Parsad

No, not your entire point. I didn't have a problem with her pitching FFH. Just the comparison to Berkshire. Cheers!

I think if there was anything inappropriate in Lauren's presentation, it was the comparison to FFH being possibly like Berkshire 30 years ago. Pitching FFH itself is no different than Buffett touting a stock Berkshire owns that is cheap or telling shareholders to buy Berkshire stock the day he dies. But suggesting that Fairfax may be like BRK 30 years ago is presumptuous and on the borderline. Otherwise I'm neither critical about Lauren pitching FFH, nor her being a board member. Cheers!

Hmmm...Interlocking directorates are allowed in some cases. I mean, they would have to see if that is an issue here, but they may be able to work something out. Cheers!

Based on what? Opinion or fact? Cheers!

Neither is Lauren Templeton. She's been involved with Fairfax for over a decade. You guys are just noting all of this now. She started on her own...didn't get any money from her grand-uncle. She's run her own fund since 2001. There are a hell of a lot of people on this message board that got their start managing "family money"...she didn't! Cheers!

Also, I don't have anything against Tobe Lutke...I just think an insurance company should have an insurance expert on the board if Prem isn't there. Great investment managers are readily available...but great insurance and investment managers are much tougher to find. While Jim Pattison isn't necessarily either, he's an outlier that simply understands business and is self taught in "value" investing. Ethically and culturally, he's completely in alignment with how Fairfax behaves...but it is highly unlikely he would sit on Fairfax's board. But Francis is about as perfect as it gets for Fairfax! Cheers!

You guys should push for Francis to be added to the board. If I push for it, Francis' humility will not let him. If Prem asks him, Francis will never say "no" to him! And to paraphrase Jack Nicholson from "A Few Good Men"..."You want Francis on that board...you need Francis on that board...he uses words like honor, code, loyalty." Cheers!

Jim Pattison...hands down would be perfect! But he's nearly Buffett's age. Francis Chou! Can't think of anyone better, more honest, knows the company better than almost anyone other than Prem, understands the culture, has never sold a share and is an insurance and investment genius! He also has everyone's respect and gives even more respect back! If Prem is listening, Francis should be sitting on the Fairfax board...110%!!! Cheers!

Tobi Lutke?!!! Are you serious? You mean like Howard Buffett, Susan Buffett and Bill Gates? No board is immune to this. Prestige may mean scandal like in Gates situation. How is Lauren Templeton any different than Wally Weitz on Berkshire's Board? I think you guys are blowing this out of proportion. The indignation has been displayed...they read this board...likely Lauren won't do that presentation again. Cheers!

Wasn't it $1T in savings? What did he end up saving...somewhere between $1-4B? That should cover most of the cost of the ballroom. Cheers!

No doubt that Canada can improve in a myriad of areas. But I think taking Elon's decisions on what he does and where he does it should be taken with a grain of salt. The question becomes do you want to bet on someone or something that will go for homeruns, but is not a team player and when he loses it may mean the end of the franchise, or do you bet on someone or something that hits singles and doubles, but has a lasting durability over decades, if not centuries? If you prefer the former, then Elon's opinions should matter. If you prefer the latter, then someone's opinion like Buffett's should matter. Nation states are generally built on the latter...and for very good reason! Cheers!

Keep it up, this time you will be out permanently! Who the fuck do you think you are? I'm not running this site to take bullshit from some fucking asshole! Am I talking out of both sides of my mouth now?

Unfortunately, same store sales in isolation isn't particularly useful...it's just like looking at growth in revenue alone. A lot of restaurants will increase SSS with value deals, but the value deals actually eat into margins, especially for the franchisees. So you boost revenue at the expense of profits. Like any business, there are only a few ways owners can generate efficiencies from non-fixed expenses...ultimately, many restaurants in the industry are hamstrung by their major fixed costs...salaries, lease/rent costs, food costs, etc. Very little room to tweak fixed costs...especially for franchisees who have little control on franchise fees, menu items, minimum staffing, etc. Cheers!

I agree on the duration of embargo...that's just pure retribution. But on the original reason for the embargo...well warranted when Cuba let Russia move nuclear weapons into Cuba. Whether it was the government or the people...doesn't matter...not unlike Iran seeking nuclear weapons. But yeah, after 60 years...the existing embargo basically kept a brain-dead patient alive on life support. Actually what Trump did is more merciful, because it is highly likely this government will now die. The hope is that things turn out better for the Cuban people from what happens in the future! Cheers!

