Parsad

What does one have to do with the other? They are both wrong! Cheers!

+1! Cheers!

Prem didn't acquire control of the company the same way as Sardar. I think I can speak for both, because I was there for both and know both of them well. Prem always had indirect control through his own position and the stakes of his associates. They were always 100% behind him. Sardar instituted multiple voting shares to get control after he realized he would have nothing if SNS had gone under and there was dissent amongst shareholders, including those close to him. Cheers!

No, there isn't. Unless you want to retain a position because you have exposure to that idea, but are waiting for a fatter pitch (same idea or otherwise) to maintain your rate of return on your total portfolio. The hurdle rate isn't solely for one idea...it's to try and retain that annual rate for the entire portfolio. It has to surpass what the other ideas, including cash, may lag on in hitting that total return. Cheers!

The question by SafetyinNumbers was: Would I start a position (new or otherwise) at this valuation. My answer was: No, the current valuation is too high...it would have to be around book value or less...for me to add any sort of position (new or otherwise). Not really confusing...I'm not willing to pay the current market price since from my estimates and calculations, I won't achieve the return on investment I'm targeting long-term with a margin of safety. Cheers!

No, that doesn't provide a margin of safety at all. Your return is based on the assumption that the P/E will move up...that may or may not happen. If Fairfax stock is going to do what you think it is going to do above, Prem would be buying back stock above 1.5 X book. Brian Bradstreet would be buying up stock above 1.5 X book. Neither is doing that. Fairfax is buying back stock at 1.2-1.3 X book or less. Brian is not buying above 1-1.1 X book. Prem himself loaded up at 0.6 times book and was out by 1.3-1.4 X book. The Total Return Swaps were bought when the stock was at 0.6 times book...while they held the TRS...I would imagine they would be complete out if it hit 2 X book value...probably closer to 1.8 X book value. The insurance and investment industries are inherently volatile at times...high expectations tends to lead to lower returns...low expectations tends to lead to higher returns. At the same time, you tend to avoid as much volatility or risk of permanent loss. And avoiding permanent loss is Rule #1! Cheers!

How the hell would they know? Also, in the last 15 years, Fairfax tends to reserve better for catastrophes far better than 90% of its peers. The culture and underwriting practices have changed dramatically under Andy, and the quality of the insurance subs is far better than anything they were acquiring in the period pre-2010. Cheers!

No, I never said any such thing...re-read the posts above. At the current price, I would not start a new position...regardless of capital gains or anything else. The reason being valuation. I don't want to pay above book value since that is what I have pegged as the right valuation with a margin of safety to get the return I desire. Concentration is not an issue at all if it is valued appropriately. The cheaper it is, the greater concentration I will hold. At present valuation and going forward from here, I am comfortable allocating a third of my net worth. If it gets cheaper, then I have no problem increasing concentration. If you concentrate in an asset simply because you think it is fairly priced or a little bit cheap, you might be exposing yourself to significant volatility or possible loss if you are wrong in your assumptions. If it meets the target you have for yourself, then by all means go 100% into it, as long as you are comfortable with any volatility or potential loss. Cheers!

No issue with starting a position...and nothing to do with capital gains. It's just not cheap enough to add more for the return I want on the invested capital. Cheers!

Trump bullshit during 60 Minutes interview: https://www.cnn.com/2025/11/03/politics/fact-check-trump-cbs-interview Cheers!

18% annualized over 25 years. So far, so good! Cheers!

Yes, generational candy just isn't in anyone's best interest...especially society! Generational anything generally isn't in society's best interest...yet when it comes to wealth...that seems to be the exception. Cheers!

The hyperbole is making me die laughing! Cubs, you must have tackled any kid who took more than one candy piece from your bowl at Halloween! Cheers!

C'mon guys...you're not being fair at all! You know what the Foodies have been up to...it's ridiculous in Portland! They are Instagramming their food everywhere they go. Breakfast, brunch, lunch, dinner, cocktails...just out of hand in Portland! Plus that guy was wearing tye-dye...anyone who wears tye-dye is part of Antifa for sure! Cheers!

Yes, and that's Brett Horn...we know how accurate he is!! I wouldn't pay any attention to him. Cheers!

Yes, correct. Between book value and say 1.5 times book value...you are getting a ROI of 12-15% annualized if they hit their ROE target of 15% annualized. I need a little more than that in terms of margin of safety...I'm aiming for closer to 17-20% annualized. Cheers!

No, I would increase my ownership if it traded below book value. Makes up about a third of my net worth. I can sleep well at night with that size position in Fairfax. If it falls below book value, I can sleep well with 50% of my net worth in Fairfax. Cheers!

And if the Covid virus was a more extreme variant, it could have been a massive tragedy in Europe! 50/50...I would rather not play those odds. Cheers!

Well, that would have to be a global conspiracy then, because there wasn't much negative written about the vaccines in other countries either. The fact was that at the time, it was the only real treatment that could protect an individual...not just treat symptoms, but actually protect individuals from a virus that was not well known...especially the older you were, the more likely it would make a difference. It saved millions of lives! Cheers!

While not right, it was a total of like 3 or 4 outlets/sources that censored or banned. With Trump this term, it's literally every university, every news outlet that isn't pro-MAGA, every individual key anchor that writes or says anything contrary, all the late-night hosts, any social organization that promotes DEI, all organizations/programs started by Obama and Biden, etc. I mean the fucking list goes on and on! And we won't even get into tariffs, threats to allies, threats to non-allies, threats to the Constitution, Bill of Rights, due process or democracy. Cheers!

Literally the same for the other side...same three people who support each other! Cheers!

Because there was nothing to be skeptical about in terms of vaccines. This is still a fucking falsehood pushed by the retard supporters. While children didn't need mandatory vaccines, the vaccines added no additional risk to children. That falsehood will actually hurt and kill many children going forward that didn't need to get sick or die. Cheers!

Problem is that Fairfax has enough free cash flow coming in regularly to buy back shares when they drop. So a deep bottom may only happen during a market crisis or a massive catastrophe loss in the industry. And when that happens, other things may also get very cheap. So presently, relative to the market, Fairfax is cheap...just not cheap enough for me to load up tons. Cheers!

+1! Cheers!

LOL! He never did that...no...not him. And Trump also never said "Hitler did some good things". Cheers! https://www.theguardian.com/us-news/article/2024/jul/16/jd-vance-political-views-trump https://www.pbs.org/newshour/politics/trump-said-hitler-did-some-good-things-and-wanted-generals-like-the-nazis-former-chief-of-staff-kelly-claims