NormR
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Posts posted by NormR
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People going to the FFH AGM should check out Fairfax Lollapalooza 2023
Those who aren't COBF members can read the public version instead.
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Merry Christmas and happy holidays!
May you and yours have a joyful season! -
I've gone to them each year for the past decade, or so, and quite enjoyed them. They can vary a bit from year to year depending on the speakers.
There are videos of several of the past speakers online. For instance https://www.ivey.uwo.ca/bengrahaminvesting/resources/video-library/
The online format is new for them. So, it'll be interesting to see how they handle it. (The networking and side meetings were really good in the past but, alas, probably won't happen this year.)
If cost isn't an issue, I'd go for sure. But it's mostly an industry thing for those who can write off / expense the cost. It'd be a harder decision for retail investors of modest means. The later group might want to wait till next year for the full experience.
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Almost 200 years at this point.
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Keep in mind that Paul will likely have to do many unpalatable things at Torstar to have a chance of stopping the red ink. A bunch of them, like firing workers, will eat cash. The required repair job would likely have significant negative publicity value if FFH bought it instead - and the results probably wouldn't move the needle at FFH. There is a reason why Buffett got out of the liquidation business.
I wish Paul the best of luck in his new endeavor.
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Yes. A HISA can be an easy way to park cash at a Canadian bank broker and actually earn some interest. At last check the big ones all payout similar - and not great rates. ~1.1% at the moment, IIRC. Keep an eye out for anti-competitive broker fees that dissuade clients from using HISA of other banks.
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I noticed that many of the value managers really outperformed during 2001-2005. Can someone share the why's of that time period?
The late 1990s set it up
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I'd like to thank everyone for their commentary on this thread. It has been quite helpful!
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The other big advantage for Canadian investors is that ForEx is done at wholesale rates. At other brokers, you are going to lose 2-3% on a round-trip trade for U.S. stocks.
Cool. Btw, investors can get around the FX issue with a little cross-border arbitrage. i.e. buying RY on the TSX (in CAD) and quickly selling it on the NYSE (in USD).
The main drawback, especially for a small account is that IBKR charges for market data. I just use my BMO account for market data and trade in IB. But this wouldn't work for your example.Interesting, so you don't need to buy the data if you can get it elsewhere. I notice they have a minimum # of trades fee too but it's waived for accounts with more than ~$100k. Are there other similar charges that one should be aware of?
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I'm looking for a Canadian discount broker (i.e. for Canadian residents) for a modest account (<$200k). What option would be good for value investors?
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Many value investors like to take a close look at a firm's balance sheet strength before investing in its stock.
What debt factors are the most important / most useful to you when looking at bargain stocks? (i.e. debt/equity, current ratio, year-over-year change in long-term debt, interest coverage, debt rating, market price of bonds, etc...)
On a 10 point scale, how important are these factors in your overall investment thesis with 10 being very important and 1 being of little concern?
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I'm not saying that Net-Nets are bad. But ...
Backtesting microcaps can be problematic due to liquidity. Bid/ask bounce can skew the test. Getting in/out in volume is an issue. There can be big data quality issues in the micro space. etc.
I've seen huge spreads (i.e. bid: $8 ask:$10) on small stocks on the TSX in the past with a few hundred shares traded a day - on a heavy trading day.
There will also be issues of getting a big basket of Canadian net-nets in many non-bear market years.
Frankly, I'm skeptical of backtests with CAGRs north of ~20%/yr for long periods. It usually indicates some problem with the test. i.e. data mining, etc.
Healthy skepticism along with a good deal of sensitivity testing is advised. If it's too good to be true...
Add: Btw, go to the "counts" tab on the Bloomberg report to look at the backtest's turnover.
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What Works on Wall Street.
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None of this matters because with the rise of the AI world productivity will increase by orders of magnitude even beyond our wildest dreams. So long as starvation can be staved off until All Becomes One, all problems of the mortal world will be ceased & moot. That is not dead which can eternal lie, and with strange aeons even death may die.
g > WACC = ∞
Yeast in a sugar solution eventually dies either from starvation (ran out of food) or toxicity (alcohol by-product).
Infinity = dead !
Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn.
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The explosive energy of the vacuum itself would be incredible.
It's really more of a problem with the energy of the pods. Just letting air into a vacuum chamber isn't that big a deal - as long as the walls are thick/strong enough. Back in my student days, we machined vacuum chambers out of aluminum with very thick walls. We had one beast (made of steel) that you could basically walk/climb into. The easiest way to stop small leaks was to put some epoxy on the offending hole.
I can't see how the project makes sense cost-wise and it does seem to be overly risky for passengers, but I've not looked into it carefully.
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It's a great event! I've got my ticket and I'm looking forward to it. The whole FFH week is top notch and a great way to keep up with friends in the community. I should know, I've attended every public event during the week for several years now. :)
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As an aside, one thing that the question seems to imply is that retirement is more fun than other things. But, I don't think that's actually the case. Really, doing nothing is boring. Seeking nothing but entertainment (video games, movies, beaches, theme parks, drugs) is equally boring. Creating and exploring interesting things is far more fun.
This.
There are lots of people who have to work to put food on the table. But if you're beyond that stage, take 4 weeks off this summer, sit on a beach, and do nothing. I find that it takes about 2 weeks for my friends with regular jobs to actually relax fully. But most of them will start to go squirrely by week 4 with boredom. It takes me about 2 weeks to reach this stage.
Those who are able should find something they like and do, and do it, after getting their "FU" money. Bonus points if it also earns money, makes the world a better place, etc.
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I think some who will not go because they are no longer invested in Fairfax, IMO just miss the point of the weeks festivities. I think it provides an opportunity to build friendships & get some good ideas face to face. Just my 2 cents.
+1
As a local, it's an easy call to take a few days off to attend the various events to hear what everyone is up to.
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You've got to seek scale and jail time for the idea to be really bad. ;-) So, I give you ...
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What charities would y'all recommend this year?
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WealthTrack:
Fairfax 2024
in Fairfax Financial
Posted
I've parked the lineup for Fairfax Lollapalooza 2024 on a public webpage over here ...
https://www.stingyinvestor.com/FairfaxWeek2024.html
If I've missed anything, please let me know.