Parsad

Fantastic post! I remember Munger telling a story at a small press conference in Omaha during the Berkshire AGM many years ago (don't ask how I got in there)...the story went that a young man came up to Munger and said "Mr. Munger, I greatly admire what you and Mr. Buffett have achieved. My question is how can I do it faster!?" That small, modest risk of loss in any given year, becomes a certainty over time. It's why Buffett and other insurers sought NBC exclusions in policies after 9/11. I'm ok if insurers want to use leverage to goose results over time. I just don't think that should be the gold standard! Cheers!

Investment to equity, and debt to equity leverage works until the shit hits the fan! How did Fairfax's leverage work for it after acquiring Odyssey Re and Crum & Forster, and then after Hurricane Andrew and Hugo hit? It may work for 20 years and then when that outlier event, or multiple outlier events hit, you find out exactly how the leverage cuts. Why do you think Fairfax's leverage has gotten lower over time...from almost 8-1 to 3-1? Why do you think they are focused more on underwriting quality, rather than acquiring distressed insurance businesses for the cheap float leverage? Prem realized that he wants Fairfax to be around 50-100 years...not just during his lifetime. And to create a sustainable model like that, he would have to reduce leverage and improve quality. In other words, closer to Berkshire and not old Fairfax. And we're all better for it...including Prem! Cheers!

That's actually not true. Berkshire's size is what is causing the diminishing returns...it's universe of investments rarely moves the needle these days. When it was Fairfax's size, it was killing it and did so for another 30 years! In an absolute calamity, Berkshire would also be the last company standing...because of its structure. That may be the case for Fairfax one day, but not today or in the past. And if you think Buffett's rule is paramount...rule # 1, do not lose capital...rule #2, don't forget rule #1...then that structure is the pre-eminent structure for all businesses. Cheers!

On the needing Congress to approve a name change...not sure that is true! How many memorials were changed or torn down because of what was considered politically incorrect conduct by those memorialized decades or even centuries ago? They are going to use that excuse! Cheers!

You would think this would be the trigger point for the most narcissistic thing anyone could do as President...but it will make zero waves in the GOP and with the MAGA faithful! Complete shithead thing to do. Somebody needs to stand up to this guy and tell him "go fuck yourself!" This is third-world, dictator shit! Cheers!

No, Andy Barnard would be akin to Jack Byrne who fixed Geico, ran Fireman's Fund and founded White Mountain. Ajit is one of one! If he was 15 years younger, he should have been running Berkshire instead of Abel or anyone else. Cheers!

Let's not take away from Berkshire. It was the first...done at a time when no one even thought of investing float for the long-term...and it's reputation was stellar! Buffett crafted what is essentially the Mona Lisa of the business world. Everyone else is Michelangelo, Picasso, Rembrandt, Raphael, Monet, et al. Near perfect, but not perfect! Cheers!

It's ok...it's a compliment nonetheless. Unlike Berkshire, most of us were into Fairfax very early in it's lifespan...the fact that we all recognized this 15-20-25 years ago...well that's a compliment to each of us as well! Cheers!

It is probably one of the strongest unions in existence. I'm not sure if it is exactly the same in the U.S. as in Canada, but longshoremen here get one application they can give to whoever they want...those applications tend to go to family or close friends. So, if you are a Hells Angels full patch member, you're probably going to give that to another full-patch member. It is a very closed circuit hiring process and they know how much power they wield by shutting down the ports in a labor dispute. Automation would probably mean 24 hour efficiency and greater scrutiny of containers and their contents, as well as free flow of goods avoiding strikes. But it will be very hard to implement automation with that union. Cheers!

I concur with your diagnosis! Untreatable. Cheers!

My cash level is increasing dramatically. That means, within my circle of competence, I'm not finding much. Doesn't mean there will be a big correction in 2026, but when this happens, something usually gives and I get a chance to deploy the cash. So, I'll say it now...cash is king in 2026! Cheers!

Except Epstein and other acolytes...I mean alcoholics! Cheers!

For a while there, some of the stuff he was doing made sense to the GOP. But after a while, the drunk, crazy bitch always shows up and shows his true colors. I think they are slowly getting tired of this "alcoholic" personality! I think Susie Wiles nailed it on the head! Cheers!

This guy is not planning on leaving...he's shaping the White House into his 2nd home! Cheers! https://www.yahoo.com/news/articles/white-house-adds-plaques-below-183334521.html

Yes, the deaths during the Crusades were kept to a minimum...hardly anyone died in the name of Christianity. Also, aboriginal genocide didn't happen when the missionaries arrived. The fact is, zealots in any religion tend to lay waste to society. It's just that Islamic radicals are the ones that are the primary perpetrators in this era. But most religions have their turn at one point or another. Cheers!

Amen! Ameen! Amin! Shanti! Cheers!

The same thing happened when Martin Scorsese's "The Last Temptation of Christ" hit theatres 30 years ago! Christians were protesting theatres and I remember a bomb scare at one of the theatres in Vancouver. There are fanatics in any religion...not just Islam! That being said, The Last Temptation of Christ was an extraordinarily good movie about Jesus, Mary Magdalene, and what it was like back then! More accurate than much of the other shite movies out there about Jesus. Cheers!

When did Obama brag about any killings? Cheers!

That's the whole fucking point! John posted Obama's heartfelt comments about Rob Reiner, but you just had to shit on it because it was Obama. Nothing offensive or needing rebuttal about Obama's comments...but no, "Fuck Obama!" What was your need to say anything? I didn't say anything about Trump's comment...as fucking stupid as it was. Just like I didn't cheer any comments about Charlie Kirk's death. But no, you need to be an asshole to protect your asshole President! What for? Cheers!

I just don't get it Cubs. If Obama did the same thing, I would have criticized him as well. You just keep defending every asshole-like thing Trump does and you defend it by picking something Obama or Biden did. It's why people think you're behavior is cult-like. I certainly wouldn't defend Obama if he had been hanging around Epstein or saying stupid shit to reporters like "You're a piggy!" It's just a complete lack of civility, morality and decorum...and you seem to be fine with it. Cheers!

https://www.bbc.com/news/world-us-canada-47480207 Your hero does not report civilian casualties from drone strikes...he rescinded the directive! Cheers!

What the fuck are you talking about? It's ODS...Obama Derangement Syndrome! You are afflicted and incurable. Cheers!

They are fantastic...I've been a fan for 20 years! My favorite album is The Cosmic Game: Warning Shots - The last two and a half minutes of that song will put you in such a groove! And then Sweet Tides off of Radio Retaliation is just a stunningly, beautiful song: Cheers!

Very, very good...but still can't touch the original by Whitney Houston! Cheers!

Don't forget being a Cubs fan! YOU REALLY NEED TO APOLOGIZE FOR THAT! Cheers!