newtovalue

Looks like he sold a ton of AAPL. Position is down to $84 billion from $174 billion in Q1.

Sleep country actually owns two of the biggest DTC Canadian brands - Casper and Endy

ZZZ - Looks like roughly 10x FCF to equity holders at the acquisition price. Not terrible for an oligopoly business and growing demand due to increased population in Canada. Agree with @hardcorevalue that FFH buybacks would be preferable - but perhaps the capital is trapped in the subs as @TwoCitiesCapital mentioned .

good point @Haryana - just checked the Blackrock site and GWO is not there. i dont think there is any reason they would prefer FFH to GWO - unless someone else can opine. Furthermore companies like ATZ-T (just to name one example) are not in the 60 but the argument can be made they should be to diversify the index sector weighting. Perhaps we are getting ahead of ourselves (myself included) with hopes of inclusion for FFH. https://blackrock.com/ca/investors/en/products/239832/ishares-sptsx-60-index-etf

haha! I love it. I am still learning so much from yourself and this group - so maybe i can change it to kindanewtovalue

what a nice surprise for a monday morning. luckily i own both FFH and STLC so this one works twice!

Apologies if this has been discussed before - but now that Digit is public - any idea what the impact to book value will be when Fairfax reports Q2?

good result - now trading @ 1.18x Q1 2024 book value. next big leg up will be Digit and TSX 60 inclusion also looking forward to the call tomorrow

ty @gfp

Anyone know when the annual report and letter comes out?

@Spekulatius - that is the beauty of having a diversified busienss - some parts will work at certain parts of the economic cycle and others will falter.

yea that part on energy was as harsh as i can remember Warren being - good for him to call it out

what a well written letter. i wish i am as clear thinking and articulate when i am 90+ as Warren is. the part about charlie was quite sad - he is missing his best friend. overall great results - stock will hit ATH monday

Jen Allen giving a MasterClass in Insurance accounting. "If you come for the king - you best not miss"

@SafetyinNumbers - the market cap is already way past any requirement to be included in the TSX60 - and if they unwind the TRS - they will not have enough capital to buyback the same number of shares as the TRS supported. Agree - the crosses may be related to the TRS (adding or unwinding). My concern with the TRS are: 1. Perceived added complexity (market likes simplicity). even though it was a brilliant move - i'm sure its giving some investors pause and some PTSD to the inflation swaps and the shorting. 2. Financing costs - the TRS was cheap when interest rates were low - now @ 5% plus rates its much more expensive to keep on

thanks @Viking - very informative as always! would also be interested to see what they did with the TRS. would not be sad if they unwound that and used the capital to actually buy back stock

this may be a stupid question - but how do you guys own your crypto? do you self custody or through an exchange or through derivatives?

1. BTU - cheap and management buying back stock 2. FFH 3. BABA 4. BRK.B 5. Gold 6. Oil (Suncor) 7. Bitcoin

i think @glider3834 has it right - tax losses make tons of sense

haha - just having some fun! but agree with you - i think a long way to go until intrinsic value and i keep adding to my position. good luck to both of us!

@MMM20 - Slow clap for you funniest guy on the board

End of Q3 today - any estimates of book value? I'll go first - no major cat events, small bond losses MTM due to rising yields, equities relatively flat. Roughly i would bet $870-900 USD. My method is not scientific as @Viking - but hopefully in the right ballpark.

So we're past peak hurricane season and so far no major storms. Fingers crossed but looks like this season may be milder than in the past. This will be a huge windfall for all the insurance companies that wrote CAT insurance in Florida. I remember BRK had done it - but not sure if FFH - any insight from the board?

Yes agreed! I may go back and try to see where past insurance deals got done (relative to float). this is another useful metric to either prove or disprove the thesis that FFH is cheap!

Not apples to apples - but Intact just bought a UK insurance company at 1x annual premiums (with a 96 percent combined ratio) If we apply that multiple to FFH - we get a market cap of $27 billion usd or approximately $1600 cad a share. Fairfax is cheap no matter how you cut it