valueventures

Starter in MATR.TO

Starter in BN.

What's your thesis on SCR.TO? I'm long as well, but this one doesn't get much discussion here. Thanks!

Also a small starter in SNDL...hoping for a quick flip on this one.

Nice portfolio, but where is GLASF?!

Added to GLASF on the dip

More Fairfax

I don't have a strong preference. I've read that KKR is better suited for low rate environments and APO for high rate environments, so would expect KKR to perform a bit better if/when rates get cut. Also, I follow a few hedge funds (1 Main, Greenhaven, etc.) that are long KKR. Lastly, I thought that S&P 500 index inclusion would be a catalyst for KKR (which ended up materializing and resulting in a nice pop in share price). I'd love to own APO at the right price...we'll see if the market affords me that opportunity.

Why did you sell APO and KKR? Both solid long-term compounders. I only own KKR and still think it’s reasonably priced (25 P/E) despite YTD outperformance.

Any current ideas for companies that you could see being acquired?

Can't buy anything with Schwab being down. Crazy stuff

IGIC is the only other player that I’ve seen with comparable valuation to Fairfax. I believe it’s at like 1.2-1.3x BV. KNSL is in my too-hard pile with that valuation.

Any players in the space that people see as reasonable / good value today? AJG and BRO would be my long-term picks, but hesitant to start positions today given how they've run up in price and valuation.

I’m looking at BLDR too. Do you have a view on BLDR vs. CRH? Thanks!

I am not, but thanks for asking

I'm up ~5x on AAPL, ~8x on NVDA, ~3x on META, and ~2.5x on AMZN. Cost basis on my other holdings is significantly lower since I've owned them for a much shorter period of time. FFH is my largest position at MV only because it's also my largest position at cost basis, by far.

While the core of my portfolio is passive (VOO), my active exposure includes the following (ordered from largest to smallest by current MV rather than cost basis): FFH.TO NVDA AMZN AAPL META NNI BRK KKR GRUSF SCR.TO GOOG JOE GLASF TVK.TO IWG Curious to hear thoughts - I'm a 30-year-old for reference. I'd prefer to have slightly less big tech exposure, but that's mostly a function of 1) significant appreciation and 2) the fact I own them in a taxable account and don't yet see a reason to incur a large cap gains tax. Thanks!

Fairfax or Nelnet or something else?

Viking - just out of curiosity, what is your approximate total weighting to Fairfax and Fairfax India as a % of your total portfolio / total actively managed portfolio? Thanks!

Just to further narrow this down, would be curious to hear some stocks that meet the following criteria, ideally with a long runway still: 1. P/E under 20 2. Started buybacks, but only last few years 3. Still growing operating earnings on an absolute basis 4. Consistent margins and stable business Also, helpful to name companies that could replicate the cannibal model. Obviously, some of the most successful names to do it are MUSA, NVR, AZO, ORLY, etc. I'll start - I think DFH has a similar business model as NVR and could potentially follow in its footsteps. It has a much lower size and base from which it can compound from here, albeit with what will be lumpier, more volatile returns.

Bought more Fairfax

What do people see as the most sustainable of the Mag 7 (i.e., likely to remain in an advantaged position over the longest period of time)? I'd rank as follows: Tier 1: AMZN, GOOG, MSFT, Tier 2: META, AAPL, and Tier 3: NVDA. I wouldn't even rank Tesla since I don't think it is of the same caliber as the others. I could see NVDA being more Tier 2 (I think they are more innovative than people give them credit for...the bear case is that they're a "one-tricky pony" benefiting from a one-time demand surge). I could also see AAPL being more Tier 3 (given the lack of growth / innovation in recent years and resulting need for financial engineering). My biggest concern with META is consumer fad risk...where would they be if they hadn't pulled a rabbit out of their hat to acquire Instagram?

I did not expect that, thanks for sharing!

Looks interesting (and provocative), will be released next week. I plan to give it a read as an AMZN shareholder: https://www.amazon.com/Everything-War-Dana-Mattioli/dp/0316269778/ref=sr_1_1?crid=3TPJV4PSTEOKA&dib=eyJ2IjoiMSJ9.R9vJeWJkOoJXpL9r5tmx6AiQ1i7YC9dWDFD4uf23mskDfS4haPcq02NR3_BIoVpwCT_S-zLhk_b2E2VoCfcwvce2LEitvmXgtdgVjCqBjykCxPSKx0Rvz-o2uZe0NifYYi5kEy_llRB_U6wlN79dEltBTfI3PEUwP-Zgin6wq1kcelS6z9OS0zgqDqbXoRHhfK1nBSEdwTF05MfOjf66cnRgbHoxkyj30ncfKVVvDY4.25s0YCcnPb00TCIhEM1AF5HSLiTT7_4Vh9-csO8Oou0&dib_tag=se&keywords=everything+war&qid=1713290783&sprefix=everything+war%2Caps%2C157&sr=8-1

Are you considering a position? I started one earlier this year - missed some of the run-up, but captured some as well. Chris was just featured on Yet Another Value Podcast.