LC

Not me but I did put in some low limit orders just in case someone wants to make repeat sales

Could you share the current status summary? I stopped following about a year ago, I wasn't super impressed with management.

Largest I had was 2400 sqft and it was way too big. 3 rooms went totally abandoned. Downsized to 1100 sqft post-divorce and it’s perfect for just me. With a partner I am looking at maybe 15-1600 sqft and that will probably feel roomy!

Bit late to the party here: Fairfax: 40% JOE: 12% Citi: 8% CLPR: 5% (shoot me pls) Aecon: 5% AIV: 3% MSGE: 3% FRPH: 3% PCYO: 3% STNE: 3% About 20 small positions: ~15% The above constitutes 75% of my active portfolio, cash is 25% of the remainder. Decided to pull some cash when the S&P hit like 4700, then took a month holiday, just getting back into researching. So that cash position I hope to reduce over the next month or two.

Im not sure I buy the “less efficient” pricing for illiquid microcaps. Large caps have tons of investors- and are perhaps more prone to herd thinking? After all take a look at 30+% gains/drops in large caps over the past years. Ultimately you have to do work. Large caps the info is easily presented but there is just so many moving parts. Micro caps are easier to understand but may be a lot of work to get all the relevant info.

Good question and a bit different from the “best idea for 2024…” potential question. i think over a 5+ year horizon, healthcare is a good bet. Demand is not going to decrease, and prices will follow suit. Technology (as an alternative consideration) will always be improving, but it’s difficult to find winners over a 5+ year horizon. If I had to guess I would say visual AI technology.

Quite the sake trip out here - just had a yuzu-infused super refined sake that was delicious.

Happy New Years to all!

looks about 30% overall. >33% FFH position was the leader, strong contributions by JOE, SNC Lavalin, Petrobrasil, and bottom ticking Aecon. Biggest donkers was Clipper and Televisa. Strong props to the Citi buyers turning that into a positive position by year end. I look forward to existing all 3 as I don't want to be long term owners or any, except perhaps if TV spins its soccer team. Biggest mistake was not trading better around core positions. MSGE approaching 40 post-spin is the one I remember best.

You’re right, the stock is cheap but it’s a super small position for that exact reason!

me too

Beaches on Xmas? Globalization really is amazing I am off to Japan...I'll try and remember to post some photos for the board. And if anyone is out @ Niseko skiing, I'd be glad to buy a round!

Merry Christmas to everyone and their families! Enjoy the holidays

Jeeze. I was like, the 4th post in that thread, and I sold way before 15x returns. You can lead a dumb horse to water and even if you force him to drink, he's still dumb

JPM (then chase) stock when I was like, 9? 10? years old. I had no idea what I was doing - in math class, our homework was to draw a stock's price over a week's time as a simple way to learn how to use chart data, figure out what the x and y axis were... I only knew Chase because they had a branch across the street. My father saw what I was doing and asked me if I wanted to buy the stock. No idea why I even said "yes" but there I was with 2 shares of JPM courtesy of some birthday money from my grandmother that was sitting in my sock drawer. I was pissed when I realized I had to use my own money - that was going to be for video games and candy. And by "best investment" really because it was the longest equity position I own. Contrast that with the large sums my family had in 3% fixed annuities in the 90s. The opportunity cost they lost there is so immense over time, it is embarrassing.

KJP - I have not done work on the small banks (so many of them, difficult to sort) What are you looking at that attracts you to these small banks? Strong interest earning book? Low CRE exposure? Valuation? I feel some of the larger banks also kind of fit the bill - what do you like small vs. big?

Should be the amount added back in the cash flow statement?

Oh wow. Part of me thought he’d never go. Rest in peace, we all owe a lot to him.

Assuming the issue is supply - should we be looking at Canadian homebuilders and the associated ecosystem?

So Tech has seen a major runup this year. There was a recent thread of why Berkshire does not buy tech (ex-Apple, I presume, which maybe is better defined as a consumer discretionary at this point) Generally this community is tech-averse. And why? Because Buffett said so? Because it's difficult to forecast out these companies? The companies I do see discussed are maybe the highest capex ones (semiconductor manufacturers). Certainly this group is smart enough that, at the very least, it should not stop us from trying. Particularly when the opportunity is so immense: A year ago I was debating buying Adobe (I sold options instead). The 85% YTD gain there dwarfs Fairfax's 50+% gain, and Adobe is a relatively large, stable, and well-understood company. And this is in a macro scenario heavily favored to Fairfax (rising interest rates). And META was a huge miss on my part (well done, Sanjeev & others) So I guess two questions to ponder as we head into the new years: 1- What is stopping you from researching and forming a real investment opinion on technology companies? Where would you start? 2- And to make it a bit more specific, of all the Technology companies you are aware of, which do you think are the "best bets", if you had to choose? Personally I think something like Nvidia is a bit on the overvalued side, and MSFT, GOOG are so large already, it is difficult to see such high growth rates continuing over a long-term horizon. Adobe I like, but the recent run-up is hefty. And I don't know how AI will impact that ecosystem. Although I can see how given their existing customer base and distribution, plugging AI into the product mix would be a net benefit. Food for thought (as if we need any more food...)

Sold 50% of CLPR. I had actually doubled the position a month ago but as a temporary measure, to harvest tax losses and maintain the position size. 31 days have passed so I took the tax losses and am back to my imposed position size.

Happy Thanksgiving everyone here, and thank you in particular to Sanjeev for maintaining this community for so many years.

I hear ya. I am at an imposed “limit my stupidity” limit, else I agree the price is attractive.

Enticed by the siren’s song, eh?

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