ICUMD

@Red Lion CP and CNR are excellent companies and valuation is very attractive currently. Id be adding if I had extra funds. Roughly 8% of my portfolio is allocated between the two. Only wish they paid better dividends, as I like cash flow.

Googl

Looking at Canadian markets, I believe the following are undervalued: 1. Rails: CNR > CP rail 2. Banks: BNS + TD Currently building on a TD position to complement my BNS holdings. Will add to CNR and CP positions.

Translation of MIT research: Exercising your body exercises your mind. Unless of course you are boxing and getting hit in the head. Must be a bunch of athletic folks there at MIT.

That's the issue I struggled with. It boils down to management and how they go about translating IV / BV to market value. For the greater part of 8 yrs, they have not been able to execute while they collect their fees based on BV. Not supporting share price during this time with aggressive buybacks is not investor friendly. The other catalyst - the privatization of BIAL through Anchorage seems to be always just around the corner for the last 3-4 yrs Even if the share price rises to $25 overnight, that would be a poor 8 yr return. Many other options in the investible universe with better management.

Initially around 75%, down to 10-12% at sale time.

All are excellent points re valuation and really kept me invested in Fairfax India so long. It was a large portion of my portfolio that was underwater over 8 yrs. and well, my patience suddenly ran out. In retrospect, I should have proportioned it far smaller. Hopefully it will realize it's true market value. I think it's worth at least $25 today. I haven't ruled out buying back a few shares. BIAL is a tremendous opportunity. My portfolio was under represented in US tech. I swallowed losses in Baba and Fairfax India to buy a large chunk of Google. A company whose products I use daily and appears to be attractively valued. Of course, now that I've sold, I'm sure Fairfax India will hit the 20s in no time!

Struggled for years with this one. Value is locked in Fairfax India for sure. Fairfax always realises value based on their book value calculation. Investors will possibly realize value based on speculative events. That makes this at best a speculative investment in my books. Therefore my rationale to move on. I still like that airport and hope to visit it one day.

Decided to entirely liquidate my large position in Fairfax India. While I think Bial is a great opportunity, their inability to execute an IPO over so many years suggests they are bogged down in burocracy. I suspect they have a lot of competition for quality assets. Management execution has been poor. Saw better opportunity elsewhere.

Sold loosers. Bought a lot of Google.

Googl

Agree, great explanation. I would add that cash flow (ie. Income, Dividends) has a tremendous optionality that is under recognized. Particularly enjoy targeting undervalued high dividend paying equities with cash flow, knowing that my 'gun' will be reloaded in 3 months time to shoot again. The key is to ensure the reload gets bigger after every shot.

Rise of the New Indian Elite

Me too. My best performer. My split adjusted cost price for AVGO is $22.60. Ironically, it wasn't a great deal when I bought it around 2018. There is a lot of AI hype currently so hard to find value in this sector IMO. Having said that, share price appreciation can be explosive. Sometimes it is worth making a small long term bet in a tech infrastructure regardless of valuation. Just be prepared to average down a couple of times and hold on. Why did I buy it in the first place? 99% of internet traffic goes through Broadcom Infra. And Hock Tan is an an awesome guy.

BNS 39% BMO 24% RY 2%, TD 1% BABA 5% FIH.U 10% AAPL 5% AVGO 3% CNR 3% CP 5% BAM/BN 5% Good dividend stocks are guaranteed to make you smile 4x per year.