Orientinvestor

This would be a good sticky thread -- a dynamic valuation exercise (or at least annually). Now that Fairfax is about 16% down since the peak achieved last 26March, and is in about 7-month low any valuation exercise for Fairfax? I've gotten anchored by the USD500 entry point and that price has been broken in the last few days, so i would be interested in what the veteran of these forum think Fairfax's fair valuation is, particularly if it accounts for the Brit acquisition.

Thanks much Sunrider. If they convert the warrants without any change on any of the feature, that's OK. so cosmetic changes to ensure that they track just one set of warrants... Yes, the warrant looks like a bit expensive (or fully priced at best) at this price, though Black-Scholes would give out a value of >3, largely due to the long maturity. and of course, the most important thing is how KFS would fare in that 7 to 8 years.

seems like this has not been discussed in the last 5 years. New Management is in, and an interesting company has emerged, with an interesting management -- with a Buffettesque Shareholder Letter to boot. 2014 Letter: http://kingsway-financial.com/new/wp-content/all/03-31-14%20Shareholder%20Letter.pdf 2015 Q1 Note: http://kingsway-financial.com/new/wp-content/all/04-30-15%20Shareholder%20Letter.pdf its an entirely new company now, which probably warrants a look and discussion by the members here. It also listed a very interesting Warrant -- that is noncallable, with expiry in 2023 -- a full 8 year from now, which could be an interesting Greenblattish play. I've never invested in warrant before though. Could anyone please explain the legalese part of Warrant information: The Series C Warrants are subject to a mandatory exchange procedure in which the Series C Warrants will be exchanged for newly issued Common Share Series B Warrants of the Company (the “Series B Warrants”), which class of warrants of the Company are currently listed on the Toronto Stock Exchange (the “TSX”) and have substantially similar terms to the Series C Warrants. Upon notice from the Company to the warrant agent that (i) the Common Stock Series B Warrant Agreement, dated as of September 16, 2013, between the Company and Computershare has been duly amended to increase the maximum number of Series B Warrants that may be issued thereunder to allow for the issuance of a sufficient number of additional Series B Warrants to be issued in exchange for the Series C Warrants and (ii) the TSX has accepted the conditional listing of such additional Series B Warrants, if the Series B Warrants are listed on the TSX at the time of such exchange, each Series C Warrant will be automatically exchanged for a Series B Warrant without any further act or action to be taken by the warrant holder. The exercise price and number of Common Shares issuable upon exercise of the Series C Warrants are subject to proportionate adjustment in the event of any stock splits, stock dividends, reorganizations or recapitalizations in respect of the common stock of the Company. I understand the adjustment in case of splits/dividends, etc., but i don't fully comprehend the fact that the warrant is exchangeable for something, without the warrant doing anything...? What's its implication? in what cases would Kingsway want to exchange this (notwithstanding hte fact that it is supposed to be non-callable). any help is greatly appreciated. excerpt from: http://kingsway-financial.com/new/wp-content/all/02-04-14%20Form%208-K.pdf

i've been a close follower of Vltava. Daniel Gladis's been doing a good job of delivering good returns. he hunts stocks globally though.

a viewpoint from realpolitik considerations: http://atyantcapital.com/global-us/realpolitik-and-hedge-funds