hasilp89

It seems like he had a traditional carry structure which helped him make all his money and after that he switched to a charitable model. But unclear exactly how he runs it now. Is he the GP (charitable) and all performance fees accrue to that? Seems like a nice tax advantaged way to compound.

Where are you moving?!?

knowing what you own and being honest with yourself about it.

@dwy000 thanks for sharing!

any chance you can share some of what you've been reading?

You re correct, he did say that

One thing i have been thinking about was the highlighting of size and forecasting of income that Fairfax does (typically at AGM -> talking about being the xth largest company in Canada, Paying $xB in taxes (Buffett does this too), putting out $xB of income over next few years (no gaurantees). On the one hand i believe it is a show of pride, highlights how much work they've done and there is a huge emphasis on bottom line growth over top line and the results speak for themselves, but on the other there's always a concern when companies focus on size and highlight it. Doesn't change my desire to own the business but I'm curious if any of the long time followers @Parsad et al. think about this and if they've seen any change in that messaging over the years.

I own a decent amount of this. I think the probability of a full tender is high. one of the source of cash savings holcim has mentioned is interest savings. Indicates to me that they intended to consolidate. Historically they have done the same. Either way they do have to make a tender offer. The 4 month clock for that started ticking when the deal closed. One item that may be an issue is that the tender is only legally required to be made to Peruvian shareholders ie not the adrs (at least that’s how I understand it) you would assume you could convert but someone like ibkr might not be able to do it. That said I assume that holcim will include the adrs in the tender offer as having just 8-10% shares out wouldn’t make much sense and as @Marco Van Basten says owning an interest in the business with their co ownership wouldn’t be a bad bet at this price either.

Did anyone catch Buffett mutter “they can print money” when talking about the fed with beck quick on cnbc? I assume he understands the true plumbing but@wabuffo do you need to give him a call?

and now they're talking about raising rates... go ahead and kill the economy for main street...

+1 - It's all opportunity cost. when the price declines you quickly learn whether you have true conviction in the business and it's fundamental value. A very simple thing to think about in advance as well.

My wife and i are going to Chile for our 10 year in May - Santiago for a few days and then the Atacama desert. We have not planned anything yet. Any rec's would be much appreciated!

always interested to hear your ideas. How did you come across this one?

TIC

Was looking at this after you mentioned and am seeing the same. Talked to someone at intuit - sounds like they will just incorporate ai into tax prep and become entrenched even further. Risk is direct file but struggle to imagine that takes much share.

100% agreed and same here although last time was in college. It was much more relevant and entertaining this time around. My memory was more around the specific stories in the return journey - cyclopes, circe etc etc (although i had forgetten hades) rather than the family dynamics (telecmachus/penelope) and the return. In ways it felt more relatable as a father and a husband than as a single college kid. Also my memory of the story was more linear vs. reality is he is retelling parts of his return until he get's back to Ithaka. I didn't expect it but it was a page turner this time around. Hope the movie does it justice!

Something books I’ve read this year - Harriman vs. Hill (@ the recommendation of someone here) Rocket Dreams The Odyssey The fish that swallows the whale nibbled on Dear Chairman Currently reading Born to be wired, Nelson Mandela autobiography and a short book of Maimonides writings.

@Maverick47 appreciate the informative posts on triangulating between equity reserves, premiums written and CR. This may be a dumb question but why is the $ premium written the baseline for how much equity needs to be in reserve (as you say 5/1 for auto, 2/1 for casualty)? As an operator or a regulator wouldn't you want to know the max payout for a policy and then use some sort of actuarial odds on probability of that loss - i assume that is what goes into the premium $ quoting decision but for a regulator they have no clue if a company is writing terrible policies that even with industry standard equity reserves they would not be able to pay out on. Not sure if that makes sense but put another way - if i was running my own insurance company i'd want in the back of my mind the sum total of payouts I could have to make based on the policies i have outstanding multiplied by their actuarial probability - i'd then want to ensure that in even in a worst case scenario - maybe 20% worse than the actuarial probability I'd be able to pay claims.

or her - as a large bag holder i'm open to all candidates that will make the stock go up

deficit spending by the government?

thanks for the shout on zeg. Glv is all @changegonnacome though! I just tagged along.

hmm. hard to say what will work in a single year but here are my top holdings right now. may change my mind on a dime. ZEG - upside is now lower, but dividend = to 50% of my cost basis in Jan will be nice. Still see a path towards telefonica buyout but not at a huge premium to current px. FFH - everyone knows it DOM:L - After nibbling on the australian business bottom out and having it bounce 50% from the lows i feel a little stupid not allocating more there than here. and now i'm kind of just sitting around here waiting. I know its a good business but there are a number of headwinds and forced errors by recently departed CEO to factor in. At these prices i wouldn't be surprised if PE is looking, or at least they should be. GTX - nice the price has gone up but not nice in that buybacks are less impactful. 12% FCF yield now. TIC - solid business, big merger they are digesting, i like the people involved. Likely to see margin improvement over time and multiple expansion as the business performs and becomes better understood (similar to APG). TBBB - i think this will be a fantastic compounder over the next 10 years. Business model and execution are very good. valuation is of course high and there will be pullbacks but i want to own this business for the long term. constantly on the search for a fat mispricings (a la ZEG) and continue to expand the circle of competence for high quality businesses.

Wtf are you talking about. Amongst the most retarded things I’ve read in a while. Go back through the article and read the names of those killed and have some GD compassion. A radical Islamist killed peaceful Jews including a holocaust survivor. and yes a Muslim man saved them. He was a hero. But that doesn’t somehow negate the religious fervor that drove the actions of the two terrorists.

Hmm wouldnt the point be to keep future interest costs low? Are you ultimately saying the only buyer at 1% was the fed?

hate to ask the obvious question, but why didn't they do it then? big whiff?