ICUMD

It could be that they are trying to up their market cap to reach the magic 2.85 billion USD market cap to go after IDBI bank. https://www.livemint.com/news/india/govt-lic-to-sell-60-72-stake-in-idbi-bank-govt-to-follow-two-stage-process-for-stake-sale-11665155960803.html

This fits the bill in my portfolio for an 'Eternal hold' It beats to its own drummer. Being thinly traded, there will be moments of value realization, followed by return to discounted levels. On the other hand, the businesses are doing exceptionally well I think. Management is excellent. Looking forward to the T2 inauguration, seeing Bial passenger numbers, and the use of proceeds from iifl wealth

Like it or not, a job gives you purpose. A goal, an offering of expertise, a reason to get up in the morning, structure to your day, social interaction and in some cases, a feeling of accomplishment. Money, after a house, food and basics are provided for, seems to buy extra comfort at exponentially more cost. Money also is a strong, addictive motivator to keep people working/producing with greed and envy and the economy churning. Important distinctions, not necessarily independent or comissurate. At least that's my take! PS. So yes, personally, I'd still keep working.

Great suggestions on this discussion. I'd also recommend not to stress too much about things that 'could happen'. It's a rabbit hole that has no end. Rather, count your luck. Make good 'in the moment' decisions and try to maintain a balanced healthy lifestyle. The rest is really out of your control. May we all be so lucky to live as long and strong as Buffet and Munger.

T2 BIAL to be inaugurated Nov 10 by Modi. An exciting milestone. https://www.thehindu.com/news/cities/bangalore/prime-minister-likely-to-inaugurate-second-terminal-of-bengaluru-on-november-10/article65982030.ece

Some places have been experimenting with roads that recharge batteries with induction. I surmise this may be easier along railway tracks via a charging electrode/brush of some sort without having to stop the train. Could probably get away with much smaller batteries and avoid diesel altogether. Could also 'hook up' charged battery cars as needed. Lots of options here. But I'll leave these solutions to the engineers. Edit: already in the works https://www.cbc.ca/news/science/freight-rail-electric-locomotives-1.6440766

I hold both CN and CP. I think they have better prospects with electrification than trucking. Batteries/motors + low rolling resistance give very high efficiency. Battery weight is better handled steel on steel than rubber on asphalt. Last mile will always be trucking. Rail is basically a set it and forget it in my portfolio.

Securities are hedges against inflation since most durable companies can increase costs and pass them on to the consumer. The worst off are the cash holders, fixed income, and minimum wage workers. The only question I ask during high interest rate periods is 'how much debt do I pay down' vs invest. I'm of the buy and hold mindset.

Interesting to learn these perspectives. I've evolved my strategy to the following: 1. Primarily invest for cash flow. Ie. Dividends. The core of my portfolio. Mainly banks and infra. I add to these (or optionally pay down margin debt, whichever is more advantageous in any given month). 2. Secondary positions in blue chip tech. 3. Other Bets Smaller, higher risk positions. Why focus on dividend cash flow? For me, it's simpler metric to understand. Its also easier to know when to add to these positions.

NCIB 2022-23 Question https://ca.finance.yahoo.com/news/fairfax-india-announces-intention-normal-115000053.html Appears that Fairfax India is buying back up to 5.8 million shares. Or about 10% of the float over the next year. They are allowed to purchase up to 7000 shares per day, which represents about 25% of the average prior trading volume. If we multiply 260 trading days x 7000 = 1.8 million shares buyback. How do they intend to purchase the additional 4 million shares on the open market? Does that imply a Dutch auction?

Googl, BNS

So Omers is very much participating in Fairfax India. Wondering what their game plan is for extracting value from this company? At some point, they will need a market valuation and liquidity or buyout to realize gains. Are they sitting with a preferred position relative to retail shareholders? Is there anything I'm missing?

I'm curious to know how much Fairfax would offer in a privatization scenario. I suspect it would be less than BV. Maybe $16/share?

