LC

Slow Horses is absolutely fantastic. Gary Oldman really has created a great character in Jackson Lamb. Highly recommended to anyone who likes spy stories and good dialogue.

To put the topic another way: If you had a great business idea - where would you want to start it? US would be close to the top: low regulatory barriers, strong rule of law Europe would be towards the bottom: high regulatory burden but you do have rule of law China would be also be tough: rule of law exists only as long as the CCP wants it to India? Can't even start there without citizenship/nationality S. America? Low regulations but also not a lot of faith in the legal system

Thanks both - BG I will take your advice. And deleuze, thank you for forwarding.

You know, I think we had the same conversation over private message maybe a year ago? The concern was the same and the potential pros/cons are the same. I think that goes to show that Fairfax is doing a great job (and has done a great job) providing themselves with a lot of optionality in case X, Y, or Z happens. It's good to see as a shareholder. Part of what I didn't like about the big hedges years ago was that it kind of locked them in. They had one way to win. These days when I look at Fairfax I see a few ways they can "win" - and at least a few ways they can prevent losing.

To play devil's advocate: What if we see a soft market + lower rates + equity market drawdown? Pretty much the 3 things that Fairfax had as tailwinds the last few years? I'd imagine that would put a damper on the share price. On the flipside I imagine it would provide Fairfax opportunity to go buying (re-coiling the spring so to speak) All that said I haven't sold a share. In fact I picked up a few shares on Friday.

Those are all fair points - nobody sensible and with any self preservation instinct would disagree. I think everyone involved here would acknowledge there is a lot which can potentially go wrong, of course. The Thalidomide scandal shows just how disastrous that can be. The flip side of the argument is something like, the healthcare system is failing people. Thalidomide was created by a large pharmaceutical company. It was sold with government approval/agreement. And it caused a catastrophe. It's not the only example. I guess the more disgruntled people become with the status quo, it incentivizes projects like this. I really do think if they or someone else can dial in all the specifics that you mention, there is a market for this. I am obviously not a doctor and don't know how feasible that even is, but part of me hopes someone can do it. And you know, I think doctors would lean more in support versus against. First, because they too have to struggle against the healthcare system (at least in the US) to provide patient care they believe is right, and two because doctors are some of the most liberal medicine users I have ever met.

Hi all - are there any small REITs with only a few MF bldgs that report quarterly or annually? A friend is tasked with quarterly reporting to investors the progress of a single multifamily development, I was wondering if anyone knew some good existing quarterlies which she can use as a starting point to get a sense of what sort of info should be included. Much appreciated for any help

Rebel Ridge was surprisingly gripping on Netflix. Made me look into Saulnier's other movies which apparently are well regarded (green room, blue ruin). I'll check them out as well.

Very true - I think there are a few considerations: -Risk profile: my understanding is you are relying on (1) some software to direct the correct formula, mixing, dosing, etc. of a drug; and (2) the "lab equipment" to correctly implement these instructions. I would imagine both would improve greatly at the early stages. They could pull the formulas from academic systems/literature and patent filings? -Illegality: I am no patent lawyer. Is it illegal to mix up a patented drug for personal consumption? If there is no commercialization? What about generic formulas? It's super interesting and I agree it won't replace industrialized medicine, but perhaps one day if they can really dial in the lab process, it could be used for low(er) risk applications? Vaccines with little/no side effects?

Interesting article I came upon. The future of healthcare? We saw what piracy did for the media industry, what about medicine? https://www.404media.co/email/63ca5568-c610-4489-9bfc-7791804e9535/?

100% My folks finally left NY to move to....CT 4k sqft house for 2 people. 3 acres for two 70year-olds. Seems insane to me. I tried to get them out to Colorado. But their whole life is in the tristate area. All their friends, hobbies, favorite places...at a certain age why bother moving? To save 50k? Biggest issue was "now we have to change our address for all the services, find new doctors, dentists, etc."

100% Helps if you have a specialized skillet.

Thank you!

That's good to know! Do you know how to enable this? Is it something you select when you initiate a short call position?

It has always irked me that the proportion of value & voting is not consistent for B shares.

I own IPCO, PBR-A, EC, OXY warrants, some Valaris warrants, Gear energy I have no expertise in the industry, so it's a bit of a basket approach, but boiled down it's something like: The Canadian stuff is for capital gains The S. American stuff is for dividends The warrants are for trading.

Largest buys YTD have been Aecon in the 14s, and Fairfax thanks to Carson Block.

I have been thinking about how a longer, lower rate environment will impact Fairfax. A low rate period will present some reinvestment risk for the fixed income portfolio primarily. On the other hand, I wonder how the minority interests (as a whole) are capitalized? If they are currently paying high rates on their debt, lower rates could mean significant refinancing. Of if they are conservatively financed, levering up in a period of low rates could provide a solid amount of capital.

Perhaps - but this is an incestuous industry. There is no real secret sauce that other banks are unaware of. I am pretty sure he had a good idea what he was walking into from Merrill to Citi. Another explanation is Jane & Co are planning to reduce the wealth business (e.g. https://finance.yahoo.com/news/citigroup-says-wealth-unit-sell-220652812.html) and he didn't want to end a career slashing businesses and cutting heads?

Yeah that's fair and that is kind of my timeline as well. On executive departures: frankly I think they're all overpaid.

Curious why - I don't think the thesis has really played out.

This is hilarious - I looked it up: apparently this is the tequila: https://nosotrostequila.com/products/nosotros-tequila-reposado-750ml And this is the bottle: https://shop.tesla.com/en_sg/product/tesla-decanter?sku=1655475-00-A I truly love Elon math: $50+$215= $1000 gfp beat me to it...you're quick!

Probably they smell a deal coming?

Fair enough - thanks for the explanation.

How further out are we talking here? I always look to do this for the added leverage, but a lot of times I see the premium is too much. Do you typically go 20+% OOM and/or short-term? Or do you pay up for premiums for lots of time value (LEAPs) and closer to the money?