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JackW0

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Everything posted by JackW0

  1. % FFH 60 BAC 22 JNJ 5 INTC 4 BBRY 4 ESI-T 4 JUNK 1
  2. I am a long time Fairfax shareholder with more then 60% of my family capital located in FFH. Living around Toronto I feel it is my responsibility to participate in AGM and report to all who could not attend. This was my 12th FFH AGM and I can tell you I never felt better. I believe our capital is as safe as it can be (we all understand the risk) and we are ready to explode in due time. I am not a gifted writer so it is difficult for me to write about all the events on wednesday and thursday, specially that they are growing fast and not always to my likening. I can tell you there is nothing like meeting our old friends, making some new, listening to answers to questions and concerns of other shareholders or shaking hands when looking them into their eyes with members of the Fairfax team. You have to do it yourself one day, mean time I can tell you, Fairfax is OK, and I would argue much better than that. Cheers, Jack Wisniewski
  3. Giofranchi, What are you talking about? Your English is fantastic, but what is more important your IDEAS are clear and refreshing and that's what counts. On the subject of FFH I am on your side. I would like to add one more to the list of your ideas. For me one of the most important characteristic of FFH is Prem's ability to surround him self with talent. On the last AGM I couldn't believe how many new young and talented people are working now for us FFH shareholders. Salute, Jack W.
  4. I think we all agree that value analysis are more an art than a science. In case of FFH it is even more difficult because they are so many moving parts. Any way I tray to calculate IV of Fairfax (future cash flows, sum of internal parts, possible increases in BV) I am getting much higher value than current BV. The question is why would you like to sell major position now? It may be that as you said FFH can go lower as before, but what happen if you are wrong? What happen if finally FFH gets valuations it deserves? I know I am dreaming, but I am not as courageous as you are, every time I sell a little bit, because of my margin concerns, I fill sed, I am always afraid that I may not see it that low again. Good luck to us all, Jack W.
  5. Crip, Having access to polish language I tray to follow insurance market in Poland, which together with relatively new capitalist movement in Eastern Europe is a very interesting phenomenon. Once again we can see the brilliant move (grate timing) of our Fairfax team. I get there backdoor from some polish website. Jack W.
  6. " NEWS 11 April 2010 On March 30, 2010 the General Meeting of Polish Reinsurance Company approved the Financial Statements 2009. The financial results in the year 2009 were one of the best ever of Polish Re. The results of 2009 are as follows: Gross written premium 63.1 mio EUR Net loss ratio 75.7% Underwriting profit 1.2 mio EUR Net profit 11.3 mio EUR ROE 27.6% Shareholders’ equity 41 mio EUR (growth by 56.5% on y/y basis) Own funds / solvency margin 321.5% Assets / technical reserves 139.0% " We can see the positive impact of Fairfax involvment. It would not take long before ratings go up. Jack W.
  7. Sam also mentioned possibility of demand growth from Asia, he ponited out that last year China was a net importer of coal.
  8. I believe we will get at least $8, Fairfax never lover previous year dividend. Even during difficult times $US 1.4 was a positive move from $CDN 1.5
  9. Do you remember when during our meeting before last AGM we were joking with the toasts for FFH to go to 300 then 400 and so on. Today some of those toasts look pretty modest aren't they? Best wishes to Fairfax team, as long as FFH is OK we will be OK too. Jack W.
  10. TD Waterhouse $US margine accounts in Canada are OK, no change in margine requiraments based on delisting from NYSE, I checked with credit departament 10 minutes ago. Jack W.
  11. Getting access to east European financial martkets is not an easy task, I hope that FFH culture will eventually prevail, but knowing it from my personal experience it may take some time. Jack W. TEXT-S&P: Polskie Towarzystwo Reasekuracji outlk neg 11:35am ET (Reuters) (The following statement was released by the rating agency) Oct 2 - Standard & Poor's Ratings Services said today that it had revised its outlook on Polish Reinsurer Polskie Towarzystwo Reasekuracji S.A. (Polish Re) to negative from stable and affirmed the 'BBB' local currency long-term counterparty credit and insurer financial strength ratings. "The outlook revision reflects our view that Polish Re may fail to achieve sustainable underwriting profit in the medium term, given its current marginal competitive position," said Standard & Poor's credit analyst Victor Nikolskiy. The ratings on Polish Re reflect the continuing financial and operation support Polish Re receives from its new parent Fairfax Financial Holdings Ltd. (Fairfax; BBB-/Stable/--), adequate capitalization levels underpinned by a recent capital increase, and the good liquidity of the investment portfolio covering technical reserves. These positive factors are offset by Polish Re's only marginal competitive position, with very high concentrations on top cedants, and an increased investment risk profile with high exposure to equity risks. The negative outlook reflects our view that Polish Re may fail to achieve sustainable underwriting profit in the medium term. "We will lower the ratings if the company fails to achieve underwriting profits," said Mr. Nikolskiy. Moreover, any material negative development in shareholder support, capitalization, investment portfolio quality, competitive position, operating performance, or negative rating actions on the parent could lead to negative rating actions. If the company demonstrates an ability to grow profitably, however, the outlook could be revised to stable. RELATED RESEARCH Group Methodology, April 22, 2009 Interactive Ratings Methodology, April 22, 2009
  12. Hi Cardboard, Once a year CRA release an official exchange rate to be used in all ACB calculations. For 2008 it is 1US$=1.06601429 $CDN. This is the rate I am using for my 2008 $US transactions. Cheers, Jack W.
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