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"Along these lines, I think management is being unnecessarily stubborn/noncommittal regarding repurchases and insider purchases." Isn't this crazy to you that while they are a large holder (9.6 million shares or still worth $17 million) and their family is highly associated to this company, that it takes other people to tell them what to do or the obvious? And even then they refuse? I mean if the salaries were much larger than the stake I could see the incentives but, here? Cardboard

Hi Bizaro86, not the first time: https://www.theguardian.com/business/2010/jan/20/buffett-blasts-cadbury-takeover Cardboard

United Hydrocarbons at $72 Brent is becoming highly valuable to this company. Now, I can see why people would not want to touch the stock but, what about the preferreds B and D now yielding over 12% and selling at 45% of par? Here is a thought. The preferred E could be exchanged for stock next year at whatever the stock is trading at that point. Not the plan but, if that was to happen, the only debt left for this company would be the preferred B and D which is overall $130 million at par. Book value is $10.36 per share or $610 million and this assumes that the preferred E or $90 million are redeemed for cash. If they are not, then there is $700 million to honour the preferreds B and D. So you are talking years of cash burn and for most of investments to be written off to zero to get par on these in trouble. Dundee Corp. right now, looks to me like a margin account (debt are the preferreds) that has a bunch of stocks deep in the red and the holder is unwilling to let them go or waiting for things to turn. The new guy has said that 100 positions is way too many and wants to cleanup. If that happens then liquidity has to dramatically increase which should certainly alleviate fears around the preferreds. Makes any sense? Cardboard

Well guys it was nice to have been exchanging ideas over the years. This could be our last days: https://www.cnbc.com/2018/04/11/us-stock-futures-dow-data-tech-and-politics-on-the-agenda.html Cardboard

If you guys are looking for net-nets, in Canada we have Bri-Chem (BRY): a real business, growing and profitable. Trades at 80% of net-net, P/E of 6, price to book of 0.44 time, market cap of $13 million. Cardboard

BRY: read my latest posts on Stockhouse. Cardboard

Yes, redemption of these preferreds is very much on their mind for 2019 based on the call today. However, please don't forget that they also have an $80 million unused credit line as to cash availability. It matures at the end of April so we will see the renewal amount but, I would be shocked if it turned out to be zero. I think that there is a lot of optionality with this company if managed properly: selling assets or a large portfolio, buying back securities trading at severe discounts, more focus, cost reduction, all of this with a book value of $10.36 for a stock price of $1.87 right now or a 82% discount! Even if assuming some write-offs, value is there and you have to jump in when everyone is rushing out. It feels very uncomfortable or not unlike Fairfax at $87 in 2003 or BAC at $5 in 2011. However, I cannot see how this implodes (at least for a few years) while I could have had with the other two. The message from Intrepid and another analyst was very clear today or to deliver returns and to stick with what they know. It was very blunt and there was some acknowledgement that status quo is not working: expensive, complicated and unprofitable to manage 100 holdings. Jonathan Goodman is correct that there is an opportunity with the development of junior miners. In this world of ETF's and algos, anything small is totally ignored especially after a multi-year bear market for most commodities. An example is Altius Minerals who does specialize in that with some success. If he brings more urgency to liquidate the underperforming and/or unrelated and develops a smart, low capital investment banking operation to develop only the most promising juniors, this could turn out rather well or like dad did. Cardboard

LOL! The thing is that I never have and never will consider myself to have "outclassed" Warren Buffett nor Charlie Munger or an affirmation that you have made. You probably should write a book Scott or start a blog. I mean why are 50,000+ fools going to Omaha each year to see these dinosaurs that have you have successfully outclassed? Why millions bother reading Buffett's annual letter? You are the new oracle! Cardboard

"They were good for their day but they are both hopelessly outclassed by modern investors." Part of these Scott? Why don't you post that link to that video where you are sitting down on your couch with your cat so that people here could learn what a true winner looks like? Cardboard

http://vancouversun.com/news/politics/premier-horgan-offers-up-tax-breaks-for-lng-industry http://calgaryherald.com/commodities/energy/all-this-massive-lng-project-needs-is-the-thumbs-up-from-its-owners-to-break-canadas-long-energy-losing-streak/wcm/2c345258-19e0-4b22-a236-06a94522e42b Then this one: http://business.financialpost.com/commodities/energy/an-unjustified-infringement-first-nation-sues-ottawa-british-columbia-over-oil-tanker-ban Cardboard

Like I tried to explain, so far zero correlation. That is not to say that it will not change. However, if you are convinced that global warming will lead to more/larger disasters in the not so distant future (if not this discussion is useless in terms of investing if happening only a few decades from now): hurricanes, sand storms, drought, etc. then you should stay away from insurers and reinsurers because these guys are always reactive and then adjust their policies accordingly based on recent past experience. Even Buffett who has been scared to death about nuclear weapons since the 50's or 60's did not think it was necessary or missed to include an exclusion in his policies on nuclear terrorism until after 9-11. Should tell you a lot. Cardboard

My bad, forgot about Ike. However, it has still been a much more quiet period than what was predicted by the non-ignorant people or scientists. I can tell you that it was pretty scary to invest in Fairfax in 2006. A somewhat repeat of the 2005 hurricane season and many of the people who made a lot of money with these options would not have fared so well. Count myself included. More storms due to global warming (which is really the proper way to call it since we are talking about greenhouse effect) was really on the back of people's mind investing/trading in Fairfax at the time. Now, will this change and will we see category 4 and 5 hurricanes now every year going forward? Could be. Cardboard

