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I've long been fascinated by rich people who throw their life away in search of money they don't need. Insider trading, theft, etc. I can somewhat understand holding up a bank if you're broke. But this kind of stuff....?

I think I like Comcast too, certainly prefer it to charter. Making bank, just needs to get debt lower. Think risk from new entrants aka Starlink is over rated.

CSU, Topicus, Lumine

Starter positions in SalesForce and Adobe.

New starter position in SAP.DE (SAP SE)

USD/INR cross is on the lows. No bueno. USD is sucking capital out of weaker EM's.

do elaborate

Folks - FX

How wonderful! Are you going to any others?

Could you buy a Cessna and have your cake and eat it too?

That's why he had IOUs at multiple jewelers. It was going to the schools and fountains.

Everybody benefits and can enjoy what you propose. In Mayweather's case, only he and his posse enjoy. Very different desires and very different outcomes. I've also dreamt of owning a nice big piece of land (100-1000 acres)...unfortunately, the stuff I can afford is a good 5 hours from Vancouver. I wouldn't get to use it as often as I would like. I'm sure I could move to other parts of Canada and buy within an hour from a city...but then I don't get to live in or near Vancouver. Cheers!

Me too - especially the reason WHY Iran has no friends in the Gulf except the US. Who'da thunk it?

Me too! Big spread vs INDA today of ~5% underperformance. I think some investors worry about IDBI b/c they think it will be funded with newly issued equity. I can’t think of any other reasons for the weakness.

The stuff most billionaires buy doesn’t really appeal to me. But I think it would be really cool to beautify/improve my city with schools, museums, ornate fountains, bridges, etc. I would like to be heavily involved and the patron of an elite charter type school in my community (I have a lot of thoughts on that) I would like to have a beautiful parcel of private forest land like 10,000 acres + in one spot close to my home. Boats, planes, art, watches, jewels, wine collections no thanks.

Got a ton of shares today! When it rains it pours

KOSPI looks like it will hit 10,000 and that will probably be psychologically important Maybe I'll short EWY again then!

Solidly stupid gave us 4% PA, that's a downside I can live with. While I certainly hope they don't repeat, the reason I'm invested with them is because of their valuation and business model. Investment success would be the icing on the cake. The easiest way to not mess up is keep buying back shares while the market gives you this opportunity, and to be fair they are doing that also.

More than doubled my new ADBE position.

I seem to recall someone posting here recently about their concern for the US’s dwindling munitions. This poster was quickly admonished and ridiculed by the local Politics Thread experts/trolls/TWS’s for having this viewpoint. Welp…turns out Trumpy has the same concerns! Huh, that’s weird! I guess Trump will now be ridiculed as well as he has the same viewpoint. Trump must have a case of TDS? Have we heard that argument yet? Trump Invokes Cold War-Era Law to Boost Munitions Production https://www.wsj.com/politics/national-security/trump-invokes-cold-war-era-law-to-boost-munitions-production-74a0f37c “I hereby find that conditions exist which may pose a direct threat to the national defense or its preparedness programs,” Trump wrote in a June 11 memo to Defense Secretary Pete Hegseth. Trump cited “limited production capacity, fragile supply chains, long-lead dependencies, and related production bottlenecks.”

I think the bottom line is unless they do something massively stupid, solid underwriting should bring about decent returns...Progressive has shown solid underwriting + bond returns can bring market beating returns.

The recent capital allocation success, IMHO, is due to a confluence of factors. First, I agree with Viking that after years of trial and error, experience has honed the edge of their Capital Allocation knife...they are simply better at it than they were. However, as I think "old Fairfax" ran into it's fair share of bad luck, "new Fairfax" has had it's own share of good luck as well. The Pet Insurance deal is an example of the latter. Yes, they recognized that it was undervalued, but I can't believe that at any point early in the process did they think they could get THAT much money for that business. It was extraordinary. We humans have a tendency to discount how much luck or randomness plays into our fortunes, good or bad. Being good at something brings the odds in our favor, but it's not universal. Example...if Steph Curry and I each take 5 shots from 3 point territory, he's going to make more than me the vast, vast majority of the time. Randomness/luck suggests that, if we did enough of the 5-shot competitions, I would tie or maybe even win on occasion. Investing is like that...all we can do is to hone the skill (Steph Curry) to maximize success. The reason to bring this up is that, down the road, they will run into a "cold streak" in terms of Capital Allocation. It may be argued, if and when that happens, that Fairfax "lost their touch". In that instance, and in the 7-year "hot streak", we need to acknowledge/understand that randomness/luck is a contributing factor. -Crip

Lol!

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.