hardcorevalue

ha yes that was me! thanks! Weird seeing my name in the transcript as I go through it now

I recorded the audio and will post it with the slides this week on our substack and in this thread it’s about 12 minutes long https://tidefall.substack.com

I still don’t get how a stock going down a little bit in a week is an indication of a bunch of short sellers?

The stock has negative returns for almost a decade and at a time when the Indian markets have been the hottest in the world. At this stage Fairfax India is a bit of a nuisance to the renaissance at Fairfax Financial and with FFH's improving balance sheet it just becomes easier to take out FIH.u shareholders at a premium to book value and acquire the crown jewel BIAL holding rather than keep this public. I don’t think it’s a coincidence that they changed the AGM to the day before the Fairfax Financial one. Who wants to end their week with a bunch of disgruntled shareholders' at this tiny vehicle when there is so much to celebrate at the far more significant parent! I keep a position because I believe in Fairfax’s investment skills in India and trust their stewardship. I’m not optimistic that the discount will ever close in its current form. However, I think there is value and the Anchorage IPO will surface this or Fairfax will take this private at book value at some point (an outcome I am ok with even though I think book value is understated).

Fairfax India would be ripping on this but Digit is held at Fairfax Financial!

I just don’t see a material long term benefit to a stock split. Prem is all about building long term shareholders and if somebody gets excited by a share costing less nominally then they are probably in it for the wrong reasons.

A local burger joint is charging like $18-20 for a meal in Toronto in USD equivalent and then want you to tip 20% minimum. Don’t know if I’m getting old and cranky but it feels like the government and central banks are bleeding people of their wealth trying to avoid a recession.

Howard Marks is a marketer and (one of the best out there)

Of course, this is done just before earnings so the company is in a quiet period

Wow this is really weak, even in his bear case (which rests on IFRS 17 mandated change and Digit) he’s calling for an 18% hit to book value. The reason FFH has been crushing it and why it’s cheap is the unbelievable amount of cash it’s making (primarily from bonds and strong underwriting). I like MW but this will age terribly.

"Shares of Athens International Airport SA jumped 15% at the start of trading on the Athens Stock Exchange, in the country’s biggest initial public offering in more than two decades. The stock began trading at €9.40 a share, compared with the IPO price of €8.20, the high end of the initial range."

haha I did totally copy you. but still screwed up the tweet so I look stupid anyways!

well locking in the duration is locking in a big part of the market cap in terms of earnings so it’s still really cheap regardless of if we get back to 2%. Also, call me crazy but I still believe in higher for longer, 7% US deficits aren’t sustainable, especially with the obligations the US has.

agreed on treating shareholders right would cost ffh peanuts at this stage. at this stage, it’s just more of an embarrassment for the team, especially in light of how fairfax africa was total disaster.

Thanks Raj, how do you think the alleged modi government killing a canadian citizen will shake out? I don’t know enough on Nijjar but if true, then it’s pretty crazy that a country like Canada would be so cool with a foreign government murdering one of its own. Obviously, Trudea tried to get ahead of the story but when/if the evidence finally comes out, does Canada just pretend it didn’t happen? or will there be a back channel solution?