valueventures

Very helpful, I appreciate it!

Curious to hear your thesis on CRH. It's been on my watchlist, but I don't think I've seen it discussed in detail on CoBF. Thanks!

TransDigm Group (TDG) was mentioned in the book and has since continued to perform very well. There is a thread on it within the Investment Ideas forum.

This is a great idea - thank you for starting this thread! I recently started a position in TVK. One *potential* (still to be proven, keep an eye on) suggestion is Savneet Singh at PAR. He is a big Buffett fan: https://medium.com/@Savneet/building-the-berkshire-hathaway-of-software-4ec6a1b25e26. Essentially, he has sought to create the dominant unified end-to-end technology stack for restaurants (mostly QSR). PAR has executed a number of acquisitions (MENU, Punchh, and most recently Stuzo and TASK) to broaden its offering and extend its reach. If he can scale ARR and get the company in a better position on cutting costs and improving profitability, this could be a real winner. So far, this has not yet translated into much value for shareholders, so definitely too early to call him a "successful" outsider, but I'm increasingly thinking this space will be a "winner take most" market and that PAR is positioning itself well for that.

Strathcona is supposed to be releasing earnings tonight and having an earnings call tomorrow.

This is helpful, thank you! Sounds like you've outperformed by being patient, waiting for a fat pitch, and then backing up the truck when the odds were heavily in your favor (rather than investing in a number of small positions and over-diversifying). "Calculated risk-taking", as you mentioned. I appreciate the anecdote and am glad I've "gotten on the train". Hopefully it sets me up similarly well for the future.

I'm a big fan of your writings on FFH, which have played a big role in me making it a large position. I'm 30 years old and still fairly early in my compounding journey. Curious if you have general tips on what has worked best for you (20% annual compounding!) in terms of philosophy / strategy, types of companies / setups you invest in, portfolio construction (concentration / diversification), etc. I plan to manage 50%+ of my portfolio passively via index funds, but reserve a portion for active management via ideas generated on CoBF, investor fund letters, my own research, etc. Thanks for all the valuable insight you've added here!

Some of my other candidates are SCR.TO (Fairfax holding and candidate for S&P/TSX 60) and IWG (potential US listing). Anyone have others?

If Gildan Activewear gets sold, that would open up a spot in the S&P/TSX 60. How likely do you think it is that FFH would be added? Would that spot be more likely to go to another company in the same / similar sector as Gildan, or is financials in play? Thanks!

Curious what your thesis is on MELI and why it's in your tech exposure. Thanks!

Thanks. I believe the only negative to holding FFH in a taxable account as a US-based investor is that 15% of dividends are withheld, whereas you get the full dividend in a tax-exempt account.

Is Fairfax (FFH) classified as a PFIC for US-based investors? My current understanding is that just Fairfax India is. Thanks!

Added to SCR.TO

38% to BUR is impressive. I have a small position. Are you hoping for a quick flip from the YPF judgment or is this a longer-term holding for you?

What are your thoughts on PAR's two acquisitions that were just announced?

Small add to TRRVF

First monthly budget surplus in 12 years: https://www.barrons.com/news/argentina-sees-first-monthly-budget-surplus-in-12-years-a148e46a

Apologies if this has already been discussed in detail, but does anyone have updated thoughts around FFH's possible inclusion in the S&P/TSX 60 this year? Seems like the most mechanical means of facilitating more institutional involvement in the stock and driving up P/B. I believe FFH already qualifies for the index based on its size, so curious to hear what is holding it back. Thanks!

Curious if anyone systematically tracks index inclusion candidates given their potential for forced passive buying as an immediate catalyst. Some of my positions that come to mind are KKR (candidate for S&P 500) and FFH (candidate for S&P/TSX 60). Think this could be an interesting tool to filter for businesses that are becoming more "institutionally accepted", if you will.

Great call. I'm in KKR and it's been a nice ride this year too. Agree with your recommendation to supplement APO and KKR for high and low rate environments, respectively. Will look to get into APO at some point when we get a correction.

Added to FFH ahead of earnings tomorrow

Like 5% of my actively managed portfolio and if it performs well, I'd let it grow into a larger %.

Starter position in TVK.TO / TRRVF. Price has gone up a lot (largely from execution rather than multiple expansion), and the last quarter was terrific. Would look to average down and build a full position if/when we get a broader correction.

Bought a bit more JOE

Starter position in BOC