Santayana

?

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.

FRFHF - Seems like a gift of a quick 5%.

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.

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.

Best Elf reference ever!

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.

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.

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.

Might not be a direct economic gain, but those things may very well lead to an improved P/B multiple.

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.

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.

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.

They started it at $5/share, raised it to $10 within a couple years, and yes have paid that every year since.

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.

What exactly is "non-standard" or not "normalized" about their dividend policy?

Talk about bad timing on that insider sale last week.

By the time they report Q3, my guess is that Digit will be worth more than the valuation they're putting on it right now.

Getting my first dose on Saturday. Our county already has 25% fully vaccinated.

Covid threw a wrench into things for sure, but up until then they had compounded at 12%+ over the prior 3 years including dividends, and that was during a period of time where it seemed they were doing nothing right. Given the starting point at the beginning of this year and all the tailwinds seemingly in place, doing 15% over the next 3 years as Fairfacts suggested just doesn't seem all that unreasonable. I agree that expecting it over the long-term is probably wishful thinking.

Although they haven't achieved it in the recent past, it's a bit of a stretch to say they've never come close to it when they've compounded at close to 18% over the long-term.

Whatever your view of Fairfax's failures over the years. Does anyone really think there is any rational reason at all for them to be trading for less than they were a year ago? Yes they've underperformed the SP500 over the past 20 years, but go back just one year and that was not the case.

What filing was that? In the Q3 report they stated "During the third quarter and first nine months of 2020 the company did not initiate any short equity total return swaps"

Well, I guess they don't have to discuss anything but from very recent examples, Prem gave dollar amounts of gains from General Motors and Lumen which were both mainly from Total Return Swaps, but there is no mention of the loss on Tesla TRS which was much bigger. But Daphne's CDS example is the classic, big example of this. Did I miss something? is it a known fact that they've ever had any exposure to Tesla specifically? I thought it was just conjecture.

Viking mentioned buying after the March selloff, not during March. If for example you bought in May 2020, you've not done poorly. I think Parsad was referring to the opportunity presented by Fairfax's historical volatility when he said investors have had several chances to make money. In terms of long-term buy and hold, he's probably talking about a period of longer than 10 years.