Xerxes

Couldn’t agree more. That said this happens all over the world. But for some reason this Israeli-Palestinian issue gets a lot of oxygen, from both sides and their unconditional-unbending-supporters talking their pre-established talking points. A tragedy but not the only one in the world. I think I am going to start a thread about the end-game of Azerbaijani and Armenian. There were three wars in the past 30 years, and just like the three Punic Wars each shorter than the one before. The end results is exodus of Armenian from their historical lands, which was part of formal post-Soviet Azerbaijan territory. One of the many frozen conflict that came because Soviet Union disintegrated so fast.

That is fair. Cannot argue with the logic that one needs a sociopath brute to beat the other guy’ sociopath brute. I don’t have a problem with that logic. Though it aches my body. As long we understand we are not confusing him with some modern version of FDR, Woodrow Wilson or Sir Winston. Men with vision of not only today but the day after. Have a nice weekend

I recently re-watched House of Dragons S1, before S2 is released in June. I highly recommend people to re-watch. It has great re-watch qualities and a lot nuances that needs reminding before S2 kicks off. Cannot wait for the Greens and Otto Hightowers to fall. They are nothing but usurpers.

Thanks. Will start this weekend.

Not much different than Netanyahu himself. Who just happened to be democratically elected. So he gets a pass and Westerner are required to bend-knee and repeat and carry his words like gospel. Looks like he is got a new lease on his current job, and manage to get aid unblocked, divert attention from Gaza. Truth political survivor. I personally am an admirer of Moshe Dayan. The Israeli defence minister with the eye patch. Bygone era. That is when men were men. And soldiers were true soldiers. But that’s just me. Nowadays, people going around on twitter making meme on how their “truth” is more true than other side. Politicians just lie through their teeth. Anyways, enough of me talking in this thread. None of this is investment related.

Hamas has many factions. Haniyeh in Qatar was of its political wing. The military faction (that very possibly kept 10/07 operation secret even from its political wing) is led by the psychopath whose name escapes me. He lives on borrowed time and on his line of credit.

There are some unconfirmed Breaking News coming out of Tehran speaking on the condition of anonymity: Iran and Israel have now an understanding that a new large Starbucks flagship coffee shop is to open in downtown Isfahan. Israeli helped in clearing the area, Iranian put on some fireworks in the sky. This is a developing story …

Fake, but still sounds like him

it maybe that in the 2010s, FFH was a “holding company” with its investment and therefor its fortune was heavily tied in BB, Resolute etc. Still worse they had an unusual appetite for large illiquid holdings. A “holding company”’s fortune improves only on the back of its investments. One has to sell an investment in gain to re-deploy elsewhere. And they just happened to be bad investment in 2010’ FFH era. Today, it is an “operating company” where the operating cash flows gushes in to make new investment, letting past investment mistakes dwindle in size harmlessly.

Thanks. I was actually to skip King Rat as it was his first published one and no major history arc in it.

thank you. will look into this. Those few words could end up be the most important part of this investment/insurance AGM.

Pete, Going on same theme of embedded call option getting good value in recent years for FFH, do you see a similar “step-change” in Berkshire history in the 90s and 2000s, where it was the optionally that got fully valued more than anything else. Is Berkshire being ready for the disaster that GFC was, counts in your opinion as the same as FFH being ready for a major re-rating ?

Finished the book. The last few pages cover like 10 years or so. The show is at episode 9. One more to go. Episode 8 and 9 were straight from the book (with minor changes that made it better). It is incredible to see how the producers were able to create a show based on such complicated book without oversimplifying it. Reading this book I have learned more about Japanese people in that era, culture wise than the past 25 years of my life reading history books about Asia. This novel somehow seeps in all the cultural nuances that gets missed just by reading history books. I think I will read Tai-pan next that deals with merchant families in Hong Kong. According to Wiki: Four of the six books—Tai-Pan, Gai-Jin, Noble House, and Whirlwind—follow the dealings of the great trading company Struan's, the Noble House of Asia (based on Jardine Matheson Holdings Limited), its founder Dirk Struan, and his various descendants. Gai-Jin provides the major link between the Shōgun and Struan's storylines.

