Xerxes

I dont know about the US, but Canadian TSX has a rule of no more than 10% of daily volume or something like that. Therefore I would argue that (at least in Canada), that buyback is just displacing some body else who would be buying.

Tax aside, there are two different points of view. The “company“ and the “shareholder” from a company point of view, in both cases a certain fixed dollar amount is being sent out of the company coffers. Whether given in big lumps to selling shareholders (buyback) or much smaller amounts to all continuing shareholders (dividend) they are the same. from a continuing shareholder point of view, while the math is the same when it comes to EPS. That said a continuing shareholder would prefer a buyback that is to the disadvantage of the exiting shareholders. (Buying below intrinsic value) Taking out a slug of shares below intrinsic value is not possible via a dividend policy, unless done mechanically by the shareholder by buying additional shares with that dividend. so it comes down to, who has the best judgment in terms of when shares are undervalued: the continuing shareholder or the company.

Too bad we dont have a AJ Gallagher thread

For those who like Lee Cooperman, he is being going off his energy pick Paramount Resources the whole 2022 and now again on CNBC PRMRF: Paramount Resources Ltd - Stock Price, Quote and News - CNBC Paramount Resources: Patience Finally Rewarded (OTCMKTS:PRMRF) | Seeking Alpha

Nova Scotia aviation company offers stock options in a deal to tackle $115 million debt | SaltWire

thanks John

If “unrealized gain/loss” already flows through the income statement, wouldn’t there be already be tax consequence as net income is influenced by it ?

Already cancelled Netflix. Couldn't even finish Ozark's last season. It was second attempt to watch it. I'll be trying "Traitors" and "1899" before my subcription runs out. Traitors (TV series) - Wikipedia This below is by the way a great spy movie on Netflix. Real story on the months leading to the Egypt-Israel war in 1973. Don't spoil the ending by reading it. The True Story Behind the Netflix Movie 'The Angel' | Time ------------------------------ Cannot wait till few weeks from now where I can click on "purchase" on Prime and get a hold of : - New season of Yellowstone - 1923 => Yellowstone prequal but 1883 sequel - Second season of "Mayor of Kingstown" => highly recommend - Tulsa King (maybe) That's some real TV ! not some algorithem driven top-down manufactur mumbo-jumbo content

I started watching Treason "so called Limited show" on Netflix (not exactly like Limited edition scotch, is it ?) It is a drag to watch this so-called thriller like most other stuff on Netflix. There is no lack of great actors, budgets. It is all there. What really sucks is the script and the directorship. If you show me bunch of shows/movies and not tell me the production/distribution platform (HBO vs Netflix), 9 out of 10 i can tell you which ones are from Netflix. With Netflix, it is almost about creating shows for the sake of creating shows. A show or a movie, needs to start with a good script and good story, and then into production (bottom up). Not other way around, with Netflix algorithm computing people's interest on a Thriller and then issuing purchase orders to the production companies to conjure up one out of thin air.

Just for clarity as I think there is a typo here.

In 2019, revenue dropped by 21%, do you remember why ?

All I care is that multiple to BV remain very modest for the long term so that I don’t have to make any hard decision.

I am overexcited to read what Buffett has to say in his letter in a few weeks. A lot of stuff happened in 2022, but we never got the Buffett side of the story.

Depends also who are we talking about, (1) long-term current/would-be-holders, or (2) those trade-in with a 12-24 month window. Most discussions in the past 12 months on FFH has always been on the merit of the company itself and not the investor side of it. Who are the investors ? For me, as I fall in category (1), the movement from 0.90 to 1.1 to BV is just noise, given that i am not selling when it goes to 1.1 (it has to go really parabolic high against BV for me to sell). Going from 0.65 to 1.0, was the real juice both for category (1) and (2), but going forward as a long term holding, I am holding it not because of it going from 0.9 to 1.1 but rather the NAV (or BV) compounding because of whatever better secular trend. For those in category (2), easy money has been made. They may wish to trade 0.90 to 1.1 to BV is just noise, if that is their forte.

Even more cooler than that, is the Swiss National Bank, which conjurs Swiss Francs out of thin air, Et Voila!, sells it in the FX market for U.S. dollar, and use the proceeds to buy the big U.S. technology names in the past decade.

I don’t have any unique 2023 ideas or any other year for that matter. Just letting the portfolio run and add to the same name as they dip and money becomes available. I got dinged on long-duration assets in 2022, however going forward the “expected return” ought to be better. Added more to Onex yesterday. I do plan to start a new position in BX sometimes in Q1. I lost Lockheed. Had a close eye on it in late 2021 but it went away. I like FFH and understand the cheaper then before argument. But that thing has rallied quite a bit. Hasn’t it.

Just verified on line https://www.forbes.com/sites/mattdurot/2022/10/31/saudi-prince-alwaleed-becomes-twitters-second-largest-shareholder/?sh=26e9bc69523a

For clarity, unless I am mistaken (from memory), Twitter investment that got rolled into that “private equity” was not from PIF but a personal investment of Saudi billionaire.

I ll do the honors for this year. https://s1.q4cdn.com/579586326/files/doc_news/2023/PRFFH-Annual-Dividend-Press-Release-January-4-2023.pdf "Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) (“Fairfax”) announces that it has declared a dividend of US$10.00 per share on its outstanding multiple voting and subordinate voting shares, payable on January 26, 2023 to shareholders of record on January 19, 2023. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada."

Very well said. Likewise, I count/focus on quantity of shares in down years and their dollar value in up years.

Did you watch this episode >

Finally back home and can post my 2022 results. I am happy to report that my 2022 totally beat Cathie Wood star investor in the 2022 year. Assuming i have done the math right, it comes to -11% down for the combined TFSA/RRSP/LIRA. It is all in Canadian dollar terms. Account split: RRSP/LIRA where I hold the crown jewels (including the cut-in-half Alphabet and Amazon) are down a combined -3.2% for the year. TFSA had a monster -31.9% drop. Within that account I had IAC, Grab, Spotify, Angi, Onex Etc. I should add that in the prior year (2020-21), I had bought Microstrategy at about $377 and sold over $1,000. And had also multibagger realized gains on Blackberry and Lightspeed. So in 2022, I gave back what I unlawfully sold to the greater fools than myself, and became a fool myelf. Naturally, the RRSP/LIRA is more than 3.5 times larger than TFSA, so stupidity is hedged. Biggest +ve Contributor in TFSA/RRSP/LIRA (not counting dividends): Exxon 80% up Fairfax Financial 28% up Bombardier 27% Starbucks 27% up (from May when I started position) RTX 17% up Stelco 13% up Couche-Tard 11% up Berkshire 3% up If I am not mistaken in my math the above constitued in total dollar terms ~46% of the combined portfolio, which means there was the balance ~54% in dollar terms that went down in 2022. Either a little bit or a lot.

“The Initial of a Friend” ~ Not sure if this goes to the “joke” section or the GE thread.