Hsmpanl

I’d just throw on some more TRS and simultaneously buyback stock. YOLO

I personally greatly appreciate the insight. Pretty freaking cool that people on here have close personal relationships and direct interactions with people running the show.

Yep, I'm with Crip on this one. Guessing it will be worth alot more in 10 years than it is today, but I also think alot depends on the negotiation with Karnataka on HAL reactivation v. a new, competing airport owned by others once their exclusivity expires. In general it doesn't seem like recent items (IDBI, Anchorage IPO, and airport negotiations) have been going Fairfax way, which does give me some pause.

What a shit show. Hope all the effort being put into the anchorage IPO is worth it. Glad they didn’t overpay just to get the asset.

What are we expecting to happen with the soft market? Do insurance earnings disappear or does float/premium growth just stall? I imagine the 0.6x book was because the market lost faith in Prem as an allocator, and barring something like equity hedges or another blackberry it’s hard for me to see this things trading back down below $1,000 per share. I’m having trouble keep myself from backing up the truck here, which is probably a good sign that it has lower to go.

This is very, very accurate, but somehow people are still willing to give him money, first at Tapstone and now at Mach. Sucker born every day I guess….

No one is Ajit but seems the insurance bench is pretty deep, even more so with the Allegheny acquisition. I think it comes back to the investment portfolio and what Ted and Greg can do with all the capital they have. Hopefully their patience pays off at some point in the future and Ted can get us some of his Roth IRA type returns….

Does anyone know if Fairfax buys any of the recent ABS issuances tied to the oil and gas industry acquisitions?? Seeing a ton of froth in recent deals in O&G and they’re predominantly ABS buyers who are placing their debt with insurance companies. Multiple deals getting preempted which hasn’t happened in O&G in a long time. Definitely a sellers market right now, might bode well for Exco.

Has Fairfax ever traded at or anywhere close to these multiples in its 40 year history? Not arguing that intrinsic value could be in that range, just the conclusion should be to continually buy Fairfax, and Fairfax should be plowing every dollar into buybacks if it has traded at that kind of discount for decades.

Win-win, we make a lot of money, FFH makes a lot of money. A beautiful outcome.

More FIH. Podcasts with Hari are a helluva drug.

Interesting experiment in social psychology with how similar/clustered alot of the portfolios posted here tend to be... I'm clearly highly influenceable and the group think from this forum has been a major positive so far! ETFs FRFHF 27.50% 13.65% Cash 9.89% BRK.B 9.28% JOE 9.02% LULU 3.93% AMZN 3.72% GOOGL 3.71% BTI 3.37% FFXDF 3.30% META 2.62%

Personally, I trust Prem and Fairfax. They’ve always done right by partners and shareholders. Yes Fairfax has unchecked authority to do basically whatever they want with Fairfax India, you have to be comfortable that they aren’t going to use that nefariously. If you’re not then I wouldn’t own FIH.

This is an incredible idea… hope it’s a good listen!

Yeah, never been a fan of that podcast or blog. Host just likes to hear himself talk.

Added to FIH. Limited downside, very large upside if they get any kind of movement on IDBI or Anchorage. Lots of faith in Prem and co here.

Yeah, I'm relatively new to the FFH story but it seems to me that the increased stock price is because the market can't ignore the dramatic increases in interest income and total earnings over the last few years. I still don't think the market is giving FFH credit for being a high quality underwriter or for their equity/debt investment prowess. The narrative is still in line with the Brett Horns of the world... "Prem is highly volatile and can't be trusted, underwriting is suspect and the valuation should be discounted as a result". Love the compounding over the last few years and seems highly likely to continue for several years to come.

How do you feel about Fairfax generally?

It was available for me on Apple News for free, posting link in case it works for others https://stocks.apple.com/A6rV0uvuFS2u6nZTJI6BIVg

Couldn't agree more, much prefer Ted and I doubt Todd deserves much (any?) credit for the turnaround at Geico. Glad Ajit is sticking around for now, and like the bench that Berkshire has built at the insurance cos.

https://www.newswire.ca/news-releases/s-amp-p-dow-jones-indices-announces-changes-to-the-s-amp-p-tsx-composite-index-and-s-amp-p-tsx-60-index-837277970.html And yet the stock is selling off? Could be an interesting end to 2025/start of 2026.

Seems reasonable over 10 years. They effectively bought back the shares that were issued, so more like -$216MM and not growing with FIH share price. Book value is a little more than a double over that time period, and includes the fee paid. I own both FFH and FIH, although I have a higher ownership % in FIH. The fee being paid to FFH doesn't concern me, I think FFH is being fair to FIH owners in how they are calculating and allowing FIH to settle the fee, and I think per typical fairfax modus operandi the book value is understated and actual IV is quite a bit higher than book.

It’s a risk, absolutely. I trust Fairfax to treat me fairly and believe they continue to mark their assets conservatively so as to not take advantage of investors in FIH. Something to monitor though.

I’m US based but just hold this in a traditional IRA.

Fee structure is on book value with a high water mark. Doesn't seem unreasonable or out of market to me, plus I own FFH so a little right pocket, left pocket action in my view.