John Hjorth

I'm going to sell some SCHO.CPH tomorrow, to get coverage for yearly MtM valuation and taxation in tax deferred accounts, to avoid a margin call for taxes in tax deferred accounts. Ohh, well. Naturally, got prepared for what for the Lady of the House to do in that respect, also. Woke her up, in the middle of the night, saying : 'I just fixed it all for you!, - now you really need to ask me out - tomorrow! - Cuckoos Nest will suffice!' Reply : <sleepy> : 'OK...'

Personally, @RockNation, I'm one of those shareholders thinking about Fairfax as a business as a whole, based on a thesis of owning a good business for the long term is the way to build wealth. For the future, let's see.

Almost 11 years, [voted 11 - 20 years here], [FFH.TO] bought the first shares in April 2013, added again in October 2016 [, an add, which pretty much turned out to be a mistake, that now has been autocorrected by the company]. I have considered several times to give up on it during the lean years and to move on. Today, a pretty happy camper here, but non-core position [In the ~3 per cent bunch]. Thank you to Lars [ @Viking ], @Dazel , @Crip1 and all the others contributing massively to the FFH classroom on the school here called CofB&F.

Just a friendly *bump* here, directed at those CofB&F members, who may not yet have taken the poll. And thank you very much to all those CofB&F members, who in this topic have shared with us all their thoughts! At least to me, it's always - each year - an interesting read, to get to know about how you personally think about investing in the recent environment!

This rear-view way of looking at things is by fundamental process flawed, because it is just that : rear-view looking.

This is to me soo funny! - And true, also here on CofB&F during those years! Greg [ @Gregmal ], perhaps we could even add all the 'double dip' talk starting during 2009 and the years onwards to perhaps ~2012.

Thank you, @thowed, Agreed. And that's it. I have tried to post in this topic, based on the above statement of yours, by providing several examples.

Vatnik Soup Looks good!

Thank you, Sanjeev [ @Parsad ], So a 'flow-through' arrangement, the funds eventually ending in Dakshana Foundation.

The Economist - Business - Way of the Viking [December 30th 2024] : Why are Nordic companies so successful? Subheader : From Lego to Novo Nordisk, many of Europe’s top firms come from the region. - - - o 0 o - - - It's a special, and a bit weird, experience for me as a Nordic native [Dane] to read the article, because it touches matters and conditions, I really don't think about on ongoing basis, but just takes as given conditions. We have a lot of good businesses, that are privately held by families or via foundations. Let me here just mention a few - more or less random : Lego, Danfoss, Grundfoss, Salling Group [Bilka, Føtex, Netto], Bestseller. They are all multinational, but headquartered here in Denmark. Then we have a bunch of family or foundation controlled businesses, that are listed : Novo Nordisk and Novonesis, A.P. Møller Mærsk A/S, Carlsberg, Coloplast, Lundbeck, William Demant, Rockwool etc. They are also all multinational, but headquartered here in Denmark. All used to compete in international markets, as a basic existential condition. What is special for both groups of companies, where foundations are involved in ownership, is how the ownership is structured and designed, based on legacy and existing legal conditions, and foundation founders' thoughts as minted in foundation articles of association, bylaws, related to purpose : 1. Protecting and preserving control of founders' business, i.e. take over-protection, 2. Other, typical philantrophical, purposes. 3. Defined foundation entitlements to founders family and decendants. These foundations are organized legally today as special type 'business foundation', are taxed according to company taxation, with taxable deduction for expenses to philantrophical activities, subject to special individual legislation, reporting, and regulatory oversight and control. - - - o 0 o - - - If somebody asks me about how this works on overall basis, my aswer would be it works great.

To me personally, this is true for European politics to the right, liberal or conservative, have this as an important element to take care of the not-so-well situated citizens, to avoid exactly that - social unrest - with the purpose to preserve existing societal structure.

Thanks for the elaboration, @compoundvalue.

@compoundvalue, Congratulations!, - What's the explanation of the asterixs for '17 and '18, including the 'N/A's for those years?

I can't stop laughing now!

To me, you've got it right above, Mike [ @cubsfan ], For Denmark, I think that I should add, that a new form / kind of criminality [drug related] seen lately here, is Swedish teenagers [<-] entering Denmark, to take out [by gunning down their marks] for a ridiculous low fee, as a 'job'. [I think it means news paper routes are totally out of favour, fast money is the way to go! - you know!], all while I am not sure this is related to this topc. -Absolutely crazy stuff!

