Parsad

Wait! Let me get this straight, cuz I'm one of the fanboys: Charlie invested in BABA The stock fell in price and Charlie bought more The stock fell further and Charlie says "Hey this is really cheap!" and bought more Finally, the stock fell to such a lowly amount that Charlie said "F**k, this is crazy!" and bought more on margin He has $30M in unrealized losses right now from his earlier purchases And you think Charlie is on "tilt"? I've got balls...certainly not as big or steely as Charlie's, but if his analysis has not changed, and the stock is getting cheaper and cheaper, wouldn't you expect him to buy as much as he could? Especially if this investment and its potential return (again, based on all of Charlie's experience and analysis) puts DJCO into complete financial freedom, since it is a money losing business. Personally, because of the political risk, I would never have made this bet...but then again, I'm not and never will be Charlie Munger! Cheers!

From everything I'm seeing, I would not be surprised if they write a full-year CR of 93 or better next year. Premium prices are rising, costs at the administrative level had to come down due to low interest rates...which forces better underwriting. But many insurers are going to lose money on the bond side over the next 6-9 months and markets overall are at fair value...this means continued discipline in underwriting and continued tightening on the administrative side. Cheers!

Hey, but as some say on here...apparently Prem has no clue what he's doing...and investors in FFH are just taking a flyer on it. Look at its performance over the last 10 years...that means Fairfax is a permanently stunted investment that will never move up, even at 0.6 of book value! Only a fool would put money into Fairfax! Glad I only put like 60% of my net worth into it when it was at $430 CDN! After a $220 CDN increase per share, I've reduced it to 40% of my net worth and it is still quite undervalued and growing. Buy below intrinsic value and sell as it approaches intrinsic value...you can never go wrong! Cheers!

Great quarter and year for Fairfax! Everything looks positioned for a successful 2022 as well...hard market continues, portfolio is well-positioned, a number of investments are finally moving (Eurobank, Atco, etc), Digit IPO should bode well, interest income will be higher while debt is lower, TRS should start looking really good as stock approaches $700 CDN, and balance sheet is solid! Should also be noted that Peter Clarke has been appointed as President of Fairfax. Great choice! Cheers! https://www.fairfax.ca/news/press-releases/press-release-details/2022/Fairfax-Financial-Holdings-Limited-Executive-Announcement/default.aspx

Small amount to start...less than 5%. We'll add more each year. It's so that my mother, brother, niece and nephew have someone to turn to for investments if I get hit by a bus...alongside Tim McElvaine and Francis Chou. I haven't invested with Tim and Francis, as they were well on their way when I started to make a buck, but I thought we would put money in with Balkar in the early days. My family knows that if something happens to me, buy some index funds, hold the FFH and BRK, and put the rest with Tim and Francis...and now Balkar too! Cheers!

As we all know, passive investing beats 80% of active management over the long-term. But for those Canadians that are looking to allocate a portion of their capital to an active manager, I would like to introduce White Falcon Capital Management. White Falcon Capital Management Ltd. Run by Balkar Sivia, who started as a part-time analyst with Tim McElvaine, then made his way to well-regarded value firm Burgundy Asset Management in Toronto. At Burgandy over ten years, Balkar earned his way from a junior analyst to Vice-President. I knew him when he started as an analyst with Tim and followed his career since, so I'm very pleased with his success. He recently went on his own with White Falcon Capital. My family will be investing a portion of their investment capital with White Falcon Capital. In Canada, as much as I love all of them, the value investing legends we have are generally older than me and not getting any younger. Sadly, I don't see a lot of young managers taking on the challenge in Canada either, unlike in the U.S. and Europe. Balkar is relatively young, but with a ton of experience, and a good track record. If I'm gone, I know my family can trust him like they could if it was one of my older value friends. His fee structure for a managed fund/account is unique as well in Canada. He has no management fee and charges only 15% of any gains with a high watermark. So down years, he gets nothing. Up years, he gets 15% of any gains. And he only receives any compensation when he's above your high watermark. White Falcon Capital is only open to Canadians. I encourage you to take a look! Cheers!

It's pretty good...more of a conventional western...interesting for the hardcore Yellowstone fans to understand the backstory. Doesn't have the dirty, twisted, scene-chewing script that Kelly Reilly (Beth Dutton) gets to deliver every week. I can't believe she hasn't won any award nominations yet. Cheers!

Contrary to some fans, I actually thought Yellowstone got better and better through the seasons. Taylor Sheridan, the writer and producer, is a terrific actor himself and one hell of a rider! The cast is terrific, and as improbable as some things are on the show, the writing and cast make it incredibly compelling. A twisted cross between Bonanza and Goodfellas! Looking forward to the other spin-off "6666"...Sheridan bought the actual farm used in Season 4 for over $100M and it will be used for "6666" and other productions. Cheers!

These "what if" questions are fun, but not related to actuality. You don't have to pick one, you don't have to swing unless it's a fat pitch, you don't have to even do anything. You have the option of acting when opportunity presents itself...presently it's Fairfax. Doesn't mean that will be the same situation 1-year, 5-year or 10-years from now. Cheers!

