Parsad

P/B can be used for a quick no-analysis pricing of an insurance company. You know the insurance company and generally how they operate...if you can buy it below book, it's probably a good deal. But price to intrinsic value is the proper metric. And you want to buy at such a discount to intrinsic value that you hit the long-term return you want...12%, 15%, 20%, whatever. Price to book isn't accurate if a company uses significant asset to equity leverage (e.g. Fairfax) or invests in other things other than bonds...including wholly-owned, non-insurance operating businesses (e.g. Berkshire). Cheers!

Correct. Incorrect. You want to buy at a discount to intrinsic value...basically, the return you would want to achieve if the stock moved up to intrinsic value. A higher book value for MKL, RLI, Chubb or anyone else is irrelevant...only the discount to intrinsic value you want to pay. Buffett set his purchases at 1.2 times book value, because that would provide him a return higher than the S&P 500 long-term as market price meets intrinsic value. But if BRK's intrinsic value becomes larger, and the discount to intrinsic value increases, then he could theoretically buy at a higher price to book value and still hit his annual return target. Cheers!

Yup, you too Cod! But he doesn't have to use "President Trump". He can also just say "current administration." Cheers!

Spek, please try to use "current administration" next time. What you said can be deemed to be inflammatory or antagonistic, which only opens the thread to further political comments. Cheers!

Incidentally, my two cents...looks like interest income from the portfolio is now at a $2.5B per year run rate! If any of you are on the call tomorrow, ask what the average duration is of that portfolio and how many years going forward can we expect that type of annual interest income? I'm guessing the average has extended closer to 5 years. If that is the case, then Fairfax's next 5 years are essentially guaranteed in terms of book value growth and intrinsic value will track that growth. Cheers!

The flurry of activity right after the quarterly report reminds me of how we used to tear apart every quarterly/annual report from Berkshire 25 years ago on the Motley Fool BRK Board. Which led me to creating the predecessor for this current message board. Now, you guys are analyzing FFH in a similar fashion...if history does rhyme...maybe this is 25 years of glorious compounding and investments to come from Fairfax! One can only hope! Cheers!

Anyone who liked The Jackal, may be interested and enjoy The Recruit on Netflix. Created by Doug Liman, who did the Bourne Identity, Suits, Edge of Tomorrow, the new Roadhouse, etc. Very clever, lots of action and the lead actor reminds me of a young Mark Ruffalo but a ton more charisma. A fun show...season 1 came out two years ago, and season 2 just came out. Cheers!

Ahhh...thanks! Cheers!

Yours weren't particularly offensive (political), just too much on multiple threads and it kept the arguments going. It's why you weren't banned. But it was close! Cheers!

There were 7-8 posts through three different threads. The others were flaming each other on a single thread...I had to delete about 25 posts in total, when I finally said, "enough's enough!" Cheers!

Dalal.holdings got the first 30 day ban...who's next? A bunch of you...both on the left and right side were all close, but he kept introducing new political garbage to a few threads. Spek, Greg, Dinar and a few others are on notice. I see any more threads ruined by political posts...I put you on 30-day ban with no warning. This board is going to return to a state of calm and focused on investments...not all of this fucking bullshit permeating the world political stages! Cheers!

I'm with RBC Direct Investing and TD Invest Direct. I'm also a Royal Circle member, but I've never used them for anything. I didn't see anything worth using them for. Do you find any advantages by using them...any discounts or rewards? I just execute trades myself and its faster and easier. Cheers!

August of 1999 was my first B share purchase. Cheers!

Vish, I'm still confused by your spreadsheet...can you put the actual spreadsheet with formulas on the board? Cheers!

https://www.cnn.com/2025/02/05/climate/china-nuclear-fusion/index.html Nobody builds shit faster! Cheers!

I didn't do a single thing when he said that or implemented it. No effect on my investment process or decisions. And that's the way it really should be. Cheers!

Thank you! Cheers!

Greg, you are one of the smartest people on this board...was this post REALLY necessary? This is what I mean by giving a post a second thought. Not everything in our heads needs to be heard. Cheers!

I did, but nothing to do with you guys and your comments! Cheers!

Ahhh, most of you bastards are too cheap to do that! I think most would just sit out the 30 days and go fishing. Cheers!

I'm hoping that you all have some ability to ignore something that doesn't interest you or is contrary to your beliefs. If you don't have the constitution for that, then I'm not sure what more I can do. Since political discussions tend to disintegrate into flame wars and name-calling, and spread like a virus to other threads. Cheers!

Even in the U.S., Canadian banks don't have complete universal opportunities like U.S. large banks. There are restrictions. I think we could allow U.S. banks to compete on certain areas where pricing is just stupid in Canada, such as wealth management, brokerage fees, auto insurance, etc. Just like I wouldn't mind some telecom competition by U.S./European companies in Canada as well. But our banks stick to banking and avoided things like mortgage back securities, JUMBO/ARM loans, etc. It's why when the U.S. financial system was collapsing, Canada's was fine. Cheers!

In the short-term and on policy like taxation, interest rates, etc. But not long-term in general if you are buying individual securities. And that's what we are trying to do. You can talk about policy changes and how that affects your wealth creation, but keep it non-partisan. Basically use common sense and think twice before posting something! Cheers!

When you talk about subjects, you are ok to link articles, stories whatever...just don't troll and say stuff like: Those "woke" liberal bleeding hearts... Again, the "MAGA" diaspora... And also targeted stuff like: I'll know it's time to buy when "so and so" jumps in. Geez, do you ever stop whimpering about... Get it? Don't troll, don't bring up politics and the parties. Cheers!

Hmmm, I don't know about that. It was more like I thought about money and being wealthy one day, but was very happy to make 25 cents doing specific chores, so I could go down to the corner store and maximize the treats I could buy for a dollar. Money doesn't make you happy, but it does solve a lot of problems and gives you options. Cheers!