Cevian

I have my doubts on whether Baupost has really outperformed over time. I think Seth is a marketing genius though. For instance, I don't believe he himself has ever said he has outperformed the market but, somehow, such image has been built slowly over the years. I remember an interview for example where he implied it was a conscious decision not to re-publish his book "Margin of Safety" since it had a cult-like following and had been a good marketing tool. Also, the secrecy behind the annual letters, the "leaks" that happen from time to time, going after websites which publish the letter, has created this aura of mystery and genius. Every interview starts with "Legendary Investor" but, again, he's never claiming that but the interviewer on CNBC. I would love to be proven wrong if his annual performance numbers were ever revealed. As with other investor who are, wrongly, seen as investor gurus, the only reason it bothers me is because it dupes people into investing with them for the wrong reasons.

+1 Agree Also, I always find it interesting how "capitalists" mention "stimulus" in the same breath

This sets such a bad precedent for all companies whose founders believe they are integral to the company they founded, especially when, as is usually the case, a company needs to pivot into new areas which are very different from the original idea. There is already a huge agency problem within corporations and now, once precedent is established, I can foresee all these CEOs blackmailing their boards in good conscience.

Related to the discussion on BABA/TCEHY, and Chinese stocks in general, no matter how much fundamental analysis one does, the Taiwan question is the only one that matters. I write as someone who is looking at his Russian sanctioned shares (Lukoil, Gazprom, Sberbank, etc.), purchased at incredible valuations but now sitting in frozen accounts with regular emails from brokers asking me to move the positions which no one wants to custody. The interesting part is that all of these positions have large unrealised gains when looking at Moscow exchange prices. BTW, I'm a sucker for deals so I'm long BABA/TCEHY and they are a large part of the portfolio. I never learn I guess.

Same

All the funds, other than the Pabrai funds, appear to be listed here. https://www.dhandhofunds.com/

Reading the following book currently which recaps each year's annual meeting. Available on Kindle. "University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting"

Sounds interesting. Please DM me and we can have an initial introductory conversation.

I'm a long time Fairfax shareholder and I have to say it has always been one of the most frustrating positions. Always unloved, perennially undervalued, down when the market is down, down when the market is up. This week is no different.

Very interesting. Where did you find that annual report? It's very hard to find information on these guys. Talk about trying hard to remain under the radar.

Thanks for the reply. I did call Schwab last week and they said they would come back to me with a lower rate. I'll let you know when I hear back.

Base Rate? or Effective Rate?

Power Corporation (POW.TO)

The man has assembled a good team. Amazing depth! Good to see all the names of all the people involved, not many CEOs would do this.

I like your logic on the 1) tax loss in 2021, 2) subsequent dividend in 2022. I'll bring this up with the tax guys but I would expect Canadian tax to have rules such as "part of the same transaction or event" so as to somehow be considered together.