matthew2129

Starting to look like BB may be starting to go parabolic for the 3rd time on heavy volume...what will be the obscure securities reg preventing FFH from monetizing this time around?

Now that the Riverstone and Brit sales are closed, I'd really like to see to FFH ratchet up the buybacks this month. Given the large TRS in place, they shouldn't be shy to smash the ask

BB pumping on heavy volume today....let's see if the investment Gods give FFH one more chance to dump this POS at $15+ in the coming days

Curious why you picked PFIX instead of something like XLF or VFH? I don't know much about PFIX.

Damn, even as someone who's been pretty bearish on FFH I've got to say these results are surprisingly stellar

I don't think ATCO, KW and STLC in the aggregate have even outperformed SPY in the period that FFH has held them. I'd prefer FFH's 13F portfolio consist exclusively of VT and leave their "value investing" to private markets in undeveloped countries

They bought at a great p/b ratio! /s

Don't they have had to file within 5 BDs if they sold anything? Meaning we're still stuck with this P.O.S

PRX

Bit of MCHI and COIN

I am also concerned by Prem's relentless criticism of FAANG stocks in the past couple of annual shareholder letters (all while holding super expensive/cash flow negative BB). I can understand criticizing TSLA, Zoom ect. valuations, but FB, AAPL, GOOG and AMZN? I'll take Tom Gaynor over Prem as an analyst any day, but FFH's price to book value right now is too cheap not to own.

Are you sure FFH is subject to BB's blackout period? I thought blackout periods were just voluntarily imposed by a company on its directors and employees to avoid insider trading violations (as opposed to being imposed by security law)? If FFH had MNPI they would obviously need to cleanse themselves before trading but I'm not sure that FFH is technically subject to BB's blanket blackout period otherwise.

Wow 300M shares of volume if Prem doesn't capitalize on this I'll never forgive him

Praise be the investment Gods they have not forsaken us

BB up another 14% in after hours after being up 15% today. I hope at the very least FFH starts selling boatloads of covered calls tomorrow while the volumes pumping

WSB getting back on board the BB hype train. FFH might have a second bite at the apple at unloading this pos above $15 w/ no selling restrictions this time around

Any hope of us getting out of the BB commons any time soon? Prem is always reaming on FANG for their high P/E's, but BB hasn't had positive earnings in years and makes FANG look like a basket of dirt cheap deep value stocks

I don't disagree with this in general; I understand that people are tired of the drag on returns that hedging has caused (myself included). I may be mistaken, but as far as the TSLA short, I thought someone on here posted a filing from FFH disclosing a short TRS position on an "auto manufacturer" matching TSLA's closing price thereby confirming the speculation.

I know Prem swore off shorting after getting burned on TSLA, but I wonder if it's possible they held any ARK puts? They're such ARK perma-bears, would be a pity not to make anything off this ARK sell-off (though I know ARK puts aren't particularly cheap).

So they increased the TRS by ~350K share and directly repurchased another ~150K shares, for a total of roughly ~500k shares during Q1. Plus another $2B of investment gains during Q1 ($1.1B of which isn't reflect in book value). Wow.

Any chance its Chevron or some other big player in the energy space? Energy sector was bombed out below even the March lows during early Q4.

Anyone have an idea on whether FFH could have sold covered calls on BB without triggering any reporting requirements? The below guidance is clear that insiders need to file covered call transactions if they simultaneously sell puts, but if you just sell covered calls alone (i.e. not part of a collar transaction) then perhaps there's no filing requirement? https://www.osc.gov.on.ca/documents/en/Securities-Category5/csa_20100611_55-312_equity-monetization.pdf

Looks like they entered into total return swaps to buyback over 5% of the outstanding shares during q4: "Throughout much of last year, I made public statements to the effect that our belief was that Fairfax shares were trading in the market at a ridiculously cheap price. Following our value investing philosophy, since the latter part of 2020 we have purchased total return swaps with respect to 1,407,864 subordinate voting shares of Fairfax with a total market value at the time of those agreements of $484.9 million ($344.45 (Cdn$443.93) per share)," said Prem Watsa, Chairman and Chief Executive Officer. Also directly bought back several hundred thousand shares: During 2020 the company purchased 457,603 subordinate voting shares for treasury and 343,871 for cancellation at an aggregate cost of $238.8 million.

Block trades are exempted from this limitation.

Yea, the monster block trades over the last several days has me thinking buybacks may be back in a big way. I would've expected them to only ratchet up after closing the Riverstone sale but apparently not