mananainvesting

@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 [email protected]. 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.

Thanks Prasad! Dammmmmmmmmmm!!!! In that case, the $100M is well earned!

Majority of it has to be in Q3, I dont see it in the Q2 report.

Does anyone have insights into how the Marval guru fund has performed in the past? Fairfax invested $50M in 2017, curious how it has performed.

Bought some $PDS / $PD.TO

Bought some $T (ATT) (2 days ago). The company has been focused solely on reducing debt/leverage over the last 2 years. 2024 forecasted FCF $17-$18B, Mcap = ~$160B. Dividend Yield = ~5%. I am long, not advise.

I appreciate the previous discussions on $HTLD. I finally got to posting about it (link below). Let me know if you have any feedback. I am long and not advise. https://mananainvesting.substack.com/p/heartland-express-inc-nasdaq-htld

Picked up $MKL

@Gregmal @spartansaver: Are there any weird tax implications with $GYRO ? Example: Like an LP?

Valid points. I would point you to a couple of things a) Cash Flow (They have higher depreciation than net capex) b) buybacks c)special dividends d) valuation e)land/property on the books vs market value. They have ~27 owned terminal/properties and 40acres of land. See 2022 AR for gain on sale of one of the terminals.

I think that is the case with every acquisition of theirs, the legacy heartland brands have one of the lowest ORs in the business, so any acquisition they do hurts in the short term. They usually take 3 years to right the acquired business to low 80s OR like the rest of the business but in this case the management has said it will likely take 4 years (from 2022). The 2 acquisitions (CFI & Smith) doubled the company’s revenue so imo it is material.

I don’t think we are talking about the same company. $HTLD - Heartland Express is a trucking company.

Some more $EFXT

Added to my $EFXT position.

More $HTLD

Buying $HTLD. Anyone following this company? CEO and his trust are buying lots of shares in the open market. Below is my thesis. Not advise.

@Viking What would be the lowest price you would sell your $FRFHF shares today? (Which should closely reflect what its worth according to you). I would probably sell my shares at $2000 USD, as I think there is a high chance Fairfax will earn 15% ROE over the foreseeable future and selling any lower is not worth the hassle of redeploying money in other ideas.

Yeah, sucks. First time seeing this (not that I have been doing this for long), but yeah, crazy that they did it.

Bought $FEC.TO - Odd Lot Tender Opportunity.

@Whensthepaintdry? Would appreciate a quick elevator pitch on your buy of $FRPH. Any good resources you suggest to go over ? Thanks

Do you know when the special meeting is? I dont see the date in edgar yet. Thanks