2006-2016: no major hurricane hit the U.S. The only noticeable one is Sandy which was a large storm. So we must have some people who did not pay attention regarding frequency. This is highly contrary to what was thought to happen following devasting hurricanes in 2004 and 2005. This is an incredibly long period of time without such event while we have been told that some of the highest temperatures were recorded in some of these years. If you want to consider a period of 11 consecutive years to be an outlier, no point in continuing this discussion. However, I would be very careful to simply use 2017 and project forward. Cardboard

https://www.ctvnews.ca/business/sask-premier-blasts-mind-boggling-rail-backlog-of-grain-shipments-1.3846272 CN and CP just milk the system: lowest capacity possible, only keep busy routes, raise rates. Easy when you are a monopoly. Maybe that our leaders should call the President of the Republic of Congo to figure out how to move goods out of the country? After all, is there a more "landlocked" country than Congo? Yet, they still figure out to ship the vast majority of their copper and cobalt across the world. And no, they don't rely on Uganda or Zambia to consume most of it... Yet we sit on 3 oceans and no need to cross any country to access sea water. Simply amazing! Cardboard

Canadians in general have a nasty dependency: ease of trading with the U.S. After lumber, steel and aluminum now, it is paper: http://www.cbc.ca/amp/1.4480488 Maybe that more Canadians will finally wake up and realize the magnitude of lost revenue especially for oil and gas. But now it is for all our resources and exports. Canada is sitting on 3 oceans. It is crazy to tie our hands in such manner. With more shipping options and international contracts it is obvious that Canada would gain negotiating power. Nothing wrong with the U.S. as it is us being the beggars. It is time for a disintoxication cure! Cardboard

If they want to buyback shares in large quantity without a tender offer, they can buy from a single seller within 5% of market price for any quantity. That is an allowed exemption. There are funds that do liquidate, change in mandate, etc. Cardboard

Why do you assume that WEB knows that he is the smartest in the room? To me, if you assume that you are the smartest, you have stopped listening, learning. He keeps talking about humility and the need to learn, read, etc. https://www.cnbc.com/2018/03/14/warren-buffett-rejects-dinner-invite-gives-3-pieces-of-advice.html Cardboard

Lot's of Russian and Ukrainian dating ads on the site. The girls look good and I can see why one would be tempted to click 8) Cardboard

"Can someone please comment on Brian Bradstreet’s bond record it’s astonishing And there is no one close globally over 5,10,20, 30 years!!!!! No one. He is a legend and no one will comment on it..." "Great job once again Mr. Bradstreet! 2018 looks very promising." Dazel, you seem to have a lot riding on Mr. Bradstreet. I would suggest that maybe you should read between the lines. The guy is about to retire: "With Roger Lace, Brian Bradstreet and I having worked together for over 40 years, we felt it was time to begin the transition to a younger group for the management of our investment portfolios, of course supervised by the three of us." Cardboard

"Focusing on #1 or #2 businesses in the field is actually a pretty dumb idea. It bases capital allocation on the chase of the grandiose instead of valuation. That in turn motivates management to build a stable of really pretty businesses at the expense of shareholder value. I guess that policy has served it's purpose at GE." Please explain to me how focusing on businesses where you dominate or have a moat is a dumb idea? The only exception IMO would be a business where you have low revenues vs the leaders but, a very strong niche. Cardboard

https://www.cnbc.com/2018/02/26/shell-warns-of-lng-shortage-as-demand-for-liquefied-natural-gas-booms.html Shell could be the only project that makes it into reality on the B.C. coast. It is a shame but, I hope that at least this one does. Cardboard

"+1; I have first hand knowledge of Welch starting the rot. He was a loud mouthed PR guy but as you point out, the management rot was all Welch's creation. While on the subject, Larry Culp of DHR has joined the GE board, ostensibly to fix GE into its new avatar. It is ironic for me since some of the rotten management from GE walked over to DHR, where I worked during Welch's time. All they brought with was pernicious management behaviors. Like how they shit on suppliers. Simply go around and ask small suppliers who have or may have supplied to GE. AFAIK, in addition of the emerging accounting shite that is making the news, GE's contributions by way of management practices since Welch belongs in the toilet." All these posts against Welch must be from parents telling their kids that only participation matter. Getting good grades, finishing on top of something that you like does not matter. Let's all hug each other kids since that is how the world works. No need to push to hard. We are all equal... ::) Obviously, not everything went well at GE in the 20 years that Welch was at the helm but, there sure was a lot of good things. And oh by the way, Warren Buffett clearly mentions that Jack is a good friend. And if I were you, I would also read a little more about what kind of culture 3G brings about into an organization. His book: Straight from the Gut is a must read IMO for any manager. Evaluating people is absolutely needed. Providing feedback both positive and negative is absolutely needed. And unfortunately, there are people who are not at their place and you are providing them with a disservice by simply keeping them around. So I agree with his let go the bottom 10%. Keeping only #1 and #2 business in their field makes a ton of sense too. Cardboard

"Our aversion to leverage has dampened our returns over the years. But Charlie and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need." Add to leverage, aversion to high concentration, and this is a lesson from 2013-2014 that I am not about to forget. When things go your way for years (almost 2 decades), delivering 10-20%+ above index returns (pre-leverage) and appear easy, you are highly subject to make over-confidence mistakes and to ignore some risks. I also wish I had never heard of Buffett's bet that he could make 50% returns with a small sum. Setting high goals is essential in my opinion to achieve something great however, when ambition becomes too large it too makes you ignore some risks. Cardboard

Interesting. I have asked for shares available to short and nothing at my broker. Maybe that there is a supply/demand game going on. Cardboard

Civil disobedience? Nah. Nothing to fear Richard. Son of Castro will come riding with his cavalry of revolutionary Sikh guards to your rescue and save your real estate market. Cardboard