thrifty

Yeah they also interviewed CEO of Fedex recently. It is interesting to hear them saying how AMZN is taking the headlines and how they're spending big on replacing old fleets (projected to be done by 2020) Anyone interested in Fedex at these prices?

Do you mind elaborating on the points above? Is it the personal reasons or you believe market force (such as passive investing) would ultimately benefit those companies' stocks? Isn't the best money in deep value from cyclicals, commodities or some sort of distress regardless of the industry or company declining or growing? You just cannot hold them long term...

Thank you Viking. Makes a lot of sense to me. In your 3 points above, we have an insurance company, a short duration long bond fund, plus an EM private equity fund(?) in one company? I'm surprised that they don't have exposure to the toxic sh&t in energy such as NatGas or offshore. It seems that they are really good at getting themselves into something that's just about to go into deep depression. One way to trade is to watch what FFX buys and wait for a year or two (or 10) to follow in. You either get it cheaper before it goes belly up or get a 3 to 10 bagger. Are you doing that these days?

Pete this thread is so useful. Thank you so much. Do you have more comments in SSW? What's their NAV for example in your calculation and what's your reason(s) to make it your biggest holding? How does it compare to cheaper names such as GSL in your opinion? Thanks again.

I was reading Southeastern letter and their comment in Q3 dated Oct. 8: "Fairfax Financial (-10%, -0.55%), the insurance and investment conglomerate, declined despite solid underwriting results. The market focuses at times on Fairfax’s emerging market exposure, which has been achieved very profitably and is a competitive advantage going forward, but has been viewed this year as a negative when countries like India struggle. In developed markets where Fairfax has more of its value, property and casualty and reinsurance markets have been turning around with better pricing after years of overcapitalization in the market. Fairfax remained disciplined and avoided growing its policies unprofitably throughout the soft pricing market, and the company is now intelligently increasing business across its subsidiaries, while maintaining a strong combined ratio. The Fairfax balance sheet safely holds lowduration debt and plenty of cash, allowing the company to be a liquidity provider when superior equity investment opportunities arise." Then they mentioned their activity: "We also trimmed Fairfax early in the quarter and trimmed Comcast and Alphabet as each appreciated in the quarter" I believe they trimmed when price was above $650. What's interesting to me is that it seems EM in general could be turning; India, with their tax cut, has been up in market activity and index, the sentiment could have changed. And if Southeastern is correct in the driving reason of FFH share price, we should see a rebound from here (actually underway?) Any thoughts?

Anyone interested or participating? Fairfax_India_prospectus.pdf