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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.

Agree with the 20 M liquid asset definition of Rich. Over 100M is Ultra rich.

Of course. But assuming the discount is real (and I personally do), ultimately these large block trades should translate into the gap closing. They are happening frequently enough and in sizeable amounts relative to the shares outstanding. Also safe to assume that if the buyer is Fairfax, they will not resell them at a discount on the market.

Another block trade today of 335k shares, total trade of about 370k shares. At least someone seems to be think this is undervalued. Maybe FIH trying to close the gap to BV to strengthen its position?

I'd posit that small investments can sometimes present compounding opportunity. Also, they have had a good record for choosing quality private Indian companies and realizing value. BIAL is definitely the key gem in FIH. Agree that IDBI is an elephant that will be difficult to digest. It will definitely be a test of management to see how they navigate this.

I was reasoning the opposite, that the discount would close since IDBI is a listed company. By purchasing it, more of Fairfax India's holdings will be publicly valued and therefore we would get a stronger calculation on book value. I agree, raising so much money is not an easy feat for a small company. OTOH, if parent Fairfax buys IDBI, what is the reason for even having Fairfax India? Maybe they should simply buyout Fairfax India and carry on with their India investments using deeper pockets.

Not an expert, but they could offer buyouts to partners over time. Anchorage listing would raise funds also. They could also sell certain holdings. Share issuance is likely not on the table due to depressed stock price. I would think they have a solid plan if they are bidding. They are well respected and have been able to raise funds in the past. They refused to comment specifically on the IDBI bid at the AGM, so of course, it's all guesses.

They have indicated that they will obtain partners, which could include the parent company- Fairfax, to make the purchase.

Could be a number of reasons. 1. Allow for a longer runway to raise funds and do a gradual buyout over a few years. 2. Keep management and branding separate for CSB and IDBI. They operate in different spheres. 3. Independent bank licenses are better than one for bank listing.

Hard to fully anticipate, but I suspect iDBI is a prized asset. Either Kotak or Fairfax will work with officials to discuss options to make the buyout possible, rather than walk away. Maybe it does mean that Fairfax needs to join CSB with IDBI. Now just a hunch, but RBI could prefer the Fairfax India offer since Kotak is much larger than CSB. 2 large banks (Kotak + IDBI) combining would undermine competition vs a smaller bank (CSB) and larger (IDBI). They may also wish to attract more foreign ownership in banking.

IDBI https://www.thehindubusinessline.com/money-and-banking/kotak-vs-watsa-the-battle-for-acquiring-idbi-bank-intensifies/article66850311.ece Looks like Fairfax India is in a strong running position for IDBI bank, results anticipated for June. Adding a bank of this size to the Fairfax India portfolio would be an incredible deal. Well positioning the company in an important growth niche in coming years. Thoughts?