longlake95

I'm away at a hockey tournament. I post something about the recent Q next week. Bedard provides a masterclass, in plain English, on trucking and business and capital allocation regularly on the calls.

TFII Bedard is the Singleton of trucking.

assuming FFH even has exposure to this: likely <1% BRK likely <4% ( 8 days of interest income on BRK 150B in cash...)

Added back a little TFII last week.

TFII

FFH

bought more FFH today. Yanet made me do it.

Floaters

Trying to add to my ALA pref position

trying to buy more Canadian prefs, but can't get filled. hardly any liquidity...

LNR

bloom finally coming off the rose. https://www.thestar.com/business/mortgage-defaults-and-forced-home-sales-are-now-starting-to-climb-in-toronto/article_47169ce1-5cac-5355-bdad-a41b4f61b970.html

Ha. I guess not. Someday it gets some attention and more liquidity. It’s fertile ground.

Nope. Just a thin trader

Jaygo, this dog house portfolio probably does okay to well. It usually pays to be a bad news buyer on okay to goodish companies. It will interesting to watch. I bet it beats the s&p over the next few years.

Duran Duran. Saw them in concert last night in Toronto. Pretty amazing. And Niles Rodgers and Bastion were a nice surprise.

DG

yes the perpetuals will move more on rate changes. So you're playing the interest rate guessing game. I'm parking cash in the floaters - which won't react (the price) as much to rate changes. All I know is this whole asset class has done poorly for the past while - and there's value there. Again, this isn't a big idea, just a placeholder till the fat pitch comes along. There might even some issuer's surprise us by redeeming various series.

Thanks for the link. That was good for a laugh!

FFH.pr.D ALA.pr.H SLF.pr.J These are all floating rate resets. There are others series you can buy, with "better" features. example..SLF.pr.J is a non-cumulative....so it trades at even more of a discount because people deem the non-cumulative as a negative. The Canadian pref complex, is pretty washed out. Many retail investors have been killed over the past 5 years here....they threw in the towel. ZPR has been a disaster. This is a pretty inefficient market dominated by retail investors. It's a parking place for cash.... even if rates go down " a bit" I think we do okay here as a parking place for cash.

me too. and some Canadian prefs.

i worry more about tail risk at subs than tail risks in their marketable securities - like Apple. I don't think you can own something like BHE and not have the occasional - pardon the pun - flare up. Likewise, you can't own a re-insurer and not have some really bad hurricane years. While not fun to endure, I think BRK takes on water over the gunnels, but the ship doesn't sink. The earnings power is just so large. If there's anyone who would increase capex to fix the issues - it's BRK. We'll see what they do at Pacific Corp. Certainly no expert here - but there are now utilities installing fire prevention wrapped utility poles and using a gizmo on the pole that de-energizes the line if something touch it - to prevent fires. Burying lines is just too expensive.

FFH

Yes, got it. Thanks.

Thanks beach, I tried that, didn’t seem to work. I’ll keep trying. Thanks