Hektor

+1

Does the slowness include inhouse dining and takeout?

https://www.thehindu.com/news/cities/chennai/tn-government-faces-setback-as-defence-ministry-rejects-proposal-to-set-up-airport-in-hosur/article70519070.ece# T.N. government faces setback as Defence Ministry rejects proposal to set up airport in Hosur In a letter sent last week, the Minister said Hindustan Aeronautics Limited needed the airspace in the region and denied the request from the Tamil Nadu government

Can’t they borrow against it (including the appreciated value)?

Right now, both of those are true. However, in my view, the story is still playing out. Further, a moat does not necessarily mean steady pricing power or growth. Every business will encounter hiccups and/or new competition. The ones with a moat will have time on hand to fix/fend off and thrive.

I would think some of the insurance brokers (discussed in the separate thread) also have moats. Also, CMCSA (cable business) and CHTR.

HII and BWXT DVA FAST and GWW

I guess we will know if/when they get into another "turn around". Will they cut loose quickly or will they stay patient?

@Viking @73 Reds I also feel that in the past FFH invested in "turn around" situations. They might have mistaken persistent structural flaws for solvable problems, causing them to wait longer for recoveries that never materialized. This commitment to "turnaround" investments often led to over-patience, resulting in them holding failing positions long after the original problems proved insurmountable.

+1

I speculate that Anchorage was created and OMERS brought in to fend off any unsolicited interest in BIAL. If memory serves, Prem and other made some strong statements around this time that BIAL is not for sale.

I doubt they are aiming for a Mungerian or a Buffettian model. Their picks seems aligned with (my understanding of) Templeton, whom they (at least Prem) admire.

Time will tell. Nevertheless, this new order bodes well for HII, I think.

https://www.wsj.com/world/europe/in-germany-everyone-is-a-defense-manufacturer-now-139ca922 In Germany, Everyone Is a Defense Manufacturer Now Manufacturers scramble to reinvent themselves as military vendors to tap in to the country’s accelerated rearmament Across Germany, railcar factories are being retooled to build military vehicles, auto suppliers are joining with defense contractors, and former soldiers are suddenly hot commodities in the jobs market. After Berlin pledged to spend more than half a trillion dollars on defense in the next decade, manufacturers facing stubborn economic stagnation and falling exports to the U.S. and China are scrambling to reinvent themselves as military vendors.

https://www.wsj.com/politics/national-security/navy-announces-new-warship-for-trumps-golden-fleet-b8e0e516 Navy Announces New Warship for Trump’s ‘Golden Fleet’ The new frigate, built by HII’s Ingalls Shipbuilding, is designed to counter threats from China and other adversaries The U.S. Navy will commission a new class of frigates, the first in a series of warships that will make up President Trump’s envisioned “Golden Fleet.” The Navy chose HII’s Ingalls Shipbuilding to build the new ship, it announced Friday in a video posted on social media. The new ship will be based on the Coast Guard’s Legend-class National Security Cutter, which Ingalls builds in Pascagoula, Miss., and will replace the Constellation-class frigate that the Navy canceled last month after years of delays.

https://www.moneycontrol.com/news/india/bengaluru-s-2nd-airport-karnataka-floats-tender-to-appoint-consultant-for-feasibility-study-of-three-shortlisted-sites-13723868.html# Bengaluru’s 2nd airport: Karnataka floats tender to appoint consultant for feasibility study of three shortlisted sites

Cabinet approves Bill to hike FDI in insurance sector to 100% https://www.bloomberg.com/news/articles/2025-12-12/india-cabinet-approves-100-foreign-investment-in-insurers The Union Cabinet has approved a bill to raise foreign direct investment in the insurance sector to 100 per cent, a major reform aimed at expanding insurance penetration and attracting global capital. The move follows the proposal announced by Finance Minister Nirmala Sitharaman in the Union Budget and marks a significant shift from the existing 74 per cent cap on foreign ownership.

I think Berkshire will reign in “Decentralization almost to the point of abdication” to just decentralization, somewhat similar to FFH.

Interesting thought. Thanks @Blugolds

https://ca.finance.yahoo.com/news/p-dow-jones-indices-announces-221500876.html

Thank you @dealraker

Thanks @gfp

@gfp, I’ve been chewing on this for a couple of days now. Curious about why this risk is not a concern for you?

News about the proposed airport at Hosur. It’s not a given that the airport proposal will be green light A long way to go, I think. https://www.deccanherald.com/india/tamil-nadu/hosur-airport-tamil-nadu-floats-bid-to-select-dter-consultant-3812696 Hosur airport: Tamil Nadu floats bid to select DTER consultant The consultant, to be chosen by the Tamil Nadu Industrial Development Corporation (TIDCO), would be expected to prepare the report — including surveys, master planning, financial modelling

Could the 2nd airport be a ploy to shake the asset out of their hands? There are at least two 2nd airport ideas floating around, both with in 150 kms of the Bangalore airport. One in Karnataka, the state where BIAL is and the other in Hosur, Tamil Nadu, a neighboring state.