wisowis

I'm not familiar with this kind of company but the numbers look interesting. How do you evaluate the risk of leasees not paying? What do you mean by leasees not paying? They do not have the model that relies on leasing. ... My guess: he's talking about Aircastle ($AYR), you are talking about AYR strategies ($AYR-A.CA).

Yeah... e.g. Cardboard on the top-performing users. His performance was entirely driven by Amazon. But he suggested that as a short idea, calling it a fraud. Oops. http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/amzn-amazon-com-inc/

https://www.theglobeandmail.com/business/economy/article-how-canadas-suburban-dream-became-a-debt-filled-nightmare/ Opens with a bombshell example: Credit cycle is turning:

https://www.woodlockhousefamilycapital.com/post/the-horse-story

Also BRK

So from what I can tell, the interest rate on the debs varies between 8.5-13.5%, depending on the (weekly) spot market price of uranium oxide. Management doesn't expect the price to exceed 54.99 by 2020, the price above which the interest rate increases (and price is currently at 22.75$, from Google). Any reason to be optimistic about a bull market in uranium? Yes, I think so. The current Uranium spot price is too low for anyone to make money. Most producers locked into long term contract pricing much higher than spot which are expiring over the next few years. In response, Cameco and other large producers have decided to cut production and use existing inventory and buy in the spot market to fulfill production in order to preserve their resource for higher prices. Utilities will have to negotiate contract pricing soon and it will likely come in well above current prices. It’s a classical deep cyclical play that is complicated by an opaque market, two tiered pricing and extremely long lead times. I bought more yesterday with the stock surging higher and a holder of the debentures being forced to sell for what I can only assume are liquidity reasons. EFR down 36% and EFR.DB down 9% on rumours that Trump will reject the Section 232 petition. Yikes.

FYI there are a couple of pages of relatively recent discussion about the FFH prefs starting here: http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/canadian-prefs/msg353578/#msg353578

This link is not active. Could you pls repost. thanks https://web.archive.org/web/20160107072422/https://www.bloomberg.com/bw/magazine/content/09_51/b4160038935523.htm

Same here

So in the beginning of the letter he says he is changing how the value of Berkshire is reported in his letters. He then goes on to say this about buybacks: Call me crazy, but that sounds to me like reluctance to buy back in size when he was providing investors with per-share book value as the metric to be used to calculate intrinsic value. I think this is him telegraphing that he is now open to large buybacks, now that potential sellers have been "warned".

Historically, on average, real estate appreciation has pretty much followed inflation with a little extra, no? And there are all kinds of maintenance costs that people often forget to factor in when they cite how much they've made. Most of the return seems to come from leverage, which is fine, but we shouldn't forget that carrying a lot of debt can be a problem (price can fall, hells angels can move next door, houses can have expensive problems, etc). Tax free is nice, but a lot of people invest in tax-advantaged accounts too, and the friction to buying and selling tends to be relatively high, if you're not someone who knows real estate well and can bypass a lot of the fee-takers. To me, buying a house has a lot of non-financial considerations too, so looking at IRRs vs renting is only part of the story. Some people want to be real estate investors and don't mind flipping houses and moving every few years. Personally, I have no interest in that. So if inflation is roughly 2.5%. leveraged at 5x = 12.5%. and since it is tax free it means if you have investment income you need to be roughly returning 25%, unleveraged befote taxes... i think for most average canadians owning a home , one home that is your principal residence is a fairly safe way to generate wealthy over the long term— The leverage isn't free! Would you leverage 5x at 3-4% mortgage rates to return 2.5%? And in Canada, you may have to renew at even higher rates after 5 years...

How big was their VRX position? I didn't know about that one...

Approximately $20 million dollar purchase of BRK by Ajit: https://www.sec.gov/Archives/edgar/data/1067983/000172845118000013/xslF345X03/primary_doc.xml

Added to BAM

Apologies, but I am having trouble understanding this point. If you are putting a significant share of your mortgage payments into the equity of the home, doesn't it reduce the risk to the system? At e.g. 100% LTV, and with all payments going to interest, any drop in the value of the assets could cause insolvency. But at 80% LTV, and 50% of payments going into to the principal, the scenario of going underwater requires a >20% drop in asset values. I understand (psychologically) why trading loonies for quarters would cause hardship for homeowners/homesellers, but certainly reducing leverage in the housing market (which capital repayment does) reduces systemic risk, right?

Where's the mute button? I must be blind.

"Drake says he was profiled, denied service at Vancouver’s Parq Casino" https://globalnews.ca/news/4627271/drake-says-profiled-denied-service-at-parq-casino/

Added to FFH, BRK, GOOG, PAR.

BAM ELF.TO

Why has the spread opened up so much over the past couple of weeks?

Toronto

Sold out of DSG.TO Great stable business, but valuations have become very stretched.

David Eby (Attorney General of BC) is putting a lot of effort into investigating the role of BC casinos in money laundering. Maybe a bit of (indirect) political risk to Parq (?) https://www.cbc.ca/news/canada/british-columbia/bc-money-laundering-report-1.4723958

The videos have the transcripts underneath them (and the videos are synced with them - clicking on part of the transcript will skip to that part of the video and vice-versa). From what I can tell, all of them have transcripts.

So from what I can tell, the interest rate on the debs varies between 8.5-13.5%, depending on the (weekly) spot market price of uranium oxide. Management doesn't expect the price to exceed 54.99 by 2020, the price above which the interest rate increases (and price is currently at 22.75$, from Google). Any reason to be optimistic about a bull market in uranium?