Santayana

That is just wild! We should all start emailing him crazy conspiracy theories about what Prem is doing. I just heard that they're going to announce that they are short BTC at the annual meeting.

I've wondered if the modest selloff in Fairfax wasn't due to concern about their losses on this.

I'm sure at least some of it will be for what they're putting together for IDBI.

I'm guessing next week.

I wonder to what degree liquidity plays factor in the index inclusion process. Would a higher average daily volume make them more likely to be included? Has Prem ever directly addressed the question of whether they'd ever do a split?

For a treasury ETF that you want to act like a cash equivalent, you pretty much have to stick with the ultra short durations. I park cash in SGOV which is almost completely agnostic to rate changes other than the monthly distribution.

This is the secret sauce. The market is starting to recognize the earnings power that's there, but doesn't understand the compounding that can happen from here.

It's a real shame to see the Allied acquisition ruining the combined ratio like that. Excited to hear what Carson Block has to say about that on the call tomorrow.

Making lots of popcorn for this call...

Wow, it really would be something if the report was on the behalf of Brett Horn. Claim Fairfax book is 20% overstated, hope for a drawdown of at least that much, and then Brett can point to his price target and say "See, I knew it was overvalued".

Actually even if they were 100% true it wouldn't be a problem. He didn't claim anything anything illegal or fraudulent was going on, just that he disagreed with how they valued certain positions. If book value really should be as low as he claims, then it just means that their ROE is even better than reported.

Oh, it's still cheap.

No one on this board is bitter about getting the chance to buy at a lower price.

I'd love it if has been short since then! It's really not clear if this is a new idea, or a last ditch attempt to unwind a position.

Wasn't the primary reason Fairfax had such a large IFRS adjustment because of the short duration of the bond portfolio? He's says "too good be true" like they just made up the fact that they had a much shorter duration than most P&C companies.

Food, household goods, car insurance, utilities, entertainment, business supplies, shipping costs, rents, property taxes...and much more are all continuing to get more expensive.

It's amazing we can all have such different experiences re: inflation. At least where I am, there is absolutely no sign of it slowing down, whether talking about personal expenditures or things I purchase for my business.

To me, this move was the biggest of all because of how they raised the money to do it. What's the current carrying value on Odyssey?

Lol, some random guy on a random website makes claims that there is no other evidence for, and people should take it seriously.

A few big cities in the US have rent control, but for the most part there is no legal limit to rent increases anywhere in the US. It's whatever the market will bear. My town has seen rental rates for single family homes almost double in past 4-5 years.

I agree with this. But you're not trying to argue it both ways and say that poverty doesn't exist on the bottom of the scale.

I don't understand how someone can claim that it's no problem to live in NYC on $40K and poverty doesn't really exist except by choice, but that making 10x that much isn't "wealthy".

A lot of Fairfax JOE Nintendo CNQ About 15 other names that add up to about 5%.

39% this year, 56% for the past 2. The majority of that is due to Fairfax, and luckily I didn't have any real stinkers to bring the returns down.

When did you first purchase Fairfax, and have you added to the position over time?