this happen again and my neighbor came up with a fix.

Now THAT is funny

cubs, I've found you the perfect gift! I'll send it to the Chicago Mayor's office, you can pick it up directly!

John, the logic relates to the manner in which he publicly made the gift to The Gates Foundation. He of course is free to do as he wishes. The mistake was in publicizing to the World (and to The Foundation) his intention and then retracting an otherwise "irrevocable" gift when the conditions of revocability had not been met. Like everyone else, he is fallible. My contention, if you will, is when he or other public figures try to use their soap box to preach things to others that are not related to their expertise.

Gentlemen @73 Reds and @longlake95, Where is the logic in these considerations of yours just posted above? Isen't it all about capital allocation decisions made by the capial allocator? What has Bill Gates done wrong related to the donations from the Gates Fouddations? For my personal part : What did Warren Buffett do wrong with regard to Berskhire Hathaway capital allocation before I read 'The Snowball'? Did it make me dump my familys and my own Berkshire shares? Answer : No. - - - o 0 o - - - Do I even try to punish, reprimand Lulu the Cat of the House, if the Lady of House fiercely disagree with me on something I've proposed her for us to do? [I have absolute no say over what she intends to do - for her own capital, funds and money - and vice versa!] If Lulu the Cat of the House don't behave like I want it to do, do I need to report it to the Lady of House? Answers to both : Absolutely not. - - - o 0 o - - - All this Epstein hyperbole is about keeping up appearance, hand washing, and to make it go away, disappear, as soon as possible! - [Decandence culture]n!

It's not just KOSPI but all da memory funboys like Micron getting smoked Boy I really wish I kept my MU short from $1231.87, not just for money but for shit talking on da internet Too bad, so sad, coulda shoulda woulda....

Yeah, it's really something when the approval rating of congress is 20-30 points lower than Trump. More later hotshot - I'm late for my Bosley appt!

Gotta hit up Bosley, bro! https://www.bosley.com/ Or take a little trip to Turkey, you can even meet Trump's BFF Erdogan...Nothing says "I'm a big, strong man" like a fistful of hair plugs and some light war crimes! Wow, the Congress controlled by MAGA/Trump-loyalists turns out to be a bunch of feckless losers? No wonder, indeed!

Buffett has given his endorsement to the AI trade claiming he is behind the Google investment. I do not know if that is a contrarian indicator or whether it should be a source of assurance. Presumably he's fine with Big Tech becoming more like utilities able to put large sums of capital to work and earn decent returns. I don't think returns will necessary be from LLMs. There are all kinds of software applications likely to emerge in the coming years and cloud monopolies should prosper in the same way they did when everyone went online during COVID.