ValueMaven
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Whats the best way outside of the Ks & Qs to look at Fairfax's equity portfolio?
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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??
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Where can I read about the history of FFH's ownership of Eurobank?
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No one mentioned that FFH just received (2/15) $150M from Blackberry for the convert note they issued. Prem also resigned from the board.
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Who is Mark Dwelle?
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dumb question - whats the difference between FFH.TO vs. FRFHF - which is OTC. Honestly, I dont even really know how OTC works.
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I feel like I was very lucky. I've owned FFH in the past - but largely missed this recent runup. I was able to add aggressively the day of, and the day after the MW short thesis, and was able to get FRFHF around $910 per share (below BV). Honestly, this quarter was awesome, particuarly around the interest and dividend income and improved underwriting! Look at FFH's valuation difference compared to even Arch!! Please consider me a long-term shareholder - and this board has been very helpful in keeping even a casual observer updated.
Blocks question was so weak ... damn
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5 minutes ago, Parsad said:
Again that comes back to Fairfax's reporting requirements as a Canadian reporter and Berkshire's reporting requirements as a U.S. reporter. Under IFRS, you are required to mark assets at fair value or comparable value. Berkshire hasn't adjusted See's Candies cost since acquiring it I believe.
It's why Buffett says that Berkshire's intrinsic value is far higher than book value. That analogy cannot be used with Markel or Fairfax, where there isn't massive amounts of undervalued assets on the book. While both companies should trade higher than book...1-2 times, Berkshire probably should be trading between 2-3 times book. Cheers!
BNSF is on BRK's books at purchase price of ~$45B, despite having a FV of at least $150B ... so yea, there is that
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Please keep the live updates for those of us who cant dial in!!
-VM
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This could easily be up 10% tomorrow. What a stupid stock to short. The float is so tight - you actually might get a squeeze. Wild.
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OTC just hit over $1000 and is up close to 15% from the MW bottom
Wouldnt surprise me if we get some buyback news here Thursday night. Again - very stupid stock to short. Only 25M shares o/s and the float is very tight!!!
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Does anyone know how or why shares outstanding declined by 25% in 1991?
'25% decrease in the average number of shares outstanding' -- from the 1991 report
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FFH is a VERY dangerous stock to short unless you think its a $0
There is a controlling chairman who controls about half of the 25M shares o/s. There are 2.2B shares outstanding of BRKB btw
You have a long-term holding base, figure thats several million shares ... The true float of FFH is very low!!! This could actually blow-up on MW.
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Bought some more OTC in an account that has had way to much cash ...
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Sorry - I bought the OTC - FRFHF
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Bought some ADRs at $910 !!
Very weak case IMHO ... the float here is very right and illiquid - this can quickly backfire on MW
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Forest River made a $300M acquisition ...
https://stnonline.com/news/starcraft-parent-company-forest-river-acquires-collins-bus/
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Bought some HES. Oil decline is overdone, and there is an 8% spread into the deal. It's a cheap bet on CVX, and the spread closing in early 2Q24. CEO seems committed to the deal.
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For fun: Assuming no additions or sales ... what is your 30Yr portfolio hold. 2054 (!!)
More concentrated the better:
1) Constellation Software
2) HEICO
3) American Tower
4) Moody's
5) Berkshire
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The issue isnt that this is family owned. The issue is that Berkshire didn't acquire all 100% at once.
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This is a decent asset for Berkshire. Not an amazing one. I hope they have just settled and push out the Haslams.
The more I learn about 'Big Jim' - the more I'd rather Berkshire not have done this.
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Wow ... Berkshire likely settled. Honestly Pilot was never going to win.
We should see a press release on Monday AM
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By size:
CNSWF
MCO
HEI.A
LBRDK
AZO
MKL
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Fairfax stock positions
in Fairfax Financial
Posted
MU has been on FIRE recently