marcowelby
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Posts posted by marcowelby
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For those who remember the Fairfax Bear short attack in the beginnings of the 2000's
https://oilprice.com/Energy/Energy-General/Is-This-The-End-Of-Naked-Short-Selling.html
https://www.wbny.com/Warshaw-Burstein-Prevails-Against-Major-Banks-and-Brokerage-Houses-Opposition
Finally, some justice after all those years I suppose.
I would like to take the opportunity to thanks the members of this group who kept the conversation rolling on the subject at the time and help me believe that not only I should not sell any of my Fairfax shares and convince me to buy more at bargain price ... an obvious wise decision in retrospect but not so evident at the time.
Marc
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Fairfax on the acquisition trail again!
I thought that Brookfield was to one to acquire PSG. What kind of structure are they going to have if Brookfield is involved?
Marc
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Share buybacks is at times an indication that the shares of a company are undervalue.
I noticed that Goldman Sachs have been buying back their share since 2010. The number of shares have decreased from 585 to 500 millions. A 14.5% reduction in total diluted number of shares!!
Goldman Sachs
Year Shares(Diluted in millions)
2008 456
2009 551
2010 585
2011 556
2012 516
2013 500
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Personally, I very much respect Mrs Meredith. She has studied the financial situation in the municipal world. She saw the problem with the retirement funds of their employees among many other problems . She predicted that there would be eventually a huge default in municipal bonds.
I do not think that one can predict really when the disaster will occur. If you look at Fairfax, for years they were aware of the possible disaster in the financial world. But for years nothing happened to the point that the even the most confident shareholders of Fairfax were in doubt as of their strategy (even within this board). But then, disaster came in 2008, and what a disaster it was!!!!
Many cities have already filed for bankruptcy in the states. Detroit is the latest and the most significant ones. More cities filing for bankruptcy in the near future would not surprised me at all!
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Hi ECCO
I Liked these informal meetings we had in Montreal
Regarding BMTC, the earnings seems to be going down, the share price look like in free fall. i sold about a third of my position.
Wondering what to do next!
I must say, I hate to be a seller
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I am from Laval myself
Any members form the "disciples de Buffet" board from the old Webfin?
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In Canada:
OCX
Significant decrease in the number of shares for the past 10 years
Year shares (Millions)
2000: 164
2001: 162.5
2002: 161.1
2003: 153.7
2004: 140
2005: 138.8
2006: 133
2007: 125
2008: 122.5
2009 120.3
2010 118
GBT.B
This company have been highly profitable for those who never sold their shares for the past 10 to 15 years
It is hard to compares the numbers of shares from one year to another because they keep buying back their shares and then splitting the remainder every few years!
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What kink of places are you looking for?
Marc
That is a nice typo isn't?
Anyway
Toque is (or used to be ) supposed to be the best restaurant in Montreal with chef Normand Laprise.
It is expensive and you need a reservation
"Au pied du Cochon" is very good too with chef Martin Picard
with poutine au foie gras de canard on the menu
Not the kind of meals to bring your cholesterol down though!!
Marc
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What kink of places are you looking for?
Marc
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I do not trade too much so it is hard to see my mistakes ( or maybe I don’t have much insight!!)
2009 was a very good year for me.
I guess avoiding bad decisions in 2009 (like selling everything) was not to panic when everything is going down (I want to thanks everyone on this board for helping to get trough crisis like the fairfax a few years ago and this brutal recession and coming out of it unscathed and stronger) and taking advantages of the fire sales of some stock (why buy AXP at $53 in 2006 and not $12 this year).
Of course I could have bought more of this stock or this one, but there were so many opportunities, and it is a very easy task to take great decisions in retrospect (much harder looking into an uncertain future!!).
Thanks
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My link from the previous post does not work!
Trying again
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A few years ago BMTC changed their store with large surface. They sell furniture, mattress, appliances and electronics.
The furniture is aimed at the average costumer. I can’t see much differences from one from BTMC or The Brick. (My own experience when we bought a bedroom set for my two sons is that one chose from The Brick and the other from BMTC. The price and financing was about equal. The service after the sale was better at BMTC [the furniture from BMTC was received promptly whereas we had to wait from The Brick]. The furniture from BMTC seems to withstand time somewhat bettter. But what is a single experience worth? ).
They have financing options which third party take over.
They have regular advertising on TV so everybody know Brault and Martineau in Quebec. They have not venture to develop the business outside Quebec so far.
When the price of the share is between ~$30 and $40 they split the stock 2 to 1 and keep on buying back the stock
What can I say more?
[i have translated my previous attachment, I hope it is understandable]
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Brault et Martineau (BMTC) is a “boring” furniture store in the province of Quebec.
Its main competitor are Leon’s furniture [LNF] and the Brick Income Trust [bRK.UN] (which has suspended its distribution in February 2009)
BMTC CEO is Mr. Yves Des Groseillers. Who seems dedicated to increase shareholder value
I am not sure what is its competitive advantage compared to its competitor though except for its management, dedication to share buyback throughout the years and profitability.
For those who have invest in BMTC throughout the years, it has been a tremendously profitable investment.See attachment(sorry it is in french though)
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Not only in the last 6 months but active shares buyback for years
Onex (OCX on the TSX)
Year Shares(millions)
2000: 164
2001: 162.5
2002: 161.1
2003: 153.7
2004: 140
2005: 138.8
2006: 133
2007: 125
2008: 122.5
Brault & Martineau (GBT.A on the TSX)
[this is my own estimate correcting for split]
Year Shares(millions)
2000: 54.2
2001: 49.3
2002: 47.4
2003: 39.8
2004: 37.7
2005: 36.1
2006: 35.1
2007: 33.1
2008: 30.8
RIP Charlie
in Berkshire Hathaway
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