Parsad

If you don't follow the title protocol (Ticker Symbol - Name of Company) it gets moved here. The reason we do that is so it is easy to find a ticker or company by "Title" in the Investment Ideas section. You have extensive titles like this and the search won't work properly. Cheers!

https://www.cnn.com/2023/11/07/business/wework-bankruptcy-offices-real-estate/index.html Cheers!

I play every night here for about an hour...speed chess...4-5 games: https://lichess.org/ Been playing since I was 8! Not sure if it has ever influenced my tactical playbook or investment process, but I love playing. Cheers!

200% over three years...with more to come...definitely nothing to sneeze at! Cheers!

Good article that covers this: https://www.dazn.com/en-CA/news/football/how-every-former-bill-belichick-assistant-has-fared-as-an-nfl-head-coach/jdt5dwqxx67j1e0yyra59zzy6 It's like how Michael Jordan or Wayne Gretzky were never a good coach or GM. Sometimes the great ones can't teach what is often unteachable...natural instincts, drive and skill. Also helps if Tom Brady is your quarterback for 20 years! Popovich teaches accountability, responsibility and humility...the drive, instincts and skill are already in his players/assistants...he just brings them out the right way. Cheers!

It was actually Francis Chou and Brian who brought the idea of CDS to Hamblin-Watsa. They were sitting in one of their team meetings and Prem asked if anyone had any good ideas as good investments weren't readily available at that time for distressed investors. Francis and Brian had been talking about CDS previously and Francis nudged Brian to say something. So Brian, said "Well there are credit default swaps"...and that was how Hamblin-Watsa first found out about the idea. It was the reason why Francis tried to get the MFDA to approve CDS for his mutual funds. He was approved a little too late and couldn't buy them at the price he wanted...otherwise the Chou Mutual Funds might have made a killing too! Brian is very down to earth...just like Francis. I've been saying for the last 15 years that Brian is one of the best fixed income investors of all time. He keeps burnishing that reputation over time. I just hope he is able to teach Lawrence and Wade everything he knows. Cheers!

Once Brett Horn actually goes bullish and changes his target to $1,500, then worry! Until then, enjoy the ride...probably the best run in terms of growth in book value FFH has been on since the 1990's! Cheers!

His target was $730 CDN after Q1 2023, $790 CDN after Q2 2023 and now is at $970 CDN after Q3 2023. Somehow Horn's own estimates are increasing quarter after quarter for this "no moat" company! Cheers!

No idea! I've been watching this problem grow in Vancouver for 30 years now and the pandemic/recovery has just made it worse. Different countries handle this differently...weather be damned. I remember not seeing a single panhandler or homeless person anywhere in China...but we know where they put them! In India, they are all over the place in Mumbai and Delhi. I saw very few in New Zealand and outskirts of Australia, but a lot more in Sydney or Melbourne. In the UK, I saw more in London and Belfast, but none in Inverness, Cork or Edinburgh...maybe one in Dublin. Vancouver has thrown the bucket at this for 20+ years, and it hasn't made a dent. Money, resources, policing, mental health support, drug policy, etc...nothing! In fact, there are 3,000 homeless people this winter in Vancouver and only 1,500 cold weather shelter beds. They are trying to figure out where to put more beds! Maybe this is why Buffett originally wasn't going to give away his money till he died...he said something to the effect that he can compound it faster and give more later rather than giving it now...that the problems would all exist in the future as well. Susie changed his mind about giving, but maybe he was right! Cheers!

Greg Popovich...arguably the greatest coach in sports history. A leader builds leaders. Look at who has come out of San Antonio as a player, assistant, GM or coach...rings, rings, rings...wins, wins, wins...class all the way. No egos, no assholes...just winners. Cheers!

I don't see it going back to $750 for the next 4-5 years unless something catastrophic happens. Not sure what Brett Horn is smoking still! Cheers!

I think I'll get to invest that capital in the next 12 months as RE and CRE get hit. One third of restaurants are losing money in North America...that's a lot of commercial real estate that's going to be looking for new tenants. WeWork is filing for bankruptcy...anchor tenants at malls are dropping like flies...offices aren't returning to normal nearly as quickly as many hoped...I think CRE loans, equity are going to look pretty interesting. In the meantime, the stuff I own is just killing it and growing. Did add some JPM and VOO to my corporate account. Had averaged down on M in non-taxable accounts as it fell...so break even already...anything higher is accretive. FFH is just killing it! META and GOOGL continue humming along. Cheers! Cheers!

