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giulio

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giulio last won the day on March 8 2023

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  1. I believe this does NOT refer to Fairfax ownership in the Meadow UK. FF Meadow Holdings is a sub of Fairfax, 100% owned through its various insurance companies as you listed. FF Meadow then holds a minority stake in Meadow UK, the actual company. Best, G
  2. 108K shares were bought back and canceled in October. Max price paid $15. https://www.sedi.ca/sedi/SVTItdSelectIssuer?locale=en_CA
  3. Good for long term holders that some "investors" buy or sell without any regards for intrinsic value
  4. I am of the opposite view. Given how hard they worked to set it up, the difficult regulatory environment and their long term view of India, I believe they will hold on to shares for a long time. They might sell some if valuation gets truly outrageous but they'll keep a majority. Possibly they will increase their stake if allowed to. Best, G
  5. Thanks for posting this @SafetyinNumbers. Happy to share my analysis. I review my ffh valuation annually when they release the annual report. As I stated in the other thread, I like to use look through earnings and at fy23 I had IV at around $1800. Using Book value I get $1500 but I am aware buybacks are distorting the calculations. To reach the lower bound of IV the index addition would need to generate a 20% pop in price. If it happens, I WILL NOT sell any shares. The reason being that I would expect ffh to grow IV over time. Simple as that. At $1800 I might trim the position a bit as there are a couple of interesting ideas I would like to add to. Best, G
  6. And it is still VERY cheap! Probably their 50+% stake in BIAL covers today's market cap of $2.2B. Get the rest for free. Btw I just read some Marval fund letters and surely Ben Watsa shares his father optimism re: India and the investment opportunities there. Worth a read! Best, G
  7. WTF did I just read? @berkshiremystery are you looking for the microstrategy thread?
  8. Couldn't agree more! @LC at YE 23, my estimates of look-through earnings were around 135USD per share. This excludes investments gains (both derivates and sales). LOts of moving parts of course, especially this year. I think 10x is too low but I am comfortable using 13x given their Indian exposure, fixed income allocation, growing income from consolidated subs and associates, the possibility of repurchasing minorities stakes and ongoing buybacks. This is why I think it is still cheap. At USD1800 maybe I'll need to do more work Best, G
  9. Is this adjusted for their NON mark to market investments? What about earnings multiple? I still think it's cheap, I have been adding recently. G
  10. It looks to me as people are assuming that ffh could drop 50%+ in one single session. What could trigger such event? Fraud accusations? Insufficient/overstated reserves? What's the probability of that happening? Why would a thoughtful, concentrated investor, having followed the company for many years, not being able to exit at a smaller loss? Btw, Thank you @SafetyinNumbers and @Parsad for sharing your thoughts. And congratulations on the terrific results!! G
  11. I can't quote a source but if iirc markel and fairfax had some kind of cross shareholding. A member of the markel family sat on fairfax board and vice-versa. At some point due to regulation/competition they decided to sell down their stakes and leave their board seats. Maybe @Parsad has a better recollection of events.
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