Xerxes

This is amazing https://ca.yahoo.com/news/mystery-flag-honour-dieppe-raids-015703175.html

@no_free_lunch yes, clear headed as oppose to turning that force into Chuikov 62nd Army and telling them to hold the ground. That is being clear headed. Don’t confuse Putin’s political powwow with realities on the ground. but I guess believe whatever you want @shhughes1116 yes, in contrast to the rout in Kharkiv (obviously). There is a difference between the speed at which that northern front unravelled and the slow grind in the south.

I would add that the retreat of the seasoned forces in proper order (as opposed to being routed) actually implies some proper strategic thinking by the Kremlin high command. They are being clear headed. Never a good thing, when the enemy is being clear headed. So it is good for the people of Kherson that they are (allegedly) gone, but bode less well for the war effort, messa think.

Understood, I just thought perhaps you meant different bridge. Thanks.

There is no relation between the explosion Kerch bridge and Russian withdrawal from Kherson. Perhaps you meant the bridges on the Dnipro river being taken out via HIMARS, cutting off supply lines. That said, I had found the news flow very confusing around the region of Kherson. Talks of mined dam upstream, potential Russian trap as it was reported by Kiev, definitely Ukrainian did not have the field day they day around the Kharkiv region back in August.

I was also intrigued by @Dazel statement. This is how I played it in my head: recession hits, yields crash, T-bill gain value At some point the yield curve moves from flat to an steepening one in the middle of recession, as it sees the economy recovery, with the back end yield shooting up, the 10-year treasury becomes a sought to asset.

Was that a bet on Fairfax that he made, or a beta bet on central bank intervention producing results and using FFH as a vehicle to capture that since he knows it best and controls it. To me that was a beta bet for him and those of us who added in 2020, but to bet in 2022-23 on Fairfax that would be a true alpha bet on Fairfax’s unique attributes.

See this new thread by Spek There is a bit about the “Grivalia story”. Perhaps Video becomes available at a certain point. https://greekvalueinvestingcentre.com/wp-content/uploads/2022/10/1.George-Chryssikos-The_Grivalia_Story-1.pdf Keynote Speaker Presenter: George Chryssikos, Vice Chairman, Non-Executive Director of the BoD, Eurobank Group, Athens, Greece Topic: “The Grivalia Story” View PowerPoint Presentation Video Not Available Yet

Pershing Square is trading at 30% or so discount to NAV, is it a “legacy trust” issue going back to the go-go days of Valeant now like 5-6 years ago.

We got Bloomstran covering Berkshire every quarter and we got Viking covering Fairfax every quarter !! Thanks to both of them

And the likely equity-accounting of Occidental (I think)

Just to capture the sequence of events since Dec 2021 till close of Q3, 2022. The big dollar increase in terms of investment in bonds/bills (funded from actual cash/cash equivalent) actually happened in Q1. In Q2 and Q3, I am thinking that the duration moved from 1.2 to 1.6, as treasury bonds/bills are getting recycled into longer dated ones. But the big thing was in Q1 in terms of fresh dry powder deployment.

I saw a note that says Apple is now valued more than Amazon, Facebook and Alphabet combined !! Wow. $1.1 trillion for Google $938 billion for Amazon $238 billion for Meta The last of the “Generals”, Apple, holding the line at $2.3 trillion. Today, would you rather pay $2.3 trillion to buy the whole of Apple or would you rather own the whole of the trio of Amazon, Google and Meta at these prices.

I am not used to see FFH doing a jump post earning. Uncharted territories for me. Using TwoCitiesCapital rule of thumb, it usually takes a few days post earning for FFH to react.

what you mean is “a nation state would launch a full scale assault on another state, POPULATED BY WHITE PEOPLE” Anybody (even folks who don’t follow this stuff) can do a quick Google search. The list does not include “proxy” and “hybrid like war”

^^^ Hopefully it is not going to do a U-turn once it gets above $1,000 (ala Paypal) because FFH management did not lock into longer duration, and when the next monetary easing cycle starts, all the 2-years T-bills will be rolled into lower yields, effectively making this a one-time boost Funny enough almost all the companies seem to have had their "Covid accelerent" in some fashion or another. Some earlier and faster, some later and slower, but always there ....

