Haryana

https://www.livescience.com/space/extraterrestrial-life/first-contact-with-aliens-could-easily-end-in-genocide-scholars-warn Include an Alien Colonization plan as another example of a truly outlier and uninsurable event? “I saw... its thoughts. I saw what they're planning to do. They're like locusts. They're moving from planet to planet... their whole civilization. After they've consumed every natural resource they move on... and we're next. Nuke 'em. Let's nuke the bastards.” talking about the aliens Bill Pullman - President Thomas J. Whitmore

Prem Watsa said in video: "...we are looking for good people, honest people, who run an honest business with a track record who want to build something in the future and we've been very fortunate, India is filled with people like that..." Quite curious how his mic got cut right when he Poopooh the Politics and Booyaah the Business in reference to Canada?

https://x.com/DOGE

https://financialpost.com/news/sp-500-hits-50th-record-what-history-says

Modi will be very happy if the corruption of opposition party states is eliminated. However, the western media is washing the brains of clueless masses. They are portraying it on Modi.

This would apply to crypto or individual stocks. In the case of Fairfax, they are already like our risk manager doing a lot of diversification on our behalf while holding 50/70 in bonds. Trying to do it again on top of that could be deworsification.

Au Contraire! Rather than being about short term speculation, this is about quantifying discussion around the speculation of the Tsx add. The qualitative discussion gets deviated from main topic and it is difficult to make an analysis. We see that Fairfax investors are highly conservative and just expect touch of $2000 before year end while we have already touched 1950 today. Fairfax retail investors, like the ones on this board, are unlikely to have caused the run up in the share price, rather they are looking to trim their position as per their position comfort level. Institutionals and funds are the likely buyers at present as they would want to look good when it gets added for having held it.

https://www.adani.com/en/Newsroom/Media-Release

He had been observed to raise the FVE in between the quarter so that in his report on the day after the quarterly numbers are announced, he may repeat his claim that the FVE is still being maintained because the stock is overvalued and speculative.

This poll is anonymous but feel free to disclose and/or discuss your vote to compare with the result on the New Year 2025. I voted CAD 2100 just for being one conservative speculator!

https://www.reuters.com/markets/deals/indias-adani-group-invest-10-bln-us-energy-following-trump-win-2024-11-13/

The TSX60 add may happen or Not. The price may spike after the add or Not. The price may spike before result date or Not.

That is Tom Cruise in the movie American Raccoon. https://www.usatoday.com/story/news/nation/2024/11/06/raccoon-falls-from-ceiling-laguardia-airport-spirit/76096790007/

1. You wrote "Fairfax has a stated goal of earning 15% (pre-tax) per year on their equity investments." Right, I like to make this clarification/distinction between their expectation on equity investments and their objective on common equity. First of all, an equity investment (consolidated non-insurance operation) is different from common equity (book value). In 2023 letter we see, as in 2021 and 2020 letters as well, details on both of them: "We expect each of these non-insurance operations to generate a 15% annual return or better over the long term." and "The company considers book value per basic share a key performance measure as one of the company’s stated objectives is to build long term shareholder value by compounding book value per basic share by 15% annually over the long term. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares effectively outstanding." 2. You mentioned "Liquidity" as strategic/structural benefit because they can sell it when required. However, a private company that is large in size and subject to adverse cycles and markets could be the one of the most illiquids of options? Rather than being a "Liquidity" advantage, could it be an "Optionality" advantage?

Why do you think they will sell some Digit which is part of their global insurance as they never like to sell any of them unless they are forced by the regulation or reach upper limit?

@Viking thanks for your post on Sleep Country, was good to learn a few more things from it. Have 2 questions: 1. You wrote "Fairfax has a stated goal of earning 15% (pre-tax) per year on their equity investments." Is that right? I understand their goal of earning 15% on equity but they can achieve that with the equity investments earning even just half or a third of that. 2. You mentioned "Liquidity" as strategic/structural benefit because they can sell it when required. However, a private company that is large in size and subject to adverse cycles and markets could be the one of the most illiquids of options?

Muddy: fair value marks are criminally high Viking: fair value marks are criminally low Does it confirm criminality?

Not much change in value by T60 add. Not a reason to sell. I like your idea of 10% hurdle.

Your return could be infinite if the cost of your OPM is zero. Fairfax underlying earning 5% can turn 15% on equity due to float leverage => 15% Not 5%. So, the return on Trs would be in thousands of percentages.

I think you are correct on the fee hurdle rate being less as was discussed on forum here earlier. The main point is that people dislike the hedge fund like fee but that is why there is big discount to book value. So, therefore, this is opportunity to get a high quality hedge fund without actually paying the fee upto the catchup to bookvalue. The high fee is justified as the investments like Bial would be otherwise unavailable to the common public. Ben's fund, for example, requires you to be an accredited investor to buy. Only when the price goes up that people will think the fee is justified and everything must be alright. The price of Fairfax had to cross $1000 for opinion to Uturn, for Fairfax India that price might be $20 or $25.

https://timesofindia.indiatimes.com/world/us/how-elon-musk-used-x-and-campaign-fund-to-help-donald-trump-win-in-us-presidential-polls/articleshow/115089409.cms

Canada blocks Australia Today outlet, hours after coverage of EAM Jaishankar's presser in Canberra: MEA https://www.australiannews.net/news/274748023/canada-blocks-australia-today-outlet-hours-after-coverage-of-eam-jaishankar-presser-in-canberra-mea [The Ministry of External Affairs (MEA) on Thursday lambasted Canada for its "hypocrisy towards freedom of speech," as Justin Trudeau government "blocked" the social media handles and pages of "an important diaspora outlet" Australia Today, shortly after it broadcast S Jaishankar's press conference with his counterpart Penny Wong at Canberra.]

The discount may turn to premium in 1 year or 5 years but the points being: 1. The fee is already paid on the increase in book value 2. Whenever the share price catches up to book value, all that gain will be fee-free 3. Upto 5% of additional gain each year is also fee-free 4. Buyer has benefit that fee on the increased book is already paid-for by the seller

Found it interesting @SafetyinNumbers on the podcast, came up with $2700 as intrinsic value by adding equity and float while I had the exact same number calculated from a different perspective.

How Usha Vance's Hindu faith helped JD become the Vice President-Elect https://timesofindia.indiatimes.com/world/us/how-usha-vances-hindu-faith-helped-jd-become-the-vice-president-elect/articleshow/115057293.cms Read more at: http://m.timesofindia.com/articleshow/115057293.cms