OliverSung

Glad you liked it!

I appreciate it! Thanks for reading, MMM20.

After lurking for years reading this forum, I'm jumping in real quick to plug the write-up I posted today on Fairfax. There isn't much new under the sun than what's already been said here (any one of you seems to know loads more than I do) but it may help you tie things together. Also, my working model is available for download at the bottom of the post. Feel free to change it around based on your own assumptions. Fairfax Financial: No Clues from the Past

I made a full transcript of the meeting: https://junto.investments/daily-journal-2021-transcript/

Hi everyone, Jumping in here with my first post on this forum. Incredibly excited to have joined. I'm the author behind the Fairfax analysis at Junto Investments that Bryggen referred to earlier in this thread. As for Fairfax, I'm all for thinking about the long game and bigger picture. It's pretty much only at times of uncertainty one is able to buy stuff below intrinsic value. I think dwelling on individual investments tells us that the market cares more about the short-term stuff. I find very little reason to believe that management will not be able to live up to the baseline scenario that the current price reflects. Even after the last few weeks' share price gains. Why wouldn't Hamblin Watsa learn from past investment blunders and look forward? Torstar is an exemplification of that. And why wouldn't there be great opportunity for Fairfax to compound invested capital well over the cost of capital going forward from here now that insurance operations are doing so well? The current price-to-book makes very little sense in this regard. The level of uncertainty doesn't match the level of risk. Cheers.