MarioP

I live in Canada and received it last week

So I just ignore it, and focus on whether I think 95% and 7% are achievable (probably and probably not, respectively) and whether I'd be happy owning Fairfax at the current price if the ROE was say 10% over the long haul (yes with bells on). Pete I’m really surprise that you think FFH will probably not achieve 7% investment returns. Long term it’s less than a S&P500 index. I’m more septic about 95% CR when the loss from catastrophes are include

Thank you for remembering that John. What I found interesting is that since the formula was posted D=F*c*(1-t)/r where D=Discount to float face value F=Float face value c=coupon BRK would have to pay on debt t=BRK tax rate r= hurdle rate F is higher; t is lower and c is higher So the discounted float is gaining value faster than the float face

CNBC heard you https://www.cnbc.com/2018/07/17/how-warren-buffets-34-year-old-protege--scored-a-job-working-for-him.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo If you look in google you will probably find a similar article for Todd and Ted

The numbers are 100% wrong, there's no doubt. The question is if you eliminate the realised gains, will there be a material EPS? And I will go out on a limb and say yes, in the absence of some unusual series of cats, there will be a material EPS from underwriting, interest/divvies and non insurance. But, as a long time shareholder, I understand your cynicism. SJ To your estimate you need to add a new stream of revenu from FIH : in january they will pay FFH 114M in performance fee. We can hope for something from Fairfax Africa too in the futur

Small cap that compound since many years Stella Jones (SJ) Richelieu Hardware (RCH) I own them since many years

Noting new in that idea. That is how they proceed with T&T.

The intelligent investor And not directly related to investment,10 Natural Laws of Successful Time and Life Management by Hyrum Smith. By far the best book on time management I read

I began in sept 1987. So this month with all the remembrance of oct 87 crash I revive my beginnings. I learned early to be cautious and I got an idea of the necessity of a margin of security before reading the Intelligent investor. I saw that a year after the crash the good companies where back to the level the had before the crash so I also learned to not overreact to short term movements and have a longterm view. I discovered Buffett in 1993 and it really changed my life.

This is the Sankey for Berkshire. Look how small is the slice for SG&A ;D ;D ;D http://www.rocketfinancial.com/Charts.aspx?fID=1058&t=9

I don't know one but did you try email the CSE to ask?

And it is strange that BRK bought 4 of them. That remember me when they bought multiples railroads to hide their interest in BNSF.

Happy birthday Sanjeev. I wish you a life long enough to have PDH share hit 100 000$ ;)

14 too. Missed the one about the house in Washington

Because you don't overpay when you buy at a discount to IV and you hope the discount will be the same at the sell. Your return is the gain in IV during your holding period. No room for profiting from non informed investor.

François Rochon of Giverny Capital buys quality companies. He made 16% per year since 1993. http://www.givernycapital.com/en/accueil According to him what make a good company is a great management who is also the majority holder of the stock.

+1 And that is exactly how they treat the managers of the subs with the same result.

I love that... I’ve asked Todd and Ted to each take on one as Chairman, in which role they will function in the very limited way that I do with our larger subsidiaries. This arrangement will save me a minor amount of work and, more important, make the two of them even better investors than they already are (which is to say among the best). I was never offer that kind of training ;) Another part of the moat at BRK. Who else can offer that to their portfolio manager?

Simply the best article to present «How to invest like Buffett!» Easy to understand for every Joe Sixpack, funny but so true. A condensed version of «The intelligent investor». http://finance.fortune.cnn.com/2014/02/24/warren-buffett-berkshire-letter/ I will send it to my non investors friends to see if it is as clear as it seems to me.

Zarley I know that there is nothing as good as Office right now. But for the first time we have to ask publicly for submission for proposition for an office suite. The top management (Not IT specialist) think that there may be an alternative. That was my point. Last time there was asking submission was for Windows 3.1. Microsoft will certainly win. The cost of the formation for 1000 peoples is too high but for a new buisiness it is not necessarly trivial to go with Office. Five years ago it was.

I can bring another proof of the erosion of the moat. I work in IT in public service. For as long as I remember renewing Windows and Offices licences was just a formality. For the first time, we have to justify and demonstrate how it will cost if we decide to go with open source or MAC. They definitively lost share of mind in that case.

I read the same kind of article during Internet bubble that helped me convince my sweatheart not to buy Nortel. For the price of Nortel at 120$ you could have bought the five biggest banks, Loblaws and Bombardier and have some spare change left. Nice way to have a novice in finance understand the non-sense of some valuation.

I guess what I am asking is where/what is the size differential of the moat? To determine what is the moat, you can begin with how you choose the card(s) you own and use. For me it was just a matter of which one is offer by my bank. Then you can think it is a commodity. But wait, if my bank didn't offer MC or Visa then it would not do the trick. So for me it is a duopoly. There is Visa or Mastercard that I must have, either one being as good as the other. The others I don't care. So you have the view of 1 client, just 3 billions left to interview ;)

here is the french version of a very good documentary made by the BBC in 2009 http://www.tou.tv/une-heure-sur-terre/S2010E18 Interviews with Buffett, his children, Munger, Gates, etc..

IMHO lots of peoples seems to forget that Buffett paid partly shares and borrowed money to buy Burlington. So I think that he doesn't think he has too much cash. Mario