John Hjorth

Now I have had the time and opportunity to read the whole thing, and the philantropy programs inside Fairfax group are financed by the employeés in Fairfax Financial Group, not the Fairfax companies, so this is not a cost at group level, instead it rests on the shoulders of Fairfax employeés. The whole thing in this ESG Report about this is resonating rigingly hollow. It's simply false information. - - - o 0 o - - - I have dived a bit into Mr. Watsa's donations to the Dakshana Foundation set up originally by the original Pabrai couple [now diworsed] : 2022 - $1,001,255 [#1 donor for the year], 2012 - $1,004,819 [#1], 2020 - $ 997,001 [#1], 2019 - $ 970,404 [#2], 2018 - $ 976,003 [#1], 2017 - $1,034,288 [#1], 2016 - $1,000,150 [#1], 2015 - 1,002,761 [#1 - number rounded! ], 2014 - $1,046,836 [#1 - number rounded], 2013 - $ 948,129 [#1] [='Watsa Family'], 2012 - $ 1,000,000 [#1][='The Watsa Family'], 2011 - $1,000,000 [#1][='The Watsa Family'] 2010 - $0, 2009 - $0, 2008 - N/A, 2007 - N/A, 2006 - N/A, & 2005 - N/A. - - - o 0 o - - - This is a serious amount of money - USD 12 millions since 2011, and counting, and likely ex. 2023 [unless 2023 is $ zero]! It tells us quite a bit about Mr. Watsa and how he is wired!

Thank you very much, @SafetyinNumbers, This must be what Mr. Watsa is referring to in the shareholder letter.

Mike [ @cubsfan ], It's just the usual modus operandi for your way discussing things in an unordered manner for now years here on CoBF by instead of introduccing contunterarguments to what was posted here, in casu here by @TwoCitiesCapital was brought to the table for you, by your counterpart discussionswise here, you simply attack the other part with something else. To me, this is called mud sliding.

In the Fairfax Shareholder Letter released by Mr. Watsa on March 8th 2024 for 2023, on p. 33, lower part, I found this today : I'm nosy about this activily, but today I haven't really been able to find reporting on this as promised by Mr. Watsa anywhere I looked. I suppose I'm not looking at the right places. Any help from any fellow board member about this will be greatly appreciated, thank you in advance. - - - o 0 o - - - Just for information for those, that may not have any knowledge about it by now before I'm writing this : Mr. Watsa has beein a material donor - [personal donor, that is, [not Fairfax]], to Dakshana Foundation [set up and formed by Monish Pabrai and his former wife Harina Kapoor in 2005].

Here is no need to compilicate thighs here with regard to lending. Also, I don't think the lending needs more coverage here on CoBF.

Please don't worry too much about this, because it really does not matter that much, because when the music may stop at a future point in time, it will also be like peeing in your pants, so there will be no fire. [Posted by a CoBF member who is a citizen in a nation with order in the pencil case, running at a surplus.]

Yes. Segments have been removed between editions. - - - o 0 o - - - I's actually the scope of my work in progress Ph.d. thesis in the works now for many years, that I'll deliver and submit to the University of Southern Denmark at the given moment when done for approval : Know anything - down to the tiniest detail of an area so specialized that it does not really matter to anyone but yourself. The thesis is by now called 'A comparative analysis of the editions of 'Of Permanent Value' by Andy Kilpatrick 1994 - 202x' Because of requirements for written documention, I now expect the thesis to contain ~ 50,000 pages. [J/K] So much for being a Berkaholic.

Please go somewhere else for discission of US sealed border.

You're welcome, @Maverick47, When the new edition may be out, I personally think it may be time for some serious scalping & reselling! For now years, I've tried to pick up the blue edition that was released between the red 2017 World Wide edition and the green 2020 Elephant edition! Never met a second hand price that I would consider acceptable. -Furthermore, Mr. Kilpatrick could in my view make a killing by reprinting all earlier editions.

I stumbled on this post [in Danish] from the Danish LinkedIn member Poul Skadhede on this very day today : It translates to English like this : I think it says a lot about the local sentiment here in Denmark by now. April 9th is the date in 1940 where Germany occupied Denmark as an integrated part of Germanys occupation of Norway. - - - o 0 o - - - Mr. Skadhede is a consultant by profession and serves as professional board member. He is also as the largest shareholder involved in a group delivering consultancy and naval design services to shipyards and shipowners and -operators, including navies. [Originally formed as a spin off of the design department from now closed Odense Steel Shipyard A/S, formerly owned by A.P. Moeller A/S.] That group, called Odense Maritime Technology A/S, was responible for the design of the AOPS Actic Patrol Ships [ Harry DeWolf class offshore patrol vessel ] built at Halifax Shipyard, Halifax, ,Nova Scotia to the Royal Canadian Navy. So Mr. Skadhede is personally biased. But I personally think his views have merit.