In my simplified view, no. My primary focus is in always trying to increase cash flow throughout the economic cycle. Either through dividends or debt repayment. In other words, cash flow is paramount. Inflation and rising interest rates simply change where you get that yield from. Further, I think rising interest rates increase the risk of market shocks. So, the hope is to add quality equities with high dividend yield down the road.

Great idea Red lion. I enjoyed my trip to Kaui years ago and love Hawaii climate. Where did you go to shop resale timeshares? Any recommendations for specific timeshare condos in Kaui and Maui?

My play book: Guaranteed attractive returns are in paying down variable debt in rising interest rate environments. And taking on debt in low interest rate environments to invest (conservatively).

If population and population growth have anything to do with economic activity, then India is entering the golden age. Both India and Elon Musk are populating the world. OTOH, my optimism has yet to be validated. And, I'm no Elon.

This used to be my car. Wasn't my style, but the price was right. I later learned to love the color- never lost it in a parking lot. Really stood out against a sea of black blue and white. Was never in a crash. Repair bills were a pain tho.

What about if you only get the first two, but not the last one? Or perhaps the last one occurs so many years down the road that you've lost out on the opportunity cost? This is a well performing and managed company IMO with excellent underlying assets. However, only large scale transactions seem to realize value (ie closing the gap to NAV) which are majority owner buybacks by Fairfax. And those buybacks are not guaranteed and when they are offered, are heavily discounted to book value. To me that's the Value Trap. There is inadequate price discovery on the day to day trade from multiple buyers. I know Buffet would often look for these value 'net net' companies, (I'm not implying that FIH is a net net company) What I don't know is how do you realize value in these rare birds if there is no buyer?

Ah good ol' Toronto! During a 10 yr span living and working there, I thought Toronto was THE place to be. A combination of work place politics in TO, better job and pay, the chance to live in a home on a lake without traffic, took me to Northern Ontario. Do I miss TO? Paradoxically, I enjoy it more. A 1 hr inexpensive plane ride lands me downtown TO. I walk to my condo (purchased in 2002), now kept as my pied a terre. Eat, enjoy friends company, see a show and come home. Financially and practically, I've escaped the 'Toronto Tax'. For me, the frictional costs of traffic, dealing with overbearing people at work and expensive homes were ridiculous. I accelerated my possible retirement by over 20 years by investing my excess income (rather than paying a mortgage), formed much closer friends in a small community and have unparalleled access to nature. So do consider alternatives. Big city life is not currently a value proposition IMHO. (Unless you bought tons of real-estate in 2002).

Unfortunately, mark to market value realization in this company will likely come through Fairfax initiative to do large scale buybacks. I sense there is very little foreign buyer interest in the holdco and this is not yet traded via Anchorage on the Indian exchanges. It's really a play on the Bangalore airport with a smattering of other holdings. The discount to book value we see now could last a very long time IMO. A classic example of a value trap.

Thanks all for the kind wishes. It's an incredible experience to be a father to this extremely cute baby. For me, my work has become part of my identity. I think it would be hard to walk away regardless of income. I wonder if culture these days is shifting towards early retirement due to increasing wealth in general. Perhaps it is the status of the privileged to say - Hey! I'm retired. Regardless, for me, while the idea of 'freedom' seems tantalizing, I'm satisfied doing most what I know best and dabbling a little in what I know least, for now. Seems to work for me both in life and in investing.

I'm 46. Probably could have retired 5 yrs ago. Enjoy work, so plan to work until at least 60, granted I may reduce my hours before then. Just had my first child 6 days ago - a baby girl- so there goes my retirement plan.

Nice article on future development plans at BIAL https://www.newindianexpress.com/states/karnataka/2022/aug/08/phase-1-of-bengaluru-airport-city-to-open-by-2025-2485210.html

I'm no China analyst, but if one thing is apparent, it's that China wishes to dominate politically, economically and militarily. I think their key companies like BABA Tencent etc need to do well for them to achieve this goal. They are a means to and end. Regardless of what challenges they face, I doubt they will be stagnating for the next decade. Applying western capital rules to an Autocratic government may be the mistake.