Parsad

Good man! If it wasn't steak, it would have to be ribs! What type of steak do you enjoy...T-bone, Ribeye, New York Strip, Sirloin, Filet...I start drooling when I think of any of them, but New York Strip's are my favorite. Cheers!

Congratulations on your new daughter! There goes any sleep for the next 6 months as well. Cheers!

https://finance.yahoo.com/news/us-mortgage-lenders-starting-broke-110002052.html Cheers!

...you often find out karma is a bitch! Cleveland Brown's prove why their management sucks and are the a-holes of the NFL. Love Deshaun's statement: "I'm moving on with my career and my life, and I'm going to continue to stand on my innocence," Watson told the media Thursday. "Just because settlements and things like that happen, doesn't mean that person is guilty for anything." He added, "I feel like the person has the opportunity to stand on his innocence, and prove that, and we proved that on the legal side, and we've just got to continue to push forward as an individual and as a person." Nothing proven on the legal side except you paid for 24 settlements! Cheers! https://www.cnn.com/2022/08/18/sport/deshaun-watson-suspension-fine-spt-intl/index.html

Fully agree! The legitimate ones help to create an efficient market, but the immoral ones that pump information and dump the stock, especially non-public information...well, there's a sweet place in hell for them! Cheers!

An old name keeps popping up from time to time...this time bitching about how someone (Ryan Cohen) possibly bought puts against a stock before a damaging headline came out. The irony and balls of this f**ker! I remember how his headlines used to come out like clockwork as well! Cheers! https://finance.yahoo.com/news/calls-sec-probe-mount-meme-140719594.html

After reading this, I have to wonder if a complete reset is necessary to get fundamentals back to the front of the line and scare the bejeezus out of the speculators and smart money: https://www.ft.com/content/1b21bb08-6590-49c6-8baa-5ad8c527fbcc?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev Cheers!

I miss running a grocery store...over 25 years ago before I even started investing in stocks. Loved the grocery business! I read Buffett's Letter to Shareholders in 1998 and that was it. I found something more exciting than groceries! Been 25 years now investing and still love it like I did back then. Cheers!

I don't look for catalysts. I just look for undervalued...especially deeply undervalued. I've never bought any stock looking for a catalyst other than ORH...and that was because many of us thought that Fairfax was going to make a play for it. Other than that...I buy cheap, doesn't matter about management, catalysts, strategy, whatever. If its mispriced, the market will eventually ALWAYS recognize that disparity...as dependable as gravity. Cheers!

Hi Viking, anything can happen with legacy assets...anything can happen with insurance. Buffett may say that Berkshire is worth more than it's book value...but Berkshire has quality cash flowing companies that make money in the worst of circumstances. Would you put Recipe up against See's? Blackberry against Apple? What business at Fairfax has a similar moat or steady cash flows like Burlington Northern? FFH and BRK are still two very different animals at this stage. Even Berkshire is not immune to the laws of gravity in economics (valuation). One massive quake in Los Angeles and Berkshire's stock price will definitely drop below book. While that metric may be adjusted based on the quality of the cash flows being generated, it is still arguably the best simple valuation tool for finance/insurance businesses. I agree with you that FFH is cheap. Is it cheaper than other investments in the market? It is probably still one of the cheaper stocks in the finance/insurance sector...but there are other cheap companies out there as well. But FFH is definitely not as cheap as it was back in 2020. More things are lining up to allow it to grow and maintain momentum going forward than earlier, but on a valuation basis, it is not cheaper than back in 2020. Cheers!

You're not just financially independent...you're a hero! Cheers!

If you like your work and the people you work with...that's not really work! That's a happy life! Cheers!

Congratulations! That's a huge accomplishment before you even turned 30. Yes, you may have given up some investment gains, but you can sleep at night no matter what the situation is. As long as the family is healthy, you've got it all at a young age. All you have to do is slowly keep building on it even as you grow your family! Otherwise, the heavy lifting is done! Cheers!

It would depend on your investment return as well. If you are only getting 1-2% in gains/income, you would probably run out even at 3% including inflation. Now if you are getting at least 6%...you would be ok with inflation. Cheers!

Yeah, it wouldn't be immoral. He's not talking up the stock. If investors are stupid enough to follow every one of his buys by reading his 13-F's, then that's their problem not his. It would be the same with Buffett or Seth Klarman's 13-F's. Now if he was doing 120 slide powerpoints like Ackman and Einhorn at huge conferences with hundreds of hedge fund managers and investors...that would be immoral! Cheers!

You're the one who was cherry-picking with Berkshire's price at $265 and then comparing it to FFH's performance. Hypocrite! Cheers!

I don't consider FFH as cheap as Viking does presently. When I first started loading up, it was at 0.6 times book...and I kept buying till about 0.75 times book. I have not added since. But it made up about 60% of the portfolio at that point...now at about 30%. Assuming FFH has risen back up to its Q1 book value of $630 USD after being down in Q2, that would give it a price to book of 0.85-0.87 or so. It's undervalued, but not dirt cheap. I personally like a larger margin of safety. Now is it cheaper than many other stocks in the market? Maybe not significantly cheaper, but the upside looks as good if not better. Cheers!

No, he wasn't down 70%...about 25-30% at the low. But he did have to redeem several hundred million of his bet to appease Greenblatt and other's redemptions. Cheers!

Also Greg, you were also part of the thread that was laughing at investors holding cash back in November...any updates, thoughts? Just making my point that picking and choosing threads doesn't equate to an entire discussion...you know better than that! Cheers!

Weren't you the same guy who said Fairfax wasn't worth owning at $430 CDN? What happened to that thread? Any updates thoughts?

Yes, nice anecdote! Wait, do you own ARK? Cheers!

Sorry, I went back to a Vanity Fair article I read a long time ago...thought it said that when Greenblatt and others were pulling he was down 70%. It was he had to sell hundreds of millions of CDS to meet the redemptions. Cheers!

Thanks for the tips! A kitchenette is something absolutely necessary with a toddler...saves a bundle too. It's not so much the airline tickets, which are quite reasonable for January...hotels are just crazy and rental car prices too. And as you said, you know food costs are high there. I don't mind sitting through a presentation to get a deal. I'll scope that out. Cheers!

Hi Viking, I agree. That's why I said those picks are more in line with Wade/Lawrence and relatable to the way Tom Gaynor invests MKL's portfolio. That's probably better for Fairfax and Fairfax shareholders long-term. Unfortunately, it's hard to teach old dogs new tricks, and the bulk of the portfolio will be managed the "old" Fairfax way as long as the "old" dogs control the votes. Not a bad thing, just more volatile. Cheers!

Isn't Hawaii just stupid expensive right now? I was looking at Maui in January, and the hotel rooms are just through the roof! Thinking maybe somewhere in the Caribbean instead. Cheers!