matthew2129

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