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gaf63

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    25 years of fairfax

    in Fairfax Financial

    Posted

    I sent an email request on May 26, and received this response today:

     

    Thank you very much for your interest in Fairfax and our 25th anniversary book.

     

    The book was provided at the shareholders’ meeting as a thanks for the many years of support and was intended to be distributed to shareholders only on that day.

     

    Understanding that not all of our shareholders can attend every meeting in person for many reasons, we have decided to send copies of the book to shareholders who send us a written letter by regular post. The letter should clearly provide your name, mailing address and the year you became a shareholder.

     

    Our mailing address is:

     

    Fairfax Financial Holdings Limited

    95 Wellington Street West, Suite 800,

    TORONTO, Ontario Canada  M5J 2N7 

    Attention:  25th Anniversary Book.

     

    In lieu of requesting funds to cover postage for delivery of the book, we will be asking that the recipient of each book make a donation to the Hospital for Sick Children in Toronto (http://www.sickkidsfoundation.com/donate/).

     

    We thank you again for your interest and we look forward to seeing you in person at our next annual meeting. In the future, we hope to be able to continue provide interesting information and access to management at each of our shareholders’ meetings to make the trip in person worth your time and effort.

     

    Best regards,

     

    Christine

     

     

    housing optimism

    in General Discussion

    Posted

    I agree that real estate is now a great investment, one can find great deals in my area,  if I were younger and were willing to deal with tenants I'd be buying, however I have been there and done that, never again!

    housing optimism

    in General Discussion

    Posted

    I rarely post, but I have to pitch in on this one.  My wife and I have been holding off on buying a house for 2 years now.  We have a really good grasp on real estate prices here in California.  A year ago, I remember there was some optimism about the housing market from not only the financial wires, but from some of the posters on here too.  I noticed it in the local housing markets as well.  Prices seemed to blip, even on the Case Schiller index, realtors were starting to be more snobbish again and less desperate, and the supposed outstanding inventory of homes was dropping to between the level of the high and median monthly levels.  Everyone was saying then that it was the TIME to buy.  SHYEAH!  I had to stick to my guns on that one, and it was tough, but I'm glad I did.  Fast forward today and those houses and condos are now selling for 30% less.  I was thinking, "Who is still gonna be able to afford a 700k house around here?"  Those 700k houses in the upper class subdivisions are now selling for under 500k.  Condos and apartments?  $240k down to $170k and below.   This isn't in a crappy inland community.  It's in probably one of the most desirable coastal communities in California. 

     

    Just next door, I live next to a house that has been vacant and foreclosed for almost 3 years now (longer than I've been here).  Just up the street is another vacant foreclosed house that has been sitting there for over 2 years.  I've seen another house that has been for sell for over a year down the street.  There are SO much for sale signs around, I don't see how it's possible for that much buyers to exist. 

     

    So, do I think housing prices are ready to recover?  No.  I think whenever asset bubbles pop, they take forever to recover.  Nasdaq back to 2000 levels?  How long did it take gold to reach the 80s highs?  Oil, when adjusted for inflation, is STILL below its peak during the 70s oil crisis.  Japan?  etc...  And I've personally seen what happens in a regional housing bust.  It takes FOREVER (and even a major housing bubble) for prices to reach their previous highs.  I'm talking 15-20 years.  There is just way too much headwinds for housing prices to recover.  Interest rates are starting to go up.  When QE2 is over, who knows how high interest rates will hit.  I believe that will kill the housing "recovery".  There is also still way too much inventory out there.  Even by normal estimates, I think there is 2 months of excess inventory.  That's not including the shadow inventory--like what I see around my neighborhood.  Job market?  Who has the income to soak up all this excess inventory?  Although the job market is improving, I doubt these newly employed feel confident enough to buy a home.  And most importantly, prices.  Although prices are much more reasonable now, definitely compared to rents, I think there is still enough pressure to push prices further.  At the very least, I think prices will meander in most markets for several years.  Housing in the bigger cities like San Francisco and New York will probably do better.

    [/quote

     

    Add to all of the above the fact that banks arent lending at these interest rates unless you have impeccable credit and a good size down payment

    In my area of California, also a seaside community,  houses in 1 mil and up range are not moving at all, I've seen these types of homes for

    sale for over 2 yrs. with constant reduction in ask prices(altho not realistic drops in prices imo) and still no action

     

    And Opihiman , I too am curious where you live in Calif.  I am in the northern end of the Monterey bay area,  Gaf

    Does the Motley Fool suck?

    in General Discussion

    Posted

    Yes , big time

    Mostly use their articles to pump the stocks they own while knocking down others in the same sector

    PDS is a prime example, 2 negatively biased articles using margins and acct. rec as examples w/o looking at whole picture

    and then in small letters at bottom "OH YEH , BY THE WAY,  I OWN TRANSOCEAN"

    Generic bs

    trade execution questions

    in General Discussion

    Posted

    I have been wondering if trades thru Scottrade are executed as efficiently as other brokers.

    Had a trade at limit the other day for 2000 shs. of a thinly stock, market maker sold me 50 shs at end of day

    Today, had an order for 1950 in between bid and ask , but it was an all or none trade,  the shares were not shown

    in the bid side and were never traded even tho trades happened at my limit and lower.

    Is this the consequence of an all or none trade , or can it have to do with Scottrade  practices, have wondered about Scottrade's order routing for a while

    TIA, Gary

    New FBK

    in Fairfax Financial

    Posted

    This just came across DJ news(follow the thread but dont own any FBK)

     

    FIBREK WILL RECEIVE 236,226 SHARES OF ABITIBIBOWATER INC.

    21 minutes ago - CNW

    CNW Group

    TSX : FBK www.fibrek.com

    Fibrek Inc. (TSX: FBK), a leading producer and marketer of high-quality virgin and recycled kraft pulp, today announced that Fibrek General Partnership ("Fibrek GP"), its wholly-owned subsidiary, will receive 236,226 common shares (the "ABH Shares") of AbitibiBowater Inc. ("Abitibi") in connection with the initial distribution of ABH Shares pursuant to the procedures undertaken by Abitibi under the Companies' Creditors Arrangement Act.

    As an unsecured creditor of Abitibi-Consolidated Company of Canada ("ACCC"), a subsidiary of Abitibi, Fibrek GP filed a claim in the amount of $45 million (the "Claim") as compensation for the repudiation by ACCC, on May 21, 2009, of the woodchip supply contract then in effect between ACCC and Fibrek GP. Pursuant to the plan of reorganization and compromise of Abitibi, a total of 20,498,391 ABH Shares will be issued to ACCC's unsecured creditors, of which 18,165,317 have been issued in connection with the initial distribution and 2,333,074 have been reserved for the benefit of holders of disputed claims and could be distributed subsequently to unsecured creditors in accordance with the terms of the plan of reorganization.   The distribution of ABH Shares to Fibrek GP will be treated as a non-recurring item in the consolidated statements of earnings of Fibrek Inc.

    Haynesville rigs drop, Sandridge CEO Ward still bearish

    in General Discussion

    Posted

    Good article from Rig Zone on NG supply and pricing , which backs up your thoughts Myth

     

    http://www.rigzone.com/news/article.asp?a_id=101621

     

    And all the drilling for oily liquids ng is still bringing on a lot of ng supply

    CHK is just starting to move into liq production, SD is up to 28- 30 K boepd but needs to sell acreage to meet capex

    Am looking at drillers that can play both sides and can expand to meet demand

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