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gaf63

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    It's September

    in General Discussion

    Posted

    Article mentions 10 reinsurers and Orh is not included.    It's like ORH and FFH are off their radar.  And yet if one looks at their return on equity, these cos. pale in comparison.  

     

    ORH above 20% and the highest of the bunch , less than 8%.  

     

    Weird!!!

     

    Large block after hours

    in Fairfax Financial

    Posted

    Interesting and unusual to see a block of 11,000 shs of FFH trade at 16:04:30 $5 above closing price.  

    Most days 100-200 shares trade after 1600 and are usually included in the days trade.

     

    FFH buying in shares or another entity opening/increasing a position at close??

    Fairfax Purchases Interest in Chinese Insurer

    in Fairfax Financial

    Posted

    There are restrictions for foreign holders.  In India at moment it is 26%, possibly increasing to 49% soon.

    I believe that foreign holders in China cannot hold a majority of a company,but not sure of actual %. 

    As to small initial positions,  it is safer and only a relatively small amount of capital is put at risk.  If they are successful can increase position later. 

     

    Seaspan Insider Buys

    in General Discussion

    Posted

    Also , I have copies of the original posts on SSW but not sure how to post them here.

    There is a lot of info and it would be a very large post if I copied and pasted.  

     

    I'll try to post the url's.

    file:///Desktop/CORP.%20NEWS/Seaspan/Berkshire%20Hathaway%20Shareholders-SSW2.webarchive

    file:///Desktop/CORP.%20NEWS/Seaspan/Berkshire%20Hathaway%20ShareholdersSSW1.webarchive

    There see if that works if not I can paste the messages into another post

     

    Seaspan Insider Buys

    in General Discussion

    Posted

    Less than IV, thanks pointing out the increased purchases.  It caught some eyes cause the stock was up 4% today.

     

      Im curious as to your 220,000 increase in shs. The 13-D's show around a 675K increase from 3/31 to 6/30.

     

    Thanks, Gary

    ICICI Lombard ... IPO??

    in Fairfax Financial

    Posted

    In rereading the article , it seems to me that "promoter" would refer to the bank. Dont know the use of the word, but it states that those holding over 26% must divest in a phased manner.  FFH holds 26% but not over.

     

    Also trying to figure out value of ICICI, FFH valued ICICI at $428.5 for their 26% on a fair value basis in the 2008 AR which would put

    the 23% possibly available at $379 which is not far from the debt just issued.

     

    Although I'm sure their valuation is conservative compared to actual value.  Guess we will know that value if and when an IPO occurs.

     

    Any guess's out there on the actual valuation for ICICI.

    Thanks, Gary

    ICICI Lombard ... IPO??

    in Fairfax Financial

    Posted

    Could this be the use for the $400 debt issue?  To raise the FFH stake in ICICI Lombard to 49%.

     

    "The insurance entities will be able to come out with flotations only after the government raises the cap on foreign stake to 49 per cent from 26 per cent. A bill in this regard was introduced in Parliament last December. Another rule stipulates that a private insurer can float an IPO only after it has been in operation for 10 years."

     

     

    Commercial Real Estate Market Correction

    in General Discussion

    Posted

    Great article , thanks for the link.

    One line of many stands out for me:

     

    The truth is, you saw relatively few people with 100% of their own money making really dumb decisions -- in any of these. What you always see is a lot of people, with other people's money [making bad decisions], and an incentive structure [to further encourage those decisions].

     

    Along the same lines, the FT had an intro the other day:

     

    It has been said that congress spends money like a drunken sailor. However to be fair, at least the sailors are spending their "own"

    money.

    FFH 13F for 6/30/09

    in Fairfax Financial

    Posted

    Trying to understand this reduction in shs.   FH reduced shs. held by 4.6 mil. to about 65% of outstanding after  ORH bought back 1.732 mil shs to 7/29.

    If they sold on open market they sold below bv of 3/31 and way below 6/30 bv which is against their nature.  Why sell below bv?  

    So is this an accounting move between sub and parent??  

    And if not an accounting move, it sure blows the hell out of the theory that they are going to buy back ORH

    Ads . . .

    in General Discussion

    Posted

    First off I want to thank Sanjeev for providing this forum and for maintaining and supervising this board.  I have learned an immense amount from the posts of the members and want to say thank you for posting your knowledge and thoughts.

    As to the ads, they are unobtrusive and will help pay the bills Sanjeev has to keep this board up.

     

    Last, I SECOND StubbleJumper's advice to those complaining!!!!!!

     

    GAF

    SSW refuses to cut charter rates for CSAV

    in General Discussion

    Posted

    http://www.lloydslist.com/ll/epaper/ll/displayAction.htm;jsessionid=DD67304875982B4AD5C5D2AE7B4715EF?pubCode=001&articleId=20245092977&issueNo=59933

     

    The following is an excerpt from the article: 

     

    Initially, CSAV was seeking to get $400m out of reduced charter payments. The sum was reduced to $360m when it became clear that Seaspan would not accept any charter rate cuts on four newbuildings and that Singapore Shipping Trust would also not contribute to the rescue scheme.

     

    However, sources close to the deal said the non-German owners will also contribute in other ways. Negotiations were on a good path, the sources said.

     

    Wonder what this contribution will be??

    US Treasury Yield Spike

    in Fairfax Financial

    Posted

    FFH said that the ave. yield of the munis was 5.79%.  If their tax rate is 35% , this

    equals 8.9% b4 tax and they are secured by BRK.

    Capital gains or no , I  think they will hang on to the munis and keep collecting the 237 mil/yr

     

     

     

     

    Seaspan exposure to CSAV

    in General Discussion

    Posted

    Since SSW was discussed here I have followed it but have not purchased any shares , preferring to wait.

    Those of you who invested in  SSW are way above me in ability to analyze a co. and presented a good case for this co.

    The shape of the world economy and its affects on SSW kept me on the sidelines. 

     

    Today on Lloyd's list there is an article on CSAV:

     

    http://www.lloydslist.com/ll/news/viewArticle.htm?articleId=20017641703

     

     

     

    They are trying to substitute shares for contract commitments, and to delay ships on order, and

    there has been no news about the 4250 TEU that was to be delivered to CSAV 3-31-09.  CSAV has 3 more ships on order for delivery this yr.  Next one on 4-30-09.  The rest in Aug and Sept.  CSAV is a small % of SSW business compared to the Chinese lines so I wonder how much effect it will have on SSW.  If the stock market is a guide , not much , cuz SSW is up today to mid 11's.  But it cant be insignificant.  If this stock pulls back  I will invest in it. But not til there is more clarity on their charters and newbuilds.

    Those of you who own SSW , what are your thoughts and comments,  Gary

     

     

     

     

     

     

     

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