Gfp, you see it all the time...every hour of every day...there are CEO's, executives, directors, etc touting their company in the newspaper, television, online, etc. Nobody complains about it when those that are long (insiders/outsiders) tout companies, but we all (including myself) complain when people are touting shorts. Unfortunately, as Buffett and Munger noted this many years ago, this is common practice. Not that I agree with it, but it has always existed on the long side in particular. To your point, I agree, independent directors in particular should be careful when they do this...but it does happen in the industry daily. Now in terms of Lauren doing this...I know her quite well from our trip to India several years ago...she was a shareholder before joining the Fairfax board, was a Berkshire shareholder obviously for a very long-time, and Sir John was a Fairfax shareholder right in the beginning. So her presentation could be viewed from two angles...one as a director, one as a historical recap of Fairfax compared to Berkshire. I think she comments on this before she answers the questions Guy pushes her to answer. Cheers!

Some people have a moral compass that they actually follow. Others can be easily bought! Cheers!

Elon Musk is all about Elon Musk. He will shit on the U.S. as soon as someone offers him something better. Cheers!

You have to almost ignore him...his thought process is incredibly one-tracked and he's relentless when it comes to his opinion! Life is too short to waste it on this stuff. At this point in my life, I'd rather spend my time sitting in a nice cafe or pub in London, strolling some beautiful park in the Cotswolds, watching my nephew play hockey, or my niece play soccer! Cheers!

Maybe it's just Americans...Canadians aren't like that. We say hello and acknowledge each other when we walk by...at least 80% of the time. My neighbors are awesome...we go to each others homes for coffee, dinner, etc. The only aspect of Vancouver that is similar to other NA cities is the road rage and gang behavior...but the people themselves are very friendly and nice in day to day interaction...no ulterior motives. Cheers!

I read the above just before I read this article this morning: https://finance.yahoo.com/markets/stocks/articles/excellence-nothing-usher-says-holding-010123527.html So Dan Gilbert bought the Cavaliers for $375M...Usher's stake was estimated to be $9M or 2.4% of the team. At a $4.8B valuation, Usher's stake would have sold for $115M 20 years later. Not bad when you look at the size of the numbers...but that works out to only a 13.5% CAGR. Now imagine if their investment did what Fairfax aims for...15% CAGR...Usher's stake would have been closer to $150M. Yet, so many people will look at a gift horse in the mouth like Fairfax and admire/dream of owning a stake in the Cavaliers instead! Bizarre! Cheers!

Garbage! Elon can be an idiot! I was in London last October and two years before. I plan on making another trip this year or next. I absolutely love it there...consider it a second home now if I ever wanted to move to Europe...yes, it is still all Europe to me! Fell in love with Ireland and Scotland as well...just wonderful, beautiful countries and people. The first time I went to London, I took my whole family and got this amazing suite at The Shangri-La at The Shard...not only did I not sleep for nearly two days, I spent most nights from 2am to 7am doing exactly this, sitting on my laptop and posting/surfing and ordering late-night room service, while enjoying the 180 degree view of the city! It was just so beautiful! From my hotel room and hotel bedroom...just a stunning shot of the Tower Bridge and River Thames...and that's not the whole view, only a third! Cheers!

That's true for most people...although I would say people like Buffett and Prem are the outliers. You run a company based on their model or where you aren't selling your shares every year, and it doesn't really matter where you live because you pay so little in capital gains tax. Thus your decision is based on happiness, community, paying your fair share, and still living a fulfilling life. I'm not as rich as them, but I have the same view. I'm not going to leave Vancouver to save 5% more on my taxes or for estate planning! My life is perfectly fine here...regardless of tax rates, economics, tariffs, weather, etc. The only thing that could change it is if politics has some effect on my rights, my family, or my communities rights...then it becomes an issue. And maybe that's the driving force for many moving from blue states to red states, rather than solely a monetary/tax issue. Cheers!

Greg is 3 hours ahead, so it's like 5:30am where he is. Viking is in Vancouver like me, but he sleeps late if he's working on a long post...which he just posted. So he's probably going to sleep soon. I don't sleep much and often very weird hours when I finally do feel tired for a few hours. Maybe I'll feel tired in another half hour or hour. Then I'll be up at 6:30am again. Where are you in Europe? Cheers!

Also, that's a nearly 33% CAGR...hope Prem can do that! I've done that for six and a half years so far...so with the leverage at Fairfax and the right opportunity, it certainly is possible with all the talent there! Even $17,000 or 20% CAGR would be very nice. Cheers!

Nice post! I hope you are right about this Ugly Duckling following Berkshire's 1987-1997 trend! Also, when you read bedtime stories to your grand-kids, they probably will prefer the original, even though their RESP's might benefit handsomely from the new version! Cheers!