Agree. Fairfax has clearly indicated by this point what type of animal they are. And for those that buy below intrinsic value and sell above intrinsic value, Fairfax will give you more opportunities. But for those that want a smooth ride...look elsewhere! Perhaps it will change when Wade, Lawrence and the new breed run the show. But as long as the old guard are present, you can expect volatility, but outsized long-term (and I mean long-term) results! Cheers!

I watched the entire season of "Reacher" last Friday night on Amazon. Not perfect, but perfectly entertaining! Looking forward to Season 2. Cheers!

Sunrider, we had a poll during the feedback request and the majority of people (like 70%) did not want to pay a monthly fee...they were ok with ads instead. That's why I grandfathered all past members without instituting a fee for all of them. I tried a subscription model with only new members paying...my revenues dropped 75% during those few months. So I went back to a one-time fee for new members at a higher rate. I'm not going to moderate this board and do it all for free. Do you do everything for free? Regarding the ad sizes, I've got GoogleAds on auto, so I don't have to control the ads...I just don't have time to play around with it and adjust it regularly. So it adjusts the placement and type of ad automatically. Lastly, as I said, I wasn't criticizing Whitney's ads, but his choice of words...previously "Wall Street Guru"...now he chooses "Prophet". I find that very douche-like! But you're pissed off because your investment isn't doing well (which has nothing to do with this site or WT) and you don't want ads disturbing your FREE use of a site that you greatly benefit from. Cheers!

Brian Bradstreet. He is still there and still running the fixed income side, with help now from Wade Burton and Lawrence Chin. It was probably Brian's decision to go cash heavy. And yes, he is probably a more qualified bond king than Jeff Gundlach, Bill Gross and the myriad other bond "kings" we hear of. I think Brian's record over like almost 30 years beats the global corporate bond index by some 3 to 4 percent annualized. That is some outlier! Cheers!

Markel also announced stellar results for the quarter and year: https://www.markel.com/markel-corporation/news-and-press/markel-reports-2021-financial-results-17186 Bodes well for Fairfax's results! Cheers!

Gung Hoy Fat Choy! Cheers!

JGBRK...I'll take that bet! You think we could put money down in Vegas on that one? Cheers!

I was worried after they blew the points/touchdown at the end of the 2nd quarter. Kansas is a momentum team, and I could feel it disappear right there. They were too cautious and not slinging it anymore in the 3rd quarter. Then blew their chances again in the 4th quarter and overtime. Burrows is a great, young quarterback. If it wasn't Mahomes, who I've been cheering for since he came into the league, I'd put my money on Joe Cool. You can see it in his eyes and demeanor...he's going to win a Superbowl in the future, if not this year! Cheers!

Nice! Great for insurers. Cheers!

Your criticism would be fair if you had not been using this site for free for 10 years...talk about gall! My criticism of WT's ads wasn't that they were ads, but that they kept saying "Wall Street legend". Also, was anyone ever stopping you from selling your shares in Premier? Last I checked, I was the one still keeping it afloat, including during the pandemic, until the businesses could be monetized. Cheers!

No. Once the Macy's tripled and Overstock.com shot through the roof, I paid it off. Also, I should correct what I said...I actually used a secured line of credit that I keep dry, rather than actual margin from a broker. That way I wasn't exposed to any margin calls if things kept dropping for a while. I would not use actual margin from a broker...no matter what. I had never used debt to leverage my investments before, but in such a dramatic fall, I would do so again...limited to about 15% of the portfolio value. That way I get some leverage, but I can sleep at night. Also, the pandemic was different...you knew that things would recover relatively quickly and many industries would be barely hurt, whereas 2008-2009 was much scarier...the potential destruction was extremely broad in 2008-2009, and the financial system was at risk. I would not have used leverage in 2008-2009, but probably would if something like 2000-2002 happened or 2020. Cheers!

Buffett looks uncomfortable in this picture. Notice how hard he's squeezing the Coke bottle and the cap is aimed directly at Tilson's head! I'm assuming the real Buffett didn't want to pose with Tilson. Cheers!

I thought it was quite good...and the story is compelling. Cheers!

Are any of you tired of seeing Whitney Tilson's face constantly plastered on Google Ads? If so, please sign my petition on Change.org to have this "Wall Street legend" banned from shilling out any more investment advice! Literally worth less than a shilling! I'm kidding about the Change.org petition, but if any of you want to start one, I'll sign it! Cheers!

I would do anything for love, I would do anything for love, but I won't get vaxxed! Cheers!

LOL! That's about right. I remember on all three occasions, I had invested all of the capital by the time markets hit about a 40% correction. After that it was selling 7-10 times PE stocks to buy 3-5 times PE stocks. In 2008-2009, literally selling 5-7 times PE stocks to buy 2-3 times PE stocks and 6 month to 2 year corporate bonds at 40-50 cents on the dollar. I remember buying Sears Holdings 6 month bonds for 50 cents on the dollar. They had enough cash, let alone inventory, to cover the next 2 years worth of debt, but investors were selling 6 month out bonds for 50 cents on the dollar! This time around in March 2020, there were so many bargains in retail and restaurants, for the first time in my life I said I'm going to use 15% margin. Bought Macy's at $4.99 and Overstock at $2.99...crazy! Luckily, I'm not married, so no wife to worry about and I was able to take advantage of those opportunities. Cheers!