hasilp89

For me it’s on the insurance side. It’s part of the business, but the unknown unknowns especially with global operations (1 in a 100 year flood happening right now in the UAE - hopefully Gulf doesn’t have a bunch of flood policies). While I understand the culture of the management and generally trust them one. poor decision layered on one misprinted risk can hurt. Unlikely it puts a large hole in the business but it could slow things down. Additionally I think it’s worth considering how strong the underwriting market has been. It can’t be this strong forever and premiums won’t go up in a straight line. Again doesn’t mean they drop 20% but it’s not out of the realm of possibility to see some declines.

Don't believe it is a rumor, Dave Sokol did say that. It was wonderful to meet you and many others!

+1

lol. How about the jobs and opportunities offered to them by Israelis. I’m sure they find similar employment with hamas… how many Jews in Arab gvt vs Arabs in Israeli gvt.

The currency used by Iran to fund all their nonsense. Doors opened up to get rid of them.

She did a good interview with Howard marks recently that touches on the ideas from the book - https://open.spotify.com/episode/1eQVEutUjWJu7CYn2h03iF?si=2uRGUb3JSmmz-euSnO-8-A

I'm not sure I am helping you @Saluki but i'd start by considering the cost of float/leverage and what you earn on it. additionally I think in most cases the float these non - insurance businesses carry is not long dated. Starbucks card maybe get used in a a few months. Naked wines every 6 months. Expedia 6 months. Pluxee maybe a bit longer or forever if certain amounts aren't spent. So ever if it is free or you are paid to take it, your investment options are limited to ST term Fixed income with lower historical yields. Not sure what business you're talking about (feel free to share :)) but would think similar to @bizaro86 what is your cost to perform the $1m of service/product each year. Assuming you have to deliver $1m of service a year are you able to do that at $1m a year (making the cost 0%) or otherwise.

lol going after EQC. Telling them to liquidate.

The guy who pays for obscure insurance filings and shares them. Also moonlights as the illiterate guy who can’t do math. (bad joke, my way of saying I appreciate you @gfp)

Well said @charlieruane agree on both fronts. And great 1st post. most folks won’t take into account risk and when they do it’s measured by volatility (which is incorrect).

collect the dots to connect the dots!

Gotcha, that is what I was figuring. Upsetting that is the case given the mismanaged reits out there. @Dinar thank you for that recommendation. Was not familiar with it but a great example.

Care to expand on that? Agree on Litt prefer cash to noise.

Curious if anyone has any interesting or successful REIT activist campaigns that are worth studying. Given the REIT structure my understanding has been that it can be difficult for activists to take stakes past a certain size but i could be wrong. Additionally the external management seems to cause complications. Are there other reasons why it doesn't typically work. GGP came to mind but curious if there are others. tagging a few folks who may know. @Gregmal @thepupil @BG2008 @Dinar

Ad from Mitsubishi in todays ft (mentions brk)