ValueMaven

https://www.wsj.com/finance/stocks/apple-is-buffetts-best-investment-its-also-now-one-of-his-riskiest-fb11f9a2?mod=hp_lead_pos3 This time, Buffett asked Combs to identify a stock in the S&P 500 that met three criteria. The first: a reasonably cheap price/earnings multiple of no more than 15, based on the next 12 months’ projected earnings. The stock also had to be one the managers were at least 90% sure would enjoy higher earnings over the next five years. And they had to be at least 50% confident that the company’s earnings would grow by at least 7% annually for five years or longer. Combs’s research pointed to Apple, the same stock Weschler had already purchased.

The consolidated undiscounted combined ratio of the property and casualty insurance and reinsurance operations was 93.6%

https://www.fairfax.ca/press-releases/fairfax-financial-holdings-limited-financial-results-for-the-first-quarter-2024-05-02/

Have been buying the $1,000 GS Preferred's with a coupon of 7.5% !! Currently trading at $101 - so the YTM is 7.3% or so. Institutional Preferred' so do you dont have idiot ETFs/PFF swinging the prices around. I view this as 'Cash Plus/Very Low Risk'

What's going on with ODFL? Down again ...

Also bought MSCI today ... was down -15% at one point. Huge switching costs and I like their approach to capital allocation. Rare to get a quality compounder like this on sale.

Meeting slides are up: https://www.fairfax.ca/wp-content/uploads/Fairfax-AGM-2024.pdf

anyone have a link or PDF of the AGM slides please?

helpful @Hoodlum thank you

Very odd - FRFHF opened down nearly -4% today in the US Market. Was able to add more in size around the ~$1055 level USD. Just very odd opening action in the first 10-15mins of trading. Has since normalized a bit.

@Parsad thank you for all of the updates! You rock

MuddyWater's posted a video on Twitter basically asking for the public's help in finding dirt on FFH. I guess he didnt do enough homework himself.

Micron up 15% in AH trading

Kennedy Wilson's stock has been in freefall recently ...

Does anyone have a good premier, or source for the industry? You have Waste Connections, Waste Management, and Republic Services which have been very successful overtime.

Great overview of BIAL in Fairfax India's Annual Report (!!!) https://www.fairfaxindia.ca/wp-content/uploads/Letter-to-Shareholders-2023-Annual-Report.pdf

Stupid idea - but what if FFH liquidated its $16B equity portfolio, and tendered for 2/3rds of the company outstanding shares ? Yes - you'd have serious taxes, but you'd get a huge spike in BV, EPS, and Float per-share. Plus you'd have massive income generating from the bond portfolio.

This is Prem's best letter yet !!!

Should be dropping in a few hours ... no?

I actually owe MW a thank you. I was able to add materially to my position the day the short report came out. Talk about short and distort! Up about 20% in a month!

Good luck to anyone trying to battle Munger, Tolles, and Olsen

Greenlight for IPO. This is big and adds to FFH's book value

MU has been on FIRE recently

Whats the best way outside of the Ks & Qs to look at Fairfax's equity portfolio?

WEB sounded almost depressed. I get BNSF and BHE weakness - but these are super valuable assets. In some ways I think he is really trying to talk down how special these are. Nothing on MSR which is seeing really solid results. I dunno - I was left wanting more ... Also - why does he not publish the top 10 equity positions anymore??