Parsad

Notice how millions and millions are killed every where the British drew the lines...Ireland, India, Israel/Gaza, etc. Cheers!

What does that have to do with anything? If the U.S. invaded Canada or the UK, would that be appropriate and ok with you? Cheers!

There were 90 years where India's wealth was plundered by the British before Independence. India's opportunities and politics may have looked very different if they weren't colored by what they experienced over those 90 years...your opportunities in India may have looked different as well. The wealth, power and dominance of the Mughal Empire and its trading system was the whole reason why the British invaded India. Cheers!

Singapore did not thrive due to colonization. It thrived due to the long-term tenure of Lee Kuan Yew who could implement his long-term vision of what the future of his people should look like. Cheers!

That's not the sentiment at all in Canada. Race is not remotely the issue it is in the U.S. other than under the breathes of a handful of disgruntled citizens who would be bitching about something else if it wasn't race. The primary similarity to the U.S. is that some politicians are now trying to jump on the U.S. bandwagon and exploit that paranoia. Cheers!

Sharper, are you that naive. Bonded labor historically was akin to slavery. You were taken from your village/town and moved thousands of miles away to work for a pittance and would never see your village/town again. That's what happened to my great, great grandfather...taken from his village in India to Fiji to work the gold mines and sugar cane fields. Cheers!

Let's not forget partition! Millions killed. Cheers!

Not even remotely true. Biden is essentially a centrist. The inmates these days are running the asylum...be it the extreme left or right. Cheers!

Possibly, but they have huge advantages that my generation and previous generations of immigrant families did not. My niece and nephew will inherit significant wealth...higher education is definitely covered if they choose to go...they are beneficiaries of decades of changes in civil rights and in cultural norms (they can marry whomever they want where caste, race and class are irrelevant)...they have technological advantages that enlighten their global awareness, education and future compared to lesser developed countries where poverty prevents the widespread use of tech...and probably many more that I cannot think of. In general, democratic societies have a built-in mechanism to correct over-corrections. In other words, the change in political parties tends to ensure that the pendulum doesn't swing too far on the progressive or regressive side. Look at the U.S. today...what a effing mess. But that ability to share your ideology, fight for your ideology and even disagree with another's ideology, leads to compromise where the pendulum is kept in check. Just like how Congress keeps compromising and then finally approving a budget every six months. No party gets their way completely! Cheers!

Unfortunately, the reality remains in many cases that it does. There are generations of people whose futures were limited by colonialism and race. While the pendulum may have swung further than past progressives intended, there is no doubt that inequality existed and to a certain degree continues to exist. When my brother, Mom and I visited London last fall, my brother made an interesting observation as we passed Buckingham Palace. This lady that we respect for her responsibility, work ethic and durability...her family essentially dictated the fate of my family and their ancestors going back almost 225 years to India...then subsequently Fiji which was a Commonwealth country...then Canada (the same). This family of royals benefited from the labour of generations of Parsads going back 200 years...yet none of those individuals could vote for her, tell her family to go to hell, nor escape their grips until 1982 when the Canadian Constitution was signed. Cheers!

That's also true of the conservative right...a subgroup went far right and is equally bonkers! Cheers!

https://www.businessinsider.com/you-shouldnt-move-luggage-already-in-overhead-bins-above-seat-2024-1#:~:text=A travel influencer sought to,already in there%2C he says. Sorry, I disagree. Yes, attendants have final say, but the jackass in row 30 should not be putting his 3 carry on bags in the overhead compartment in row 10! Will flying ever become comfortable and decent again? Other than business or first class! Cheers!

Thanks Ulti! I thought I put "Oy" down in the title...didn't notice till you did. Cheers!

https://finance.yahoo.com/news/bill-ackman-wife-accused-plagiarizing-024648968.html Cheers!

Had this over the holidays on some ice...literally from the rink! Good Canadian stuff, eh! https://shop.waynegretzkyestates.com/wayne-gretzky-maple-cream-750ml Way better than Baileys, Kahlua, etc. Cheers!

Their long-term target is 15% ROE...or 15% return on book. If you buy at book, you naturally would then expect a 15% return. Higher than book would be less than 15%. The $170 range is not normalized earnings. It is earnings expected for the next 2-3 years. May be more...may be less in terms of future earnings power. I'm just using Prem's own target of 15% ROE. Cheers!

Are you suggesting that accounting earnings and cash flow also has nothing to do with earning power? It's easy to negate the value of accounting when it comes to intrinsic value, but accounting remains the only way to accurately gauge intrinsic value. The full quote is: "Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting." Nothing wrong with accounting or book value, as long as you understand why it is so. Cheers!

Of course it makes sense. Fairfax buying their stock at or below book value means that they are effectively getting a 15% ROE on the buyback. If they are paying at book or higher, their return is lower than their long-term goal of 15% ROE. Being below intrinsic value, but above book value, is not accretive to present earnings, cash or book value...effectively, you are getting a return below what their long-term goal is. Where is stock price versus book today? Thus, investors are better off if FFH holds on to the cash and waits for opportunity, or returns some of that cash in buybacks or dividends if they don't feel they can deploy all of it. Cheers!

Yup. While dividends aren't particularly tax-efficient in a holding company, getting income in various streams from my investments (mostly capital gains, some interest income and a modest amount of dividend income) and operating businesses (earned income taxed at a favorable CCPC rate)...the tax burden isn't onerous and if Fairfax pays a modest amount in dividends is perfectly fine. Cheers!

I think the nominal loss in taxes from a dividend for higher income earners is offset by the fact that the valuation of the company is higher and buybacks just won't be as accretive as they were 1-2-3 years ago. As ineffectual as dividends may be, buying back shares when they aren't accretive to earnings and intrinsic value is also foolhardy. And both should only be done if you cannot allocate that capital at reasonable rates of return. With 95% of my FFH shares in non-taxable accounts or a corporate account, I'm fine with a modest dividend increase. It won't kill me to pay my fair shares of taxes. Cheers!

Hi Daphne, Happy New Year! Yes, combined with the increase in valuation, they probably want to spread the wealth as buybacks solely aren't as attractive as when the stock was much cheaper...continue their usual 3-year buyback program and increase the dividend. Shareholders have to remember that there are a lot of employees who own Fairfax shares. The dividend is their income without having to sell significant portions of FFH as they retire. Cheers!

I think Prem's done a fantastic job of buying back shares when they were cheap and then distributing capital to shareholders through dividends. I was expecting some sort of increase to the dividend, but 50% is huge and he obviously believes it is comfortably sustainable. The man probably has to replenish his non-FFH $150M war chest after committing it all to Fairfax shares during the pandemic. He also has not received any sort of salary increase since what...the year 2000! Thanks Prem! Cheers!

He was a huge original trilogy SW fan...the primary reason he became a film maker. https://comicbook.com/movies/news/dune-star-wars-inspired-denis-villeneuve/ Glad he's making Messiah. Should also be terrific! Cheers!

Your assumption is that when investors hold cash, they are holding for long periods of time. Which isn't true in many cases. Cheers!

Wishing you all a wonderful 2024! Cheers!