Yeah, fantastic results. Increased rates had little effect on their bond portfolio...why I was more conservative on BV. They killed it again! CR was exactly where I thought it would be. They've lengthened out the bond portfolio...steady income and matching liabilities for years to come. Prem and the team are at the top of their game! On it's way to being a $2,000 CDN stock in less than three years! Just if they keep generating the interest income they're getting and breakeven on CR's. Forget about any investment gains. Cheers!

In terms of the "top or bottom"...I think the worst of it is over in terms of interest rate hikes. While stocks aren't cheap overall, they aren't expensive as earnings year over year are growing well. This has been one strange economy...strong jobs market and salaries; tight savings and budgets; strong earnings and growth; increased credit losses and writedowns on balance sheets...bizarre! I think there may be some downside still relative to the risk free rate...but if rate hikes stop next year and/or decrease a bit, markets will rally until the next crisis. Banks should also rally next year...earnings remain powerful, bond losses have slowed/stopped, prices are close to tangible book, balance sheets are still strong. Maybe some headwinds from RE and CRE, but the balance sheets and earnings will eat up those losses. Still holding cash paying a risk free rate of 4.75-5.00%, but comfortable with my stock holdings too! Cheers!

I travelled all over the UK last month and I have to say what I see in North America...I didn't run into it anywhere to such a degree. Yes, there were pockets of poverty, homelessness, pan handling, etc. But nothing like in big cities here. Vancouver is an embarrassment to what I saw overseas! Cheers!

What was his total compensation during those 10 years? Cheers!

+1! I think Viking's got it pretty fine-tuned now. I think CR will come in modestly higher around 94.9 or so. BV will be around $855-860 USD. Cheers!

https://finance.yahoo.com/news/blackberry-ceo-john-chen-exit-202700310.html Cheers!

60 Minutes had a terrific story on the threats from China...unprecedented attempts to steal data, intellectual property, technology, etc. The Five Eyes actually opened up to bring awareness to what is happening. Cheers! https://www.cbsnews.com/video/60minutes-2023-10-22/

The only reason the death spiral didn't continue at Fairfax was because Markel, Cundill and Southeastern lent them $300M. No amount of bargain hunting would have stopped Fairfax from failing if it wasn't for that capital injection. Same with OSTK...Fairfax stepped in. In Fairfax's case, the negative press and analyst reports were making it difficult to find bank or debtor financing. The only option would have been to try and issue massive amounts of stock to raise working capital. Whether you like to believe it or not...it happened. We figured out who the players were before even Prem and Patrick did...but we didn't understand fail to delivers. That's the whole reason why Prem started following the old message board. I specifically called Trevor Ambridge who was handling investor relations for Fairfax at the time, and told him that someone was manipulating their stock after a bunch of us started putting the pieces together. We knew Platinum Asset Management was involved. We knew that Hempton was involved. We knew that John Gwynn at Morgan Keegan was involved. We just didn't know how deep it went to Exis, Loeb, Cohen, etc. And if it wasn't for that capital injection, they would have taken Fairfax down. Cheers!

I forgot "24"...yeah terrific show! Cheers!

Yeah, this is completely incorrect. If you tell me your company has 2,000,000 shares outstanding, yet there is 5,000,000 shares trading, there is something pretty wrong there. The DTC requires that shares are delivered to the recipient in T+3 days...there were times when OSTK's and FFH's shares had not been delivered in months...millions and millions of shares. With millions of artificial shares floating around, you could easily drive a company's stock price into the ground. Even if the company has substantial cash on hand, they would not be able to buy back enough stock to keep it afloat without hindering working capital...unless the shares traded well below tangible cash and it was accretive...by that time, the company is into a death spiral because other investors start bailing. Cheers!

80's - Miami Vice, Cosby Show (), Cheers 90's - ER, Seinfeld, Frasier 00's - Sopranos, The Office 10's - Game of Thrones, The Walking Dead (first 5 seasons) 20's - House of the Dragon, Yellowstone Cheers!

Prem and Patrick Byrne never complained about short-selling. They only complained about naked short-selling and coordinated attacks through certain analysts, media and hedge funds, who specifically created downward spiral attacks because they artificially increased the number of shares available as the DTC wasn't properly enforcing fail to delivers. I don't think any critic ever had an issue with short-selling itself...which is part of creating an efficient market. Cheers!

Hi Guys, Yeah sorry, I won't be able to meet. Cheers!