Thank you for the kind way to respond on my words, @Luca & @Cod Liver Oil, I may here on CoBF appear sober or chill most days I post, but what's going on inside my head can't be really be described by representing my mental state most days as I'm sober or chill most of the time. Simply because I'm not, while I'm forcing myself to stay about fully invested all time long term. However I think I'm gradually getting better at it. It's about a large position in that Danish pharma every media is writing about, here now at above 20 per cent of total portfolio, which for me personally not is easy to sit on. So I already really have my mouth, hands and mind full with risk, that I try to relate to on a continuing basis. Also, It has become clear to me, that I likely possess a personal propensity to underestimate political risk related to foreign investments, based on my experiences in 2020 with Russian stock investments [Gazprom, Lukoil & Sberbank], however losses not cribling, but not forgotten. - And as always I may change my mind any day. ... - - - o 0 o - - - So, good luck with China! [sincerely meant!]

You guys posting here lately appear to be derailed or confused -, directionally, thematically and / or geographically. - This topic is about China, investment related.

After exiting a small position in DANSKE.CPH [Danske Bank A/S, Denmark] in January 2015, I started a small position in the bank again today.

I've got this reply within 12 minutes of sending my own e-mail : To me personally, this is great news.

Based on the exchange in the CoBF Berkshire Hathaway Forum, topic 'General News' lately about this book, I have now asked Mr. Kilpatrick if he has discontinued his activity with revising the book to new editions for selfpublishing. It would certainly not come as a surprise if that actually was the situation, and he thereby has decided to call it a day. Let's see if I get any reply to my e-mail.

I agree with @gfp on this assessment. The time span between each edition was on average a couple of years, give or take, and with some exemptions. The so far last edition of the book was the 2020 Elephant Edition : Topic about the book in the CoBF Books forum : Of Permanent Value - Andrew Kilpatrick.

@juniorr, For a specific reason [<- ], there exists no separate topic in the Investment Ideas forum here on CoBF about UNH. [ I suppose you here by UNH mean - UnitedHealth Corporation Holding Inc.] There is to me personally no doubt it's a good company. So please always feel free to start a new topic about UNH here on CoBF in the Investment Ideas forum for discussion. - - - o 0 o - - - Also, a belated welcome to CoBF from me, @juniorr!

Book about François Rochon, running Giverny Capital, mentioned by @KCLarkin in the topic in the General Discussion forum about Giverny Capital and / or Mr. Rochon here . [ H/T @KCLarkin. ] Unfortunately by now only available in French. Posted here to not get forgotten here on CoBF.

@Saluki, You're just our kind of guy!

Thanks for the posts in this topic so far. And especially thank you to @KCLarkin for bringning the existence of the book about Mr. Rochon to my attention, I was personally not aware of its existense. Amazon : François Rochon - Le parcours singulier d'un investisseur d'exce Paperback – Jan. 31 2023 .

Over the years, Giverny Capital and / or François Rochon has been brought up for discussion here on CoBF several times related to interviews etc. Here, I'm taking the initiative to start a separate topic about all kind of news related to Giverny Capital and / or Mr. Rochon, because I think we miss such topic here on CoBF here in the General Discussion forum. Mr. Rochon [or Giverny Capital, for that sake] hasen't been mentioned a lot here on CoBF, but it has happened now and then. Personally, I like a lot that he doesen't appear self-promotional, and his track record is to me really impressive. In my personal opinion, we should talk and discuss more about non-promotional & humble money managers with good track records and their doings, than about self-promotional money managers with mediocre and louzy track records. - - - o 0 o - - - For starters : Giverny Capital - Annual Letter 2023.

Q. E. D.

@longterminvestor, What is your souce for the letter from Chubb attached to your last post? -Thank you in advance.

BN 2023Q4 Supplemental Information, p. 26 : The earnings number is USD 969 M. [ Link ].

@Xerxes, Thank you, All I can say it is that the disclosed 2023 earnings numbers for BN at group level was nothing to write home about. Less than USD 1 B to BN shareholders after taxes, minorities shares of results and preferred dividends on a BN group equity beginning of 2023 of approx. USD 30 B, indicating a progress of less than 3 percent. - - - o 0 o - - - Related to @Spekulatiuss last post above : @Spekulatius, I'm sorry for no reply from me to this post of yours now months ago, that somehow may skipped my attention. Here is at least my very late answer : Yes, your are right [, and that actually also what was my intent to express : LPs - BNs socalled partners will end as the patsies, if this seismisc movement into private credit evolves badly. But if the seismic movement to private credit ends up as a flop, BN shareholders won't get fat either [ perhaps Flat[t] ].