30% return in the past 12 months while market overall did not perform well. Not bad ! I was hoping for a little "deflating" of FFH prices heading into Q3 results, but looks like it is getting a bid instead

Great podcast on this new edition

Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition: Siegel, Jeremy: 9781264269808: Books - Amazon.ca The sixth edition of a classic, updated for most recent events. "The definitive guide to stock trading, Stocks for the Long Run has been providing the knowledge, insights, and tools that traders need to beat the market for nearly 30 years. This new edition brings you fully up to date on everything you need to know to draw steady profits for yourself or your clients. It’s been updated with new chapters and content on: • The role of value investing • The impact of ESG―Environmental/Social/Governance―issues on the future of investing • The current interest rate environment • Future returns investors should expect in the bond and stock markets • The role of international investing • The long-run risks on equity markets • The role of black swan events, such as a pandemic You’ll also get in-depth discussions on the big questions investors face: Are we seeing the eclipse of capitalism? What do global changes like climate change mean for markets worldwide? Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market, including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that’s both safe and secure."

The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America: Padhi, Asutosh, Batra, Gaurav, Santhanam, Nick: 9781541701878: Books - Amazon.ca Just a placeholder if anyone has read this book. The author did the round in a few podcast "The future of the American economy is hiding in an unlikely place: the manufacturing sector While Silicon Valley titans dominate headlines, many of the fastest-growing, most profitable companies in the United States are firms you’ve likely never heard of, such as HEICO, Trex, and Casella. These booming companies belong to a burgeoning sector—industrial tech—that offers surprising hope to workers, consumers, and investors alike. Their role: to make a range of products—aerospace parts, for example, or recycled plastic lumber—that quietly form the backbone of America’s biggest industries. In an age of instability, industrial tech is a cornerstone of our economic future. In this book, McKinsey veterans Asutosh Padhi, Gaurav Batra, and Nick Santhanam reveal the “titanium economy,” a modern, reinvented industrial sector complete with high-paying, domestic jobs;, soaring stock prices;, and critical infrastructure. They dispel the myth that the best of American manufacturing is behind us and illuminate an opportunity for a brighter future—if we can seize it."

I think you mean pre-WW2. Notwithstanding the Wilsononian involvement in the First World War. On “China and Russia JUST deciding” I am not sure where you guys get this stuff. This is not 2022 news. China was once a great power, before the Opuim wars and before its humiliation by the Europeans. We may have short memory, but history remembers. That great power vision may collide with our more liberal vision of world. But it does not mean they JUST decided something. It is worth re-reading the first paragraph on one Daniel Yergin’ lesser known books: “The Commanding Heights”, shown below. This first paragraph speaks volume of Deng Xiaoping resiliency, him setting the stage and that of the current paramount leader that will now see that vision through. “Hide your strength and bide your time” Deng Xiaoping said at the time. Now comes the next step …

I always enjoy listening to the good Admiral whether on Bloomberg or elsewhere (though less interested to buy his fiction book). This is an incredible episode on his time in service as a sailor and a Navy admiral, the war in Ukraine, him being in the pentagon when 9-11 happened. Worth listening. There is a book he very highly recommended called “Chip wars” written by an SME. I also saw a review on it in The Economist. I think I would be buying.

I am listening to Biden speech live, it was very short one, and even I, more or less a liberal, consider this speech an absurdity and idiotic. The first & only question that was asked was about Lula and president election, no one bothered with question on oil

just saw this new trailer. I like the bit with Marchel Foch in his carriage (decades later destroyed by Hitler). I presume the overexcited German general is that of Ludendorff. Gone are the days where depicted German or French soldiers in war movies speak accented English.

Indeed,