Plan within plans within plans. This is right out of Frank Herbert's Dune.

Medical question: Anyone understood what medical test Prem Watsa was talking about in the AGM ? that he makes available for everyone in the company. Related to the heart. I recall few years before Covid, I think his CFO passed away. I wonder if that was the reason why this initive was started.

I am less than 25 pages from the end. Of the 1,100 or total pages. Somehow the author is going to weave and wrap all the plotlines in those 20 or so pages.

interesting title they chose for the book ”ruthless” ….and not “relentless” as they should have. Is that a miss ? I don’t know if you are familiar with that historical tidbit. go to www.relentless.com see what happens

@Dinar If you are interested in obituaries of slain revolutionary guard generals, the one that The Economist wrote on Suleimani in 2020, was spot on the man. And his background. I don’t know how The Economist are able to get a profile so well in a short span of time. Credit goes to that magazine and its reach and resources. https://www.economist.com/obituary/2020/01/09/obituary-qassem-suleimani-was-assassinated-on-january-3rd

@whatstheofficerproblem We have no stake so we can talk non emotionally. Others have stake, family and friends. At this stage (nor anytime soon), I don’t expect neither a Palestinian nor an Israeli to be able to have that type of conversation. So they get a free pass from me. Wounds are way too deep. That said, I have no problem in blasting North Americans and European when they go off into full Peter Jackson LOTR mode uttering whatever. on Starbucks, imagine my surprise Monday morning when it didn’t open 10% down. lol. I own it and love the brand.

Dinar I don’t read anything coming from Tehran that is official. It is of no use. Mostly lies. They may claim something they didn’t do while not claiming something that they actually did. The audience is always the domestic Middle East folks. And right now there is a “market share” to gain of being a “defender of Gaza”. Not knowing the details of Oct massacre, it is highly unlikely that Hamas (a Sunni organization) took orders from heretic Persians. Sure they will take their money, and weapons, but they do their own thing. The Mullahs in Tehran are after continuity and self preservation. To give an easy analogy: For instance, Iran sees Israel as a US proxy. But it doesn’t mean everything that Israel (the proxy) does is directed from DC. Israel has a mind of its own as Hamas has a mind of its own. The proxy actions sometimes may or may not conflict with what the “higher up” desires. And just it is easy to find “hard connection” between the latest Israeli massacre in Gaza and US military, well you know they use American h/w and are in constant communication, it is probably not hard to “find” communication trails between Hamas and IRGC, if one wants build a hard narrative. Now that said, any of this does not change Iran’ “foreign legion” malign behaviour in Levant. Nor does it change that while they do not have hard control over Hamas, they DO have hard control over Hizbollah, where that ideological relationship goes back decades. I will also add for those here actually interested in history, the Hamas organization and Tehran were at odds for better part of the 2010 decade. Why ? Because they were on the opposing side of the Syrian War. Only the end of the Syrian War in the last couple of years, brought Hamas close to Iran, to invest in as “passive non-controlling stake”. I hope this post helped anyone who actually looking for some pointers. Aside of just relating the latest talking points from either side. I may not be totally right, but I think directionally I am right.

Agree with your post. One of the better post in the whole 5 pages. your two cents are in the money. IMHO but I don’t think US cherish its role and not looking to score election win point.

Renewed half of mortgage to 5.5% (3-year) up from 3%. The other half still hanging at 1.7% expiring in very late 2025. Unknowingly I sort of shorted the bond market by issuing debt at bubble territory during Covid mania.

thanks. If that was you, I think then I saw you on video conference in Q&A for FIH for a brief period. thanks for your contribution to this forum

If anyone has notes from the British Tobacco that was presented I would appreciate if they could post. Also please don’t be shy to share stuff that was outside the televised AGM that was FFH related