nwoodman

@Jay Rent thanks for the above info , greatly appreciated

Thanks, the Kungsleden is on my list too in particular the Abisko–Nikkaluokta . This hike is in Tasmania, the Island state at the bottom of Australia. It is only 67km but hiking in SW Tasmania is usually measured in days/hrs. It is some tough country!

Based on sum of the parts Asian Century Stocks arrives at a NAV of $36 but conservatively ascribes no value to the future purchase from Siemens or the land development. https://www.asiancenturystocks.com/p/fairfax-india-fihu-cn-2024-update A +50% holding company discount seems very cheap. As the article goes on to say if they get the airport IPO happening by September ‘25 then the gap should close. I recently bought a few as the discount to IV just seems too large to ignore.

Yep, never say never. It’s been on a bit of a tear, after a break-even quarter and the Cylance sale for ~$160m plus shares in Arctic Wolf. After adjustments this gives them $80m now and $40m in a years time. The fact that they paid $1.4 bn in cash (ouch) in 2018 is history. I am sure we have all written off the BlackBerry investment so it’s like an option on IoT and Secure Comms at this stage. Hopefully WSB boys get behind it again https://www.blackberry.com/us/en/company/newsroom/press-releases/2024/arctic-wolf-and-blackberry-announce-acquisition-agreement-for-cylance

I don’t think any of us does. I think we are back in Bradstreet’s sweet spot I.e normal rates vs abnormally low. Also the hubris/sugar hits of the wins from the GFC and Bank of Ireland are just distant echoes. Eurobank has worked but no Midas touch. Shorts done, replaced by considered stock picking. Last time, I mention it, I promise, but a very different President in Peter Clarke. I think Prem has his A-Team for the next 10-15 years. Let’s see how Ben Watsa does at Fairfax India, but so far I don’t see any red flags there. If this transition works out it will truly cement Prem as one of the greats. Edit: I threw a few more on the pile over the last couple of weeks and as recently as last night. Still my highest conviction idea other than Nintendo.

No one?

That looks awesome, count me in. Merry Christmas all.

I hope they don’t raise it for another 10 years. I understand the background to paying a dividend in the first place (management compensation/cashflow) and hopefully $15/share suffices. Fairfax hardly seems short on ideas for capital allocation so retaining earnings surely is the best course of action. Selfishly, for me the tax implications of recycling the dividend back into Fairfax shares are horrible.

Purely a curiosity, but as we close out the year it’s interesting that the FRFH (USD) share price is +/- the same as a Class A but with 40 years difference to the month. One hell of a compounding curve over a 40 year time horizon. Magnificent! EDIT: Those minor perturbations between the voting vs weighing machine no doubt were hotly debated and in the end, corrected, but also resulted in large wealth transfers. Also you needed to survive the 50% draw downs.

Normally don’t get too excited by these renders but these guys do seem to deliver. I remember thinking the same thing about T2 and what they delivered, IMHO, was better than the initial pitch deck. This looks pretty swish.

This scene from Succession always struck a chord. Agree with the posters above, work is super important. However, having the choice on what to work is the real gift. I get a kick out of community service ( Scouts, SAR etc) but I know it’s not everyone’s bag.

Looks like she “put in the work” as well.

Just returned from the Western Arthurs Traverse in Southwest Tasmania—what an ass kicker! It’s easily the toughest hike I’ve ever done. The Western Arthurs is widely regarded as one of Australia’s hardest treks, and now I understand why. Located in the Roaring Forties, the range is the first to bear the brunt of weather systems rolling in from the Southern Ocean. Combine that with relentless mud, countless pack hauls, and a travel pace of less than 1 km/h through some of the most rugged terrain imaginable, and you’ve got a hike that earns its reputation. Fortunately, I’ve spent years training the kids to help carry their old man through bucket-list adventures like this one! https://www.alltrails.com/explore/trail/australia/tasmania/western-arthurs-traverse?mobileMap=false&ref=sidebar-static-map

Agree, decent amount of work for Siemens in just connecting the airport by rail, let alone everything else that is going on https://press.siemens.com/in/en/pressrelease/siemens-consortium-partners-bengaluru-metro-rail-corporation-limited-rail

It is the price discovery aspect of the exchange that is the interesting factor here. Unless I am way off, I think FIH got a bargain.