ICUMD

The past 5 years where the discount to BV arose were tremendously affected by COVID. BIAL, Fairfax India's prized asset was impaired during that time. I am optimistic that the next 5 years should see torrendous ridership growth and airport development progress. Trading in such low volumes, makes FIH.U a buyout candidate at some point. That is the main and perhaps only reasonable exit strategy for any significant holding by retail investors IMHO.

My home is comfortable and allows me to work earning a good income. A nice solid house in the country to keep me warm and dry, enough space at 2700 sq ft. And also waterfront as a bonus. Never plan to sell it. Couldn't care less what someone else values it for. Do not consider my home as an investment, though these days it would go for 1.5x my purchase price in 2012. OTOH, my condo in the city started getting hit with vacancy taxes which made it too much of a luxury to keep empty as a 'cottage' for personal use. So it's now rented.

Thank you for sharing this outstanding report. I skimmed it, but definitely worth a more careful read. Thailand airports seem like a good comparator to BIAL.

Fairfax India I think is a very good play on an excellent airport in BIAL. It is still in the first innings. My reasoning is that they get access to 30 million passengers per annum, growing to 90 million by 2030. When you factor in wealth effect and growing multiple streams of revenue within the airport grounds, of which they get up to 100% percent of non aero revenue, the potential is staggering. In theory, this should be a strong play on Indian demographics and growing economy. An ideal real estate investment.

Correct me if I'm wrong, but Buffett is able to access high quality investments like warrents or preferred shares, or raise capital at low rates to buy Japanese investment houses. These low risk home run plays are not accessible to the average investor. He keeps cash on hand to make these kinda plays. If he's buying, he's not waiting for a deal on a publically traded equity, at least at this stage of Berkshire. In other words, I think Buffet holds cash for different types of opportunities than the average investor.

Sitting at -35% cash. Holding mainly yield bearing equities. Don't like holding cash in this high inflationary environment, plus I can write off the interest.

BNS in the $63s CDN with 6.5% dividend.

@RetroRanger yes roads, pipes are infrastructure that need to be developed, and will provide compounding GDP benefits as they become established. A tremendous opportunity as I see it to bring millions 'online' Geopolitical conflict will always be there. Most countries have armies and politicians to protect their territorial rights. Caste system- education is the best way to level a playing field and allow upward mobility. In fact, even in North America, there is an informal caste system. Don't children of actors and actresses follow in their parents footsteps? A Rockefeller or Hilton inherit millions or billions while being 'socialites'? A Trudeau become prime minister even though he's a drama teacher? Aren't Natives and Blacks unduly persecuted? Yet, many more people from humble beginnings can rise to power both in India and N. America: like Modi. Like Pichai.

I may be biased since I am a first generation Indo Canadian, but IMO: For countries and economies to grow, they need a large and effective workforce. (1+ billion people ). Secondly, they need access to education for upward mobility. (Internet) Thirdly, they need leadership and hope. (Modi, despite his criticisms) India is well positioned in all three regards. Internet and connectivity has given opportunity to millions of young Indians to learn how to improve their quality of life. Imagine villagers now having the tools to earn spots in top educational institutions and help act as inspiration for the next generation. Skilled Indian diaspora are ambassadors and mentors for people in the homeland. For instance, I'm sure Sundar Pichai has inspired millions in terms of what can be achieved. Personally, I don't think the politics of a few will suffocate the struggle of many.

Shhh. Secret is getting out! Heading to high 13s now. Seriously though, i think that few economies will be growing as fast as India. BIAL Airport is situated ideally to capitalize on this growth. Projections are already for 40 million passengers in the coming year. A tremendous monetization potential. The COVID turbulence is behind us, definitely looking forward!

BNS

Risk in this event was highly miscalculated /misrepresented. Can't imagine subjecting my 19 yr old son to this type of risk. Orders of magnitude improved engineering/redundant safety, would be needed to even consider such a trip. Reward was also miscalculated. Seeing a 100+ yr old ship through a dark, small portal window has absolutely no utility other than to say 'I did'. A tendency to overestimate or under estimate risk/reward occurs when there is failure to analyse, anchoring in someone else's faulty analysis, or lack of knowledge. Further, some people are simply risk seeking. Anchoring into the faulty beliefs of the sensationalist CEO was the error of most on board I would think. Very important to be an independent thinker when it comes to risk since it is an individualized calculation.

Suddenly I realize, not being a billionaire with billionaire problems is ok!

I agree with this thesis. I'd add that BIAL seems to be experiencing torrid growth with a growing contribution of non aero income which is not regulated like aero income. On track for 40 million passengers this year. India itself is also coming into itself with Modis pro development stance and friendly relationship with American companies. Daily price of FIH is being set by low petty traders judging from the low volumes. Large swaths of stock are being held and bought up by long term investors. We should see gradual repricing of the company closer to book value over time.

Agree with the above for super specialized medical issues. Basically, super specialised doctors need a large referral base to get the practise and expertise in a niche area. OTOH certain common medical issues are highly time sensitive: heart attacks, strokes, trauma, serious infections, certain surgical issues etc. Living close to a good medical centre for these issues can save your life. (And yes, you don't need to live next to a super expensive private hospital like the Cleveland clinic) Also, don't discount community hospitals - our Canadian community hospital is exceptional as we don't have 5 levels of trainees doing all the work as you have in many teaching hospitals. You get experienced physicians right up front. Having trained and worked in Toronto for a few years prior, I have personally no qualms about my family getting treatment locally in our community.

Additionally to physical conditioning, must not forget: 1. Always developing a sense of purpose. 2. Mental challenge/ problem solving. Farmers are some of the longest and well lived people I've met. Assuming they didn't smoke or drink excessively.

47 I marvel at the number of dumb mistakes I have made in investing and in life and still gotten to where I am.

IMO, nothing better than being an MD.

BIAL seems to be on track to see 40 million passengers. 2023/24 yr. https://www.moneycontrol.com/news/business/mc-exclusive-bengaluru-airports-terminal-2-to-handle-all-international-flight-operations-from-september-1-10762941.html

Decriminalization of drugs is a terrible idea. Humans and esp kids have a curious nature and a significant subset of these drug experimentors will become full blown addicts. I've seen this first hand. Legalizing highly addictive substances only increases proliferation and uptake. Treatment centers while fine in an of themselves, do not target prevention which is the mainstay of any public health initiative. Rather, there needs to be harsh penalties for the dealers ensnaring kids and young adult. Supply chains of illicit drugs need to be broken. A terrible thing to see promising lives lost in this way.

May suggest that there are quite a few more rate hikes coming down the pipeline. 8-10% interest rate could become a reality.

Yes, I'm an Intensive Care Physician aka Critical Care. Sometimes we're called Intensivists.

MD here. Late 40s, mid career. Agree with this. The medicine is the easy and interesting part. Add money and Type A personalities and it can be a grind. See tons of burnout in my colleagues. Love my work, but personally wouldn't enter the field late in life. Especially if I was already super successful doing something else. I will say that being a physician does have a way of becoming your identity making it hard to stop, regardless of pay. I see many senior physicians who simply can't walk away.

Canadian banks are known for their soundness and their presence in tax havens like the Caymen Islands. Would not be surprised to find out they own Laundrymats.

Canadian banks are pretty sound I think given their oligopoly and with new immigrants entering the banking system. What is more interesting to me is whether the thesis of structurally higher interest rates is correct or not. Inflation is high and a lot of debt/ asset is held in the form of mortgages. Many of these mortgages will reset in the next 3-5 yrs. This could 'deflate' the housing market. Perhaps this is the true intent of the BOC.