Xerxes

One interesting thing to note about FFH' equity portfolio is that it has very low cross asset correlation between its major tent poles. What does Blackberry, Eurobank, Toys R Us and Seaspan have in common (aside their common shareholder) ? .. nothing, in fact serving very different industries and often very focused geographical location in some cases.

Toys R us was bought for $300 million in early 2018. 2-3 years later, i imagine that at the very least this might have gained some value, given that it was bought at distress price. i think that would make it contender for 3rd spot as illiquid as it is.

i am glad i do not own Recipe but glad that i own it diluted through FFH. And i can definitely see some of the MTY owned entities (Thai Express, Arahova) more or less empty all the time. yet, Allo-mon-coco, the breakfast joint, also owned by MTY is PACKED !!!! i think for sit-ins the shift is really toward breakfast places. On Recipe side, the only one that i care to use is The Keg + Harveys now and then.

Top of my head, i recall FFH ownership was around +35-40% based on common stock (not counting warrants). Significant ownership, yet bizarrely one that is being marked to market as oppose to being under equity method. I wonder with APR being folded in and an even larger ownership in common stock, if FFH would need to switch the way it accounts for the newly created Atlas Corp. Said differently, is it more advantageous for them to continue to mark to market (capturing the rising valuation) or capture their portion earnings (which would lag the rising valuation). i understand that the accounting treatment is not done on a whim, but given that FFH public commitment has been a 15% return on equity, and they have been lagging, they do have an incentive to do what they can to capture the "value" into their book value earlier rather (market to market) than later (through equity method earning).

I would just add that Fairfax Financial's ownership in both Recipe Limited + Resolute Forest is accounted through equity method as FFH has a large ownership of both companies. So their stock movement quarter to quarter is not marked to market. But FFH percentage of their equity income is. Unrelated saw this earlier this week on Recipe: https://www.theglobeandmail.com/business/article-prem-watsa-hoped-to-revive-a-restaurant-giant-but-recipe-unlimiteds/

Howdy folks, My new year resolution has been to join this board and stop being cheap (the $29 fee) and start to contribute to a great forum that I have been over-learning from. So I joined: I will add this company as well to this list of FFH's holding: AGT Food and Ingredients. It was taken private a while back. Here is an article from earlier this year on how the likes of Beyond Meat are creating more demand for AGT Foods. Unrelated to peas, the podcast talks also about how their (AGT/FFH) control of railway to the Port of Churchill present them with a nice long-term play real option (as Arctic recedes) as that is the only major railway heading that way, and IIRC Churchill is the only Arctic port on the Canadian side .. vs .. several or so on the Russian side. https://business.financialpost.com/commodities/agriculture/peas Here is the CEO on podcast with the Canadian Club of Toronto that I had found to be super interesting. You will find many other interesting podcasts well. https://player.fm/series/series-2416203/murad-al-katib-president-and-ceo-agt-food-and-ingredients-inc