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Xerxes's Achievements


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  1. I tend to echo this point of view. I don't have any proof, but my gut feeling is that he never intended to sell BB back in Q1, even if there were no regulatory constraint. Totally, my gut feeling and completely unfounded. Maybe not for personal reason, but perhaps just for a vision that he wants to see through with BB .. and that vision cannot conclude by: saved-by-the-Reddit club. However, if he were to resign next week from BB board, than I think selling the stake is in the cards. Being on the Board of BB as an independent director, or owning a significant chunk of Resolute are supposed to be the "assets" that the FFH should be able to leverage; but sometimes i feel these are more "liabilities". Then again, Prem W. built a +$10 billion business from scratch and has been investments and building businesses for decades; that is many fold more than me, and net-net he has been far more right than wrong, otherwise we wouldn't be here.
  2. Went from $80 per share during "OMG we are going into a depression", to $300 per share during "this is just speculation and will roll over" and now at $653 per share "we must own it"
  3. Thanks for the in-depth review Hobbit. You are a credit to the Shire; i admit i focused on the bit about the airport mostly. On the incentives shown above, agree that the fees being structured on BVs (and not what the market ascribes) creates all kind of wrong incentives. That being said, as those fees are collected over time, there is an end line where FFH does well out of that paper investment based on what it can do with its marketable value rather than its accounting value.
  4. There are two different things: (1) What is Prem pitching as a global thesis/story for FIH and (2) the reality. The Modi debacle did hurt the (1) argument, however thankfully the reality matter more than an investment thesis/story pitched to investors on conference calls. Modi' ascension some years ago had, I believe, put India on a different trajectory. i.e. there is no going back to the way things were even without Modi in charge. So I think we are safe on that specific front. Perhaps someone from the region can comment.
  5. I don't have that global view/picture. My comment was more specific to the comment that "other" leasing companies must be speculating on the spot market. Whilst that might be true, there is no evidence to suggest that the "other" leasing companies are actually placing POs with ship yards without having long-term contracts to support them, and that therefore Atlas is somehow unique. That said, the divergence in the performance of Atlas stock price with peers is concerning. Unrelated, this article from 2020 argues that a better investment could be the leasing companies of the boxes ! Container rates are on fire. How can you invest in that? | Hellenic Shipping News Worldwide
  6. To be fair, there is no evidence of Atlas' peers growing in a non-contracted way and speculating big on the directionality of the market. It is a more rational market for everyone, which doesn't set Atlas apart, but keeps the overall industry healthy (and benefitting Atlas by extension).
  7. I maybe wrong but I do recall hearing in the conference call that they had stated that they want to have their critical mass of new vessels on much higher TEUs. These 7,000 TEUs seems a bit contradictory to that.
  8. Presentations and Events | Onex Morgan Stanley US Financials, Payments & CRE Virtual Conference
  9. As a reference point, this 2 hours+ video posted on FIH website, had 719 views (less than a 1,000) since Oct 2020. That shows the level of interest in that part of the world from the investment community. Western corporation may be investing in India, but the investment community had better bargains at home since March 2020 per unit of risk. (1) Canada-India Business Council: Invest India 2020 - YouTube
  10. It is unclear to me if the tender offer will be include FFH tendering its own shares in proportion of its ownership, in which case the 1/3 FFH - 2/3 (rest) ratio does not change. EDIT: Fairfax Financial Holdings Limited, the ultimate parent of the Company, has advised the Company that it will not tender any Shares pursuant to the Offer looks like i missed that
  11. BYP did (IIRC) do a tender offer prior the formal offer from BAM some months later. Though that would be robbing FIH individual holders of its potential and should only be of last resort, after all the levers to close the spread has been pulled. In any case, I believe FFH structured its India entities for a specific reason the way it is now. Bottom-line, for me, i have no intention of selling FIH anytime soon. Those who bought in all the fanfare of 2014-16, if they overpaid, than that sets their ROI for the long term. At the end of the day, emerging market is emerging market, if one is unwilling to stay course, why did one got in in the first place.
  12. GM partnering with Wabtec on electric freight locomotives (cnbc.com) GM-backed Cruise secures $5 billion credit for self-driving robotaxis (cnbc.com) Far better to add to the devil that you know, to capture these "embedded" call options (Cruise and the far-off Wabtec venture) than buying inflated SPAC-of-the-day EVs.
  13. Perhaps I ought to post this in the book section. I bought this last year based on a suggestion on podcast. It goes over the 1970s but primarily looks at the Great Bull Market of 1982-1999 and the subsequent bust. It is really entertaining, looks at inflation, the 'sadistic' bear of the 1970s that keep despairing the investors, and has lots of good gems in it. Berkshire is there as well (how could it not be). I have not finish it yet, but it is going fast. Bull!: A History of the Boom and Bust, 1982-2004 eBook: Mahar, Maggie: Amazon.ca: Kindle Store
  14. So much for those hoping that FFH have some Grand plan on Resolute, involving restructuring, roll-up etc., and that we, mere mortals, just cannot see the masterpiece taking shape. FFH has some great things going for it, but finding partners for business outsides its area of competencies ain't one of them.
  15. My comment was just a general comment on the first post and not related to anything you had mentioned. Unrelated but related = > Jamie Dimon: JPMorgan is hoarding cash because 'very good chance' inflation here to stay (cnbc.com)
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