mananainvesting

Should help improve ROE (lower equity base), and more to the bottom line as others have mentioned. Should help with valuations in the longer run too imo.

Fairfax investing in Orla Notes: https://www.marketscreener.com/quote/stock/ORLA-MINING-LTD-19500426/news/Orla-Mining-Ltd-announced-that-it-expects-to-receive-CAD-200-million-in-funding-from-Fairfax-Financ-48397640/

Prem on Investing in India. https://www.cnbctv18.com/business/companies/prem-watsa-on-fairfax-financials-7-billion-dollar-investment-in-india-india-canada-relations-19510220.htm

I do not plan to sell the stock anytime soon, roughly I think fair value of the stock is ~$3000 USD, valuing it on the basis of how Gayner shows to value Markel (Investments- debt +value of Insurance biz + value of associates/ventures). I also agree that I might take a harder look if I think Forward ROE is going to be below 10. I also wouldn’t mind paying a premium(not costco like premium :D) to a company with a good culture where the terminal risk is low and getting lower with additions to associates. Nothing is for sure and I might do a U-turn later if circumstances change or if I think I was wrong. However, as now I plan to hold for a long time. Cheers and I appreciate the discussion.

Thank you, I appreciate it.

@Inofeisone: What’s your thesis on CNC? Any elevator pitch? Noticed the CFO buying, and I am intrigued.

Bought more $HDB and got back into $FTT.TO

Added to $T (AT&T) and $HDB.

Added to $HDB

What are the likely scenarios on FFH closing the TRS? Would they have to pay the financial institutions to close the position? Can Fairfax buy the shares underlying the TRS?

Good catch on the share repurchase. I don't know the manager, the letter has a name at the top.

Alphyn Capital Q3 letter discussing Fairfax. https://www.alphyncap.com/uploads/1/4/1/2/14123551/acml_2024-q3.pdf

Bought more $T (ATT) today

@SafetyinNumbers: Fantastic Podcast! Enjoyed the listen just like your previous podcast with Bill Brewster.

Added to $FRFHF/$FFH.TO

Turnover in cad is low, not sure what it was few years ago . Currently 1% lower than intact.

Got my answer, so they let Ben manage $50M for companies within the Fairfax group.

If the Marval guru fund inception date is 2019, what did Fairfax invest in 2017 ($50M)?

Thanks

Scotia raised target to $2200 from $2100 CAD.

@MMM20 : Reveal your portfolio (we all wouldnt mind 30% annualized return). Btw, congrats on the fantastic performance, wishing you many more such years!

As I ponder more, the market is not ascribing any value to Fairfax for finding fantastic managers to compound capital. Like the $100M in Marval if it holds the 22% annualized return, that’s a double in ~3 years! should be close to 0.5B dollars in ~7 years!. With the tailwinds India has in terms of growing GDP, it is such a good bet!

Yeah, they didnt give the number from 2017 but from last 5 years which is 22% annualized (Prasad confirmed as well yesterday). 5 years is a long enough time frame to see this likely to be a fantastic investment in the future.

If the after fees performance of fund is fantastic why not?

If anyone has any recent/old Marval fund letter, could you please share mananainvesting@gmail.com. It would be good to see how Ben writes/thinks and what the fund holds. Hopefully we get to see his shareholder letter next year for Fairfax India. Much appreciate the share.