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lessthaniv

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  1. I also agree. They took advantage of the discount in their share price that they had visibility into but at a time where there their cash was tight. I would also be disappointed to see them buy their stock in at a premium with the proceeds.
  2. Surprising how many people drive their cars looking in the rear view mirror.
  3. Better when paired with the footnote. * Amounts in this letter are in U.S. dollars unless specified otherwise. Numbers in the tables in this letter are in U.S. dollars and $ millions except as otherwise indicated. :D
  4. Check out the activity today on the Feb 26,2021 , $800 deep otm Calls. Just a cool 8600% one day return. :o Crazy times.
  5. Looks like they have reduced their monthly dividend again circling back to $.035/share until the end of June, 2021. I suspect they revisit where they are at at that time and adjust accordingly for the remainder of the year if necessary. Hopefully, things settle down for the restaurant businesses soon. https://markets.businessinsider.com/news/stocks/the-keg-royalties-income-fund-announces-a-reduction-in-distributions-to-unitholders-1030086256
  6. MicroStrategy: Another $600m https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/press-release-archive/microstrategy-announces-proposed-private-offering-of-600m-of-convertible-senior-notes_02-16-2021.pdf
  7. Doesn’t matter when it closes. The point is (I think) they’ve locked in that price for a future buyback of 1.4m shares. Edit: what I mean is that when it closes doesn’t affect the profitability of the eventual buyback. If the TRS contract allows the parties to close out quarterly for example, FFH may be limited to a short term window where they can accrue gains on the reference asset (1.4m shares) less the cost paid (LIBOR + spread) for the period. On the other hand, if the counter party can't close out until a specific termination date set in the future, say 1 year from initiation, t
  8. Not only were they able to do it, but they apparently didn't have to disclose the swap in the same way they have to disclose market purchases. Which makes me think that a TRS on Blackberry was also possible without disclosure. Time will tell. We can live in hope! SJ Very great quarter. Laughed when I saw the TRS on themselves. Have been speculating they would do that for the BB position - never imagined they would use it for repurchase purposes and as away around leverage ratios. Prem always surprises! A little disappointed with the Brit sale - it was established yest
  9. Doesn’t matter when it closes. The point is (I think) they’ve locked in that price for a future buyback of 1.4m shares. Edit: what I mean is that when it closes doesn’t affect the profitability of the eventual buyback. If the TRS contract allows the parties to close out quarterly for example, FFH may be limited to a short term window where they can accrue gains on the reference asset (1.4m shares) less the cost paid (LIBOR + spread) for the period. On the other hand, if the counter party can't close out until a specific termination date set in the future, say 1 year from initiation, t
  10. I'm interested as to understanding the terms of the TRS contract they've initiated. In praticular, when/how it can be terminated. Taking into account the comment about price ~ $443cdn and the following quote; "Throughout much of last year, I made public statements that Fairfax shares were trading at a ridiculously cheap price. Since the latter part of 2020 we have purchased total return swaps of 1,407,864 shares of Fairfax" The stock hit ~$443cdn in later Nov, so I'd guess the contract is only a couple of months old. Hopefully it can only be closed on the termination date so they can
  11. I considered this but what value do you assign to the actual buisness? Perhaps a small premium to that is justified due to the ability to add BTC over time. Net the BTC out the business seems richly priced.
  12. Fairfax is up about $70 since Sept 30th so Mr. Market might not be all that asleep at the switch. True, but BV @ Sept 30,2020 was @ US$442. The move you cite lifted the share price to today's close of US$365 which is still US$77 below Sept 30,2020 book value. I'm with Viking. I see a disconnect and expect the dots will soon be connected.
  13. According to Shortdata, FFH shorts were busy through the end of January. https://shortdata.ca/top-covered-shorts/
  14. There must have been a karma requirement or something because it kicked me and everyone I know out. It's back up and running
  15. Just going to point out that if today's high of $370-ish holds, the market cap topped @ 26B and this dude nailed it. Tomorrow we should see the net affect of the margin changes too GME, AMC and BB - all dropping in after hours so far
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