ICUMD

Ultimately, capitalism is the only model that works to bring prosperity. India has now realized it. China will need to get back to it if they want to resurrect their economy. Outside this model, there is only 'uncommon prosperity'. China will need to resort to stimulus and open their markets if they want any hope of making economic progress. Maybe they will take another year or two, but I don't see any way out. Also, they will need to be more open and friendly to FDI. I doubt they will want to be left behind as it's neighbors rise economically around them.

Definitely liking how the airport area is developing. Looks like Boeing campus is in good proximity to KFC!

My 30 yr portfolio is a high quality dividend portfolio generating increasing amounts of cash year over year. I add at lower PE and when dividend yields spike. I figure that sticking by this approach will generate a tremendous cash flow machine with the tincture of time. So far, my strategy is already, shall we say, paying dividends.

@Parsad @james22 Its original as it was purchased from a reputable dealer with box and papers. Seems to hold value better than time so I'll keep it for now!

On the topic of watches: My father bought a Rolex in 1994. A GMT Master. I asked him why he spent so much money on a watch, since he had a fairly modest paying government job - 'he told me: well son, it's because I value time.' I followed in his footsteps and bought a lightly used Rolex Seadweller in 2014. New ones being exceptionally difficult to find. Off course it stopped working and now requires servicing at a cost of $800-900. And I have to mail it to Toronto. Further, I was constantly worried about breaking it out losing it at work. It would also gain a few minutes every week or two, needing adjustment or winding when not in my wrist. I have put the Rolex away in storage and now wear a Timex Ironman given to me by my brother. No worries. No adjustments. And the Indiglow is far better than the Lume on Rolex. Two time zones and virtually indestructible & replaceable. As I get older, status for me is not giving a care what anyone else thinks.

I think all excesses, follow the rule of diminishing returns and escalating costs. Personally, I can't be bothered with that size of home. I have enough keeping up with mine. I think his goal was to flip it and bank a few million in tax free capital gains (Canada) which would make sense. Assuming markets cooperate and your cash flow can support your intent. My home home has without fail had at least 10k of repairs or refreshes done per year. Adding in taxes, insurance and utilities that's another 12-15k. I'm sure that 15,000 sq ft home would be in the neighborhood of 100-150k per yr carrying costs, excluding mortgage.

Everyone has their own cup of tea. Was recently reconnecting with an old colleague telling him how I escaped Toronto for more space in the country with 2700 sq ft, lots of garage space and waterfront. He then tells me after 10 min of my bragging how he lives in a 15,000 sq ft home in North Toronto with an indoor swimming pool.

Lots of variables that make a suitable house a home, size only being one of them. Location, quality of construction, proximity to work, crime, upkeep to name a few etc. Generally speaking, larger = more frictional costs of running it = more headaches. For example, have heard that in exclusive neighborhoods, trades people charge a fortune for basic things like painting, just because they can. I was plenty happy just renting back in the day. Job allowing, you can rent anywhere in the world. Having a family was main reason for me to buy.

2023: 35% Increase in BIAL Passenger Volumes 37 Million https://m.economictimes.com/industry/transportation/airlines-/-aviation/passenger-traffic-at-bangalore-international-airport-jumps-35-3-pc-to-37-2-mn-in-2023/articleshow/106780001.cms

@hobbit great find. Thank you for sharing. Now if they can just get around to listing Anchorage!

@John Hjorth Canada has one of the strongest banking systems in the world and a 200 yr history of surviving depressions and wars. Also, they are an oligopoly. Definitely attractive if you like dividend income. A cornerstone of all Canadian pension plans. I think non Canadians don't understand Cdn banking very well. Also, Canadian dividends for Americans are subject to extra taxation, so perhaps not as attractive.

@John Hjorth My bank holdings are only Canadian. BNS is my largest, followed by BMO. Also have some TD and RY. I bought heavily BNS at recent lows. I think it represents the best valuation of the big 5 and a tremendous dividend at over 7% when I bought. BMO I hold from the COVID lows in 2020. These holdings will be never sells for me.

Doesn't matter who's at fault in Indias partition. Separating India into two independent countries, each with religious majorities and persecuted minorities is a failure of humanity and leadership. As is the war in Israel. Absolutely sickening to see all the senseless death and destruction. This is the ultimate racism. And it is contagious. Spilling into university campuses and becoming the personal agenda of powerful billionaires apparently.

Hard to respect this guy. Reminds me of Animal Farm. https://www.readthistwice.com/quotes/book/animal-farm

My core strategy is around quality dividend companies. Focusing on increasing personal cash flow is a more quantifiable goal than trying to pin the tail on the 10 bagger donkey. The optionality of cash flow is tremendous. I'd take a highly profitable, under valued equity paying a good dividend as my pick. Bank of Nova Scotia paying 6.5% would be a great example currently. Rinse and repeat should generate an exceptional cash flow machine over the years.

60% Cdn Banks 10% Cdn Rail 10% Fairfax India 5% Alibaba 5% Brookfield 5% Apple 5% Other bets

Fairfax India is a very different business from Fairfax. I actually don't own any Fairfax as it currently seems to be more fully valued. Was a steal in the 350s. Aside from management, the two have little in common. Fairfax India on the other hand, is deeply discounted in my estimation. I think the thinly traded shares are much more valuable than the market makes them out to be. I'm confident the value will be realized over time. Both BABA and Fairfax India are deep value plays on my books together totalling about 15% of my portfolio.

BABA Fairfax India

China GDP per capita is 12,000 USD vs India 2,200 USD. Basically India is where China was 15 yrs ago. Will be interesting to see how the next decade goes for India. A possible five fold increase in GDP per capita x 1 billion people = tremendous improvement in quality of life and economic productivity.

From those diagrams, China is still very well interconnected. Further, a made in USA mandate will likely stoke inflation. No easy choices.

A generous heap of BABA.

Seems like they would have generated about 160 M USD through the IIFL share sale. Prior to the sale, their equity stake was about 640 M. Not a bad way to raise capital IMO.

Completely agree. I prefer the option they have chosen since it seems to be shareholder friendly. Personally, it's improved my confidence in management. Share price seems to have moved nicely since.

The Performance fee being paid in cash will reduce cash liquidity for Fairfax India I presume this will impair FIH.U ability to enact share buybacks through the NCIB and acquire new companies. Do we know if FFH is buying FIH shares on the open market?

Any draw backs or advantages to shareholders of Fairfax India in the performance fee being paid in cash rather than shares? I guess we avoid dilution at these ridiculously discounted share prices!