nwoodman

Either way, interesting in terms of relative contribution. As always thanks for digging. Also begs the question , who exactly, is Sokol actually working for?

That's my point. Atlas was the opportunity to forge a new path, instead the whole thing just comes across as grubby in my opinion. The fact that IR had pretty much shut down over the last few months makes it even more suspect. Anyway enough said but I am sure Buffett isn't losing any sleep over Sokol's departure.

Or conversely a realisation by Fairfax that the market will apply a healthy discount to any public company associated with it. I understand the "market is there to serve you" etc and opportunism can be rewarding. However, each time this occurs it chips away at the company's reputation. What was that famous quote by Buffett about reputation??? It was the definition of insanity to assume that this time would be different with an FFH sub. So be it.

Looks like we had similar ideas

MKL

50% of my ATCO stake

Shout out for Black Bird on Apple TV. It has a True Detectives (first series) vibe. Some confronting material but interesting character development and has left me hanging out for each weekly episode. I think any lingering fears about Tim Cook’s “wholesomeness” approach to TV+ are put to bed with this one. https://mashable.com/article/apple-tim-cook-television

i would be interested in your line of thinking here. CCS? I remain sceptical of CCS but if the technology scales it could be meaningful. Chevron’s Gorgon project has been rather underwhelming https://www.reuters.com/markets/commodities/chevron-says-worlds-largest-carbon-capture-project-has-a-ways-go-meet-goals-2022-05-16/ Perhaps OXY can deliver https://jpt.spe.org/oxy-to-sell-industrys-first-net-zero-oil-forwards-carbon-capture-plan

Ron Olson, Director, bought 2,410 B Shares worth $661.18K. Average price $274.35 SEC FORM 4

This probably belongs in the politics section but it did make me laugh

Apple Car Play and L3 merc is pretty compelling. I know it was kind of laughed at WWDC this year as a bit of non-stat but I am definitely one of the 79% that would only consider Carplay. I understand Tesla wanting to own their own stack but I could never consider one of their vehicles because I am so entrenched in Apple. Merc all the way for us, kind of like a much lower version of Buffett's "indefensible" but it gives us joy every time we drive. Yep, if European regulator's want to blow up Tesla's autopilolt, the easiest way to do it is to require redundancy in the form of Lidar. I wouldn't argue with that view. The Tesla strawman argument saying that as humans we don't navigate by shooting lasers out of our eyes is plain silly. I dare say we may just be doing that via AR glasses in the next 10 years. Digital evolution.

Yep first to L3, might be a bit of European favouritism. Mercedes opens sales of Level 3 self-driving system on S-Class, EQS | Automotive News Europe (autonews.com) Thanks for the link btw. I have been toying with buying some shares at this level, a great brand. Very much the Apple of the auto universe which is why I have held off . It wouldn't happen but a JV with those two brands would be super compelling. Never seen the numbers but I would posit the vast majority of Mercedes owners would also be iphone owners.

The 260’s are a good entry point. Kelly optimise if the opportunity presents. The probability of permanent capital loss over a 3-5 year period is very low IMHO.

BRK.B

Agree, especially the observation re talking book on Twitter. Still I find the longer form interviews one Blockworks Macro are illuminating. There are lots of dislocations in the energy market at the moment that will be resolved in the usual way in that the high price of oil solves the issue of the high price of oil one way or the other. Short term though, given the oil price feeding into most things, I am left wondering how interest rate increases will resolve the inflation issue. Short term it would appear that the price of oil, prior to a more complete energy transition, is a better proxy of hurdle rate while the fed catches up.

Interesting interview with Josh Young - Covers his Sandridge position in detail - Lays out his thinking in terms of oil price rising to $130-140/bbl which finally leads to demand destruction, oil drops 30% to 90-100> Stimulus then leads to all time inflation adjusted high for oil -TOTAL and Shell competing to blow up the most shareholder capital - renewables/powegen not their core competency - Interesting commentary on OXY. Much better values to be found in smaller names. Cultural issues at the company according to his contacts. 1:08:14

That’s a big call. i think starting from a 20-25% discount to stated book value has a lot to do with the it. I will take the outperformance but won’t be taking any victory laps too soon. Personally i think the current situation actually favours Berkshire more than Fairfax. At some point inflation, running at these levels, is going to kick the crap out of insurance companies even with a hard market. Buffett has been preparing Berkshire for that moment, I hope Prem has too. A couple of decent Cat 5’s or an earthquake or two would be just the way to round out 2022. I hope not, just sayin’.

Paste the link and I will see what I can do

@Viking Great video. My favourite moment, when George looks into the camera and referring to Cathy Wood says, "This market will not bottom until she loses all her assets" cheers nwoodman

Good to hear a date, October 2022, for T2

A very impressive set of results for Digit. They have now crossed the RS 5000 crore (USD650M) in GWP "Digit insurance said that in terms of written premiums in a year, the growth was seen at 62 per cent in FY21-22 whereas the industry on an average grew by 10.9 per cent. In FY21-22, across all products, Digit sold over 77.6 lakh policies, an increase of 40 per cent compared to the previous financial year. Further, the company’s health portfolio saw a growth of 132 per cent over FY20-21, led by group business." Digit Insurance crosses Rs 5,000 crore yearly revenue milestone - BusinessToday Digit Insurance rakes in over INR50bn in GWP | Insurance Business Asia (insurancebusinessmag.com)

Now posted https://s1.q4cdn.com/579586326/files/doc_presentations/2022/Fairfax-2022-AGM.pdf

At first pass, it looks fantastic. CR 93.1%. A hit to the bond portfolio but that was expected, but they faired better than most . BV 626. Given the absolute macro craziness of the first quarter, I say well played Fairfax!

KMX, OXY

New CEO at Digit https://www.livemint.com/insurance/news/digit-insurance-appoints-jasleen-kohli-as-new-md-and-ceo/amp-11650348439787.html The 42-year-old Jasleen Kohli will be one of the youngest CEOs in the insurance industry, as per the company release With 19 years worth of experience in the life and general insurance industry, Kohli last served as the director at Allianz Technology before joining Digit as the CDO in 2017