Thanks, Mike [ @cubsfan ], and Happy New Year to you, too! , It's complicated, and then not at all : You meet your fellow human being in dire straits from another country in eye height, and provide help, to get along, at modest means, not unconditionally, but under condition of compliance for rules of national generally accepted behavior, perhaps as described in the national criminal code. Some stay, and comply. Some stay, and build their life up again, from ground up. Some stay, and comply during stay, and then go back to where they came from, when judged right for them. And then some don't comply. They are dealt with in the justice system, it's costly, and it takes a lot of time, but in the end, if serious enough, they are returned to where they came from, with Danish escorte to get there. - - - o 0 o - - - Mike [ @cubsfan ], Here in Denmark, we have had court cases of the public against maladjusted and unadapted young criminal persons, foreign second generation, who have by court verdict been expelled to their socalled 'homeland', [perhaps they have even never visited it!]. Does that make sense? Giving anybody and everybody eligibe of l the benefit of doubt to meet them in eyeheight, with preserverance of their dignity, is a serious, and costly, matter. - - - o 0 o - - - And Mike, it's, to me not solved by building walls.

Mike [ @cubsfan ], In a way, I really appreciate your take on this! I think it is about who you want to be isen't always free. [Perhaps 'want' here should be replaced with 'decide', also meaning it's about money in a societal household.]

It's true, Greg [ @Gregmal ], It really does not make much sense to put too much into it. The calendar year related to a given investment is totally meaningless in the majority of cases. Then there is also the definitions of returns for asset classes, in which certain board members are involved : Privately held businesses and privately held real estate. Alone measuring returns on publicly traded stock is a disipline of it self. Then there is risk, and the measurement and perception of risk related to a given investment, and compared to personal risk tolerance. So votes in the attached poll aren't much worth, however what CofB&F members post in this topic provides great insights to other members way of thinking and modus operandi, and therein lies the value of this topic on a yearly basis. Posting in this topic calls for personal reflexion.

I still remember CofB&F member - by now, not active for a long time -, Kravens board signature : 'Buy cheap, and something good may happen'.

Thank you for a great post, @Kizion, I especially like the way you apply the word 'recalibrate' here in this context. Life is precious, life is limited, life is changeable and fickle. Time is a resource, of which it is not possible to buy more with money. Each of us are produced and delivered without any 'best before' or 'expiry' date attached to us by a label, and without a corresponding users manual, and no recommendations or regulations about how to charge and power us up are given. [Qualification : I'm not aware of EU having any work in progress regulation related to that, I may be wrong about that]. - - - o 0 o - - - Every year in January, I visit a certain stat at Statistics Denmark [The Statistiscal Department of the Danish State, fully populated with well paid and happy nerds, who do nothing else but full time collecting, hoarding and crushing all kinds of data, about the Danish economy, population and society in every imaginary aspect] : Statistics Denmark : Life table (2 years tables) by sex, age and life table. Mind the great service here from Statistics Denmark : Even a newborn is able access the table and get some kind of perception what is in the bag of life. Today, I also noticed another change, compared to prior years : At age 99, you can now also now get an estimate of your life expectancy. Years earlier, one would get a reply being at age 'in the early '90's' as 'Sorry not enough data available to compile a reply', indicating one is already standing with one foot on a banana shell and the other in the grave. Also mind the Danish hospitality towards people who don't master Danish language : The tables name in Danish language is 'Dødelighedstavle' [, translates to English by 'mortality table'], while in English language it is called 'Life table'. - - - o 0 o - - - In a way, I think of a 'premortem' as a certain kind of assessment, with a longer horizon than a New Year resolution, and likely also more ad hoc, and / or frequent regular.

Wall Street Journal - (Ben Cohen) [January 3rd 2025] : It’s Called a Premortem—and It’s the Most Productive Thing You’ll Do All Year. Forget about making a New Year’s resolution. Have you tried imagining your deathbed? Morbid excercise, for sure; but does it makes sense to you? And does it have some kind of appeal to you? And if so, how, and in what way? From the article : - - - o 0 o - - - Amazon : Ron Shaich : Know What Matters: Lessons from a Lifetime of Transformations.

@TB, I personally feel confident, that Sanjeev [ @Parsad ] is willing to explain and elaborate on the matter :

That's right, a fact, and it's just straight out crazy. -And to me, personally, you forgot to throw in the Draghi report here! A lot of European politicians have thoughts and ideas about future societal and structural developments by now, and when reality and other kinds of 's**t' and 'garbage' [that 'really doesen't matter at all'] hits the fan, those politicians are up for a sudden awakening, because there will be no takers, noone bidding in, based on commercial principles and capitalism, to execute on their high flying aspirations.

European Union : Working and living in Brussels, & European Commision : Working at the Commission – conditions and environment. Likely like in any other administration, meaning, if you're in a senior/ managerial position, that 40 hours per week rule does not apply for you, so you can stick it up where the sun doesen't shine, and start working day in, day out, 7 days a week in long periods from time to time, to back up your political superior.

@nsx5200, Thank you for the book recommendation. We would all appreciate you opening and starting a separate topic in the Books Forum about the book, so your recommandation doesen't 'drown' in the 'CofB&F flow of posts'. It dosen't have to be be a full blown book review in all aspects.