Haryana

May I express my suspicion that we are reading this the wrong way. The very first page tells that this is for BOAO FORUM which "is a non-profit organisation that hosts high-level forums for leaders from government, business and academia" (Wikipedia, emphasis added). Just maybe it looks like they used the company media department to prepare it makes it look like it is a company report but it is the accompanying slides to the executive presentation where the speaker will explain each slide with a lot more details (and expectedly a lot more stories and drama).

Modi says India as G20 host will be inclusive and invites African Union to become permanent members “We have a vision of inclusiveness and with that vision, we have invited the African Union to become permanent members of the G20,” Modi said on Sunday as he addressed the Business 20 Summit in New Delhi. The B20 is an industry event and part of the summit of the 20 leading rich and developing nations, which will be hosted in the Indian capital next month. https://apnews.com/article/india-modi-g20-african-union-ef8982f795fb687fd2206cc793bdab21

Well Done! BND = World's Largest Bond ETF

https://fred.stlouisfed.org/series/WPU101707

Hint: The largest ETF of its kind.

Point: Buffett is No God-given prophet/oracle and Moody's No God-given agency.

Some people will never buy individual stocks because any significant allocation to move the needle would be too risky. Some other people will never buy a broad equity index fund because it is too passively dumb and they can do it better. I see Fairfax as a good balance, somewhere in between an individual stock and an index fund for the following reasons: 1. Global diversification over uncorrelated industries 2. Decentralization as a key that unlocks the gift of diversification 3. Leverage that allows equity like returns with high-grade-bonds like risk profile

20B @15% = 1T in 28 years.

Not China but ETF.

Just wondering if Fairfax manages growing at 10-20% over the next few decades, will TSX be able to tolerate a market cap of hundreds of billions reaching upto a trillion. While there is acceptance for RBC and TD as being the forever big ones, everyone sees their branches all around and people are happy to get big mortgages from them, Canadians might demand taxing down insurance companies if Fairfax grows as big as their insurance bills and the governments would be happy to tax the excess profts. Raising equity is important for Fairfax, they mentioned that in a recent call. They will have to make bigger investments to grow at high rate while being bigger in own size.

FFH = Flying Freakin Hott

just another article on the same https://www.foodbev.com/news/fairfax-financial-to-acquire-significant-stake-in-meadow-foods/ "Terms of the transaction were not disclosed."

The glorification of the War of 1812 happened just 10 years ago and a resurgent Trump could retrample NAFTA and NATO.

Conflicts and cooperation will continue in cycles. Even the most cuddly neighbours of the world, Canada and USA have had recent moments of intensity during the lumber dispute and the rewrite of NAFTA by Trump. Not to mention the glorification of the War of 1812 by the Harper government when the great Canadian warriors burnt down the White House to black soot. https://ncph.org/history-at-work/remanufacturing-1812/

(Previous report by DBRS Morningstar attached.) " Despite suffering insured catastrophe losses of $3.1 billion in 2022, which was the third most costly year on record, the Canadian P&C insurance industry reported a strong combined ratio well below 90% during the year. Although there was a slight deterioration in underwriting results when compared to the prior year, Canadian insurers benefitted from an advantageous pricing environment, contributing to solid topline growth. Their overall results were also positively affected by favourable prior year claims reserve developments following conservative loss estimates during the peak of the Coronavirus Disease (COVID- 19) pandemic. Nonetheless, the Canadian P&C industry is incorporating new loss trends due to natural catastrophes into their pricing strategies, and we expect premiums to continue the upward trend in parallel with a hardened international reinsurance market. As Canada experiences more intense and frequent extreme- weather events, the challenge is that certain zones of the country might become too expensive to insure against natural catastrophes, or become uninsurable altogether. " DBRS415537.pdf

Looking forward to Fairfax getting included in TSX60 index sometime in the next few years by replacing the Intact Financial. Just for some context and seeking to be corrected if wrong: TSX60 is expected to be comprised of the 60 largest Canadian companies. However, it is a bit more complicated than that. To allow for diversification and representation of different industries, companies with lower market caps are included if they represent a different industry that would otherwise be missed. Thus, Fairfax is excluded from the TSX60 even if it is about the 35th largest Canadian company by market cap. Market cap of Intact is about 25B, Fairfax should overtake that soon.

How wildfires are affecting some of Canada’s largest P&C insurers https://www.canadianunderwriter.ca/catastrophes/how-wildfires-are-impacting-some-of-canadas-largest-pc-insurers-1004236933/ " Despite facing a heavy loss year and an unusually active wildfire season, four of Canada’s publicly traded P&C companies — Intact Financial Corporation, Fairfax Financial Holdings, Definity Financial Corporation and Trisura Group Ltd. — reported positive underwriting profits thus far, according to commentary from DBRS Morningstar. Overall, the insurance companies reported positive net earnings for the first half — and second quarter — of 2023, thanks to consistent premium rate increases, less-volatile financial markets and higher interest rates, DBRS said. However, of the four companies, Intact’s results were negatively affected by higher-than-expected NatCat claims. "

Not Thrifty3000 here but let me take a shot at it for now and see if that hits or makes any sense to you or anyone present - Apparently that table is talking about only the investment portfolio. The expenses you mentioned are reasonably projected to be more than well covered by their underwriting operations and still have profits left over to be added on the bottom line. Income taxes would be significant but still the normalized earnings are surprisingly quite high with conservative assumption.

India WINS the space race to the Moon's South Pole: Chandrayaan-3 makes history by landing on the icy lunar region - beating Russia, China and the USA India has landed on the moon's South pole - an unmapped region of the surface " The South Pole is an uncharted territory that scientists believe could hold vital reserves of frozen water and precious elements. A lander with a rover tucked inside touched down at 8:34 am ET, sparking cheers and applause among the space scientists watching in the southern Indian city of Bengaluru. Indian Space Research Organization's (ISRO) successful mission marks its emergence as a space power as the government looks to spur investment in private space launches and related satellite-based businesses. " https://www.dailymail.co.uk/sciencetech/article-12436887/Indias-Chandrayaan-3-makes-history-landing-moons-South-Pole-time-beating-Russia-China-USA.html

Apparently most Western media houses have always been weapons of colonialism and expansionism to world domination.

Berkshire Hathaway & Fairfax Financial* Millennium Till Month comparison *No data in system for first few months.

https://www.thehindubusinessline.com/economy/logistics/with-akasa-airs-debut-bengaluru-airport-beats-other-metros-in-air-traffic-growth/article67158305.ece According to AAI data, Bengaluru airport handled 28.1 million domestic passengers in FY2023 registering 85 per cent year-on year-growth. In absolute terms, the airport is ranked third behind Delhi and Mumbai. However in percentage terms, Bengaluru’s growth was higher than that of Delhi, Mumbai, Hyderabad, Chennai and Kolkata. In April-June quarter FY2024 too, Bengaluru reported higher growth than the other metros. The airport handled 8.4 million domestic passengers, a rise of 35.5 per cent over same period last year.

That also was explanation for how Slumdog Millionaire dominated Oscars during the depths of 2008-09 GFC.