Hsmpanl

I’m glad it’s Hari dealing with these politics and not me… doesn’t sound like an easy situation to navigate and doesn’t sound positive for BIAL.

Small dollars but very solid return, thanks for sharing. Do you have some type of feed set up for press releases?

Curious, is anyone else still a regular buyer at these prices? Or do you all have a full allocation and are letting Prem buyback on your behalf? I have new money needing to be invested every month and am finding myself anchored to prior prices and P/B ratios.

Those were repurchased in the month of August for cancellation right? Super encouraging that Prem still sees value despite the run up year-to-date.

Yeah, would love to buy it lower but hard not to keep adding with it ~0.8x an understated (and growing) book. I don't fully understand the high water mark and the performance fee due to FFH, but at current valuation I don't think it matters to the investment case.

I got you, that all makes sense. FIH is 3% and FFH is 10% of investable assets for me, but I have ~10% cash and my assets are heavily weighted to IRAs v. taxable (75/25) so trying to figure out what to do with that. Still pretty new to the FIH story so trying to shamelessly outsource my conviction to the smarter folk here.

Ran out of money?! I picture you as Scrooge McDuck swimming in a bottomless pool of gold coins… mind sharing what you like more than FIH?

Nice little drawdown has this in an attractive buying range again. @gfp you buying more here? Lmk so I can coattail you...

We newer Fairfax holders have been spoiled... Since buying in January I thought this was a one way rocketship and any marginal decline has me searching for answers and worried about the health of my new favorite holding.

Nailed it

Nat gas expectations were high for ‘25 and beyond but have been declining. A lot of sales processes for gas assets were cancelled. Don’t see a lot to be excited about with Exco.

Agree with this, and I think appropriate that Prem, Bradsheet and co are being appropriately defensive about the potential for long term rate increases.

I don’t think Pilot owns surface, they just operate pipelines and disposal wells and likely have to pay royalties to companies like LB. In the Eagle Ford Pilot only has a fleet of water hauling trucks and it’s a highly competitive, low margin, people intensive business. Just about every water hauling company I’ve worked with has run into financial distress. Definitely non-core to their truck stop business and probably not worth their time.

I couldn’t help myself and added going into earnings ha. Will add more next week if it keeps pulling back.

Got any ideas for something fitting that bill here? All the stuff I’ve been excited about buying has run up to a point where I’m much less excited about it, Fairfax included. For now it’s just build cash mode for the time being I guess.

I didn’t have any position coming into the acquisition offer from strathcona and decided to initiate a strathcona position recently. Any reason you went MEG?

Very interesting after hours reaction to a very strong quarter. Seems like people must be worried about something other than business results for the insurance sector. Anybody know something that I’m missing?

Hard to see how the excitement comes back to brk. Especially compared to something like Fairfax. Probably famous last words but they just haven’t done much worthwhile on the equity side and I don’t think Ted and Todd are the answer. I’m one of those rotating from brk into ffh.

As long as intrinsic value is increasing it is what it is. Really enjoyed those BIAL interviews you guys posted.

Good stuff, nibbling some myself as well. Have you changed your range on FIH or still selling in 16s/17s?

Small adds to existing positions in JOE and OGN.

I really like this, and it makes perfect sense to me. Here’s to hoping

With those FFH and FIH buys I’m sure you’ll be juuuuuuust fine. I’m sure Mr Market will give you a chance to buy it back too.

Small adds to JOE, AMZN, FIH, and OGN. Still plenty of cash so just continuing to nibble as opportunities present themselves.

Not following, just saying FFH is fully valued compared to prior years? They're still buying back which seems bullish, maybe just less urgency to communicate the positives of the business since the market is giving them credit for most of it?