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Santayana

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  1. Seems like that is an industry problem rather than a Fairfax specific problem, and would just lead to extending the hard market for a longer period of time.
  2. FRFHF - Seems like a gift of a quick 5%.
  3. Reading this while having a Negroni using the Carpano. Will have to try the Del Professore, I don't think I've seen that before. In general one of my favorite cocktails as it's so easy with the 1:1:1 ratio. On the Margarita front, the 2 parts Tequila to 1 part each of Triple Sec and fresh lime is nearly perfect. If you're looking for a bit more complexity, try adding a dash of salt directly to the drink before shaking.
  4. What's really nice about the way the yield curve is moving is that they don't need to add a ton of duration to substantially increase the rates over what they've been getting the past couple of years.
  5. I'm seeing something similar in my Schwab account. Some cash has been received, but the shares are still on the books so the total account balance is doing some double counting. Should get squared away pretty soon here.
  6. There's a slew of entries relating to this in my US Schwab account, including the "untendering" of 10% of what I tendered, but one of them has a security description with "pendingdeemeddividend" in the name.
  7. If that happens, I think it will be a very short lived trip back down to that range as Q4 earnings are likely going to give a substantial boost to book value.
  8. Might not be a direct economic gain, but those things may very well lead to an improved P/B multiple.
  9. Really happy to be getting the $500 on the shares I tendered. What held me back from tendering more is the delay in receiving the cash. The way Fairfax tends to move in big jumps, it wouldn't shock me if we get a !0% pop and have the shares trading over $500 by the time everything settles.
  10. Did everyone get notified of the auction through their broker? I received a notification and instructions via Schwab, but a friend who only owns a few shares through JPM says they never heard anything about it until I told them.
  11. It seemed like that transaction was so well telegraphed that anyone who thought they weren't getting enough could have just bought the calls to get a bigger payday. As I recall the premium on the calls was very low given the combination of ORH's own prospects and the likelihood of the buyout.
  12. They started it at $5/share, raised it to $10 within a couple years, and yes have paid that every year since.
  13. Shares responding nicely, without the the usual 2 day delay. I think the market had fears of bigger cat losses, really the only explanation of the big price drop in September.
  14. What exactly is "non-standard" or not "normalized" about their dividend policy?
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