ValueMaven

Will anyone from the board be attending? We should try and sit together! Sincerely, ValueMaven

Do yourself a favor - half that position in BRKB and buy some FAIRFAX!!!

Great question!! 11.11%: Gross's Janus Unconstrained Fund: JUCTX (I think of this as macro w/HY overlay giving me 2-3% in HY ST exposure w/Gross's macro overlay) 8.64%: PIMCO Total Return: PTTDX 8.84%: LSB Industries: Special Situation Equity 9.5% Wells Fargo 62% Cash: Valuation trumps everything... Sincerely, ValueMaven

Down 50% in SHLD?? Sitting at ~$12, even with all of the spinoffs, its much more likely he is down -70% or more in the name...decent interview actually

Thank you for sharing. I’ve followed BM’s career for a long time. Jim Chanos recently asked Mr. Miller a fairly routine accounting question regarding Valeant and Endo’s business model – Mr. Miller couldn’t really answer it…I think he has lost his way, particularly for a ‘best idea’ http://video.cnbc.com/gallery/?video=3000554841&play=1 Sincerely, VM

Tremendous upward movement/short squeeze in commodities going on today…things up 8% -10%. Do you buy into it?

What are the Preferred's are people look at? Relatively new to this idea...apologize Sincerely, VM

He says he is a 'preferred' shareholder in Fannie and Freddie...who 'has a contract'

Yes, Bruce makes a very interesting case! If I wanted to look at the Preferred's he is referencing, which ones should I look at? Sincerely, ValueMaven

Has anyone put together a current valuation of Fairfax, and where that might stand today?

Dear petec, I thought you raise some very interesting points honestly. Valuation is at the long-end of Fairfax's historical range, and as you noted, interest rate sensitivity has increased materially. Also, gains from investment management have been just OK, and hedging has really cost the firm. Mr. Watsa will be speaking at a value-oriented conference in a month at NYC...It will be very interesting to see what he has to say!!! Sincerely, ValueMaven

Dear All: How do you view your investment in FairFax? As a significant stake of your portfolio, which you will likely never sell (direct owner mentality) ? A position, which given Mr. Market’s mood, you might trade around (sell above 2x BV, or buy below 0.75x BV for example). Just trying to gauge sentiment here? Even buying Berkshire when Buffett was 66 years young (Mr. Watsa’s birthday just past this last August) turned out to be a huge risk-adjusted homerun for investors

Good Afternoon. Prem Watsa of Fairfax will be speaking at the 26th annual Graham and Dodd Breakfast hosted by Columbia Business School on October 28th, 2016. Link: https://www8.gsb.columbia.edu/valueinvesting/events/breakfast If you are attending, please drop me a note and we can 1) meet beforehand and 2) try and sit together I highly recommend attending Sincerely, ValueMaven – NYC