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See pages 13-14 of their report: https://www.fairfax.ca/wp-content/uploads/2023-Fairfax-Financial-Holdings-Limited-ESG-Performance-Report.pdf Overall, it seems that they have done well over the last few years with the risk 'appetite' aspect and maybe they are getting better? It may take something like 250 years to know with more certainty though.

Yeah, I'm not particularly upset over that...most of them had to go! But your argument is like being in prison and having to choose between which two penis' do you want to be penetrated with...frankly, neither! But I see you've chosen one! Cheers!

i received my copy few weeks ago. thanks for the thread guys. I think I ll have a go at these F Chou letters. I prefer Chou than in your face types like Ackman. The Forbes article from 3 years ago alludes to Francis wanting to become as big as Berkshire, is that truly the vision !?! Surely not as a private company PS: Forbes perhaps can tune down the rhetoric and maybe say as big as Fairfax. Or Markel for the American audience.

It’s clearly a well managed bank but the catch is it’s Egypt where inflation is ~25%. They say “unfortunately” the depreciation of the currency has taken returns from 21% in local FX to 1% in dollars, but that’s exactly what we should expect - we gotta adjust nominal returns expectations for the local FX depreciation given 20%+ inflation differentials. Not monopoly money but close! That doesn’t mean it can’t be a good investment.

Fairfax_Financial_2024_Annual_Report_SEDAR.pdf

Right, we discussed this a few days ago. Seems like the answer is, indefinitely! Fairfax made about $2.4b in net earnings APART from investment gains last year (underwriting, interest income, share of earnings of associates), so it is at about 13 times earnings even without its investment gains (or 9 times earnings if you include the investment gains. On the thesis that they will never pick good equity investments or make any money from them except by luck, they're still cheap, half of Intact's multiple. And Fairfax's might occasionally make a gain on investment too...

I'm not so hot on EPIC Systems overall. Having watched its adoption and implementation at a large hospital system, it's terrible software that requires huge amounts of in-house effort to keep maintained. The only thing is that between EPIC and Cerner neither is very good. I fully expect AI and software innovation to come for EHR, ERP, and business process software developers. What appear to be moats now because of complexity will be worn away by AI/software development streamlining the innovation of these complex systems.

Trump just wants the war to end so people stop dying....right? right....?

Putin wasn't getting what he wanted under Biden. It's now being handed over to him with zero casualties and they won't give up anything. Putin just took advantage of a weak leader in Trump and Trump is taking advantage of a leader who is trying to save his country. Two fucking losers that you are proud to trumpet! Cheers!

What the hell! When did he try and strong arm the President? Jesus!

I will put my money on BYD rather than TSLA though I dare not short TSLA, yet 8)