ourkid8

You need tools to compare your execution to the market prices at the time of execution. A great tool is Trade Cost Analysis (TCA) which would measure execution quality. It generally comes inherent in many buyside PMS systems or they build out their own. Tks, S

Based on CRAs site: The CRA has implemented changes to Form T1135 for the 2014 and later tax years. The changes will allow taxpayers to report aggregate amounts for specified foreign property held in accounts with registered securities dealers and Canadian trust companies rather than providing the detail of each such property. This reporting method requires taxpayers to provide the aggregate fair market value of the property in these accounts by country. In addition the T3/T5 reporting exception has been eliminated. http://www.cra-arc.gc.ca/E/pbg/tf/t1135/README.html Where did you get "traded and private securities, etc."? Tks, S

Which is fair as the vast majority of us has significantly outperformed Francis. I still want to keep a 10% allocation of my portfolio to cigar butt investing... Not to denigrate several famous value managers but a 12% return over the last 10 years is nothing to write home about. There are many companies that have exceeded these returns. The only one I am aware of who seems to outperform is Greenblatt but his results aren't public.

Francis Chou - www.choufunds.com. Since November 28, 1986 - 11.8% annualized rate of return

Good luck on SD and XCO! I had a large position in SD that just got destroyed. Tks, S

http://finance.yahoo.com/news/fairfax-declares-annual-dividend-133000102.html I am happy it's at $10usd /share. (Canadian investors get a forex boost) Fairfax Financial Holdings Limited (FFH.TO)(TSX:FFH.U) announces that it has declared a dividend of US$10.00 per share on its outstanding multiple voting and subordinate voting shares, payable on January 27, 2015 to shareholders of record on January 20, 2015. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada.

Does your 20% include forex gains/losses? Very nice, Gio. How did your investment portfolio do? 20% Liberty... Not as good as you, but not bad either... As you know I hold a large percentage in cash! Cheers, Gio

Welcome and PM is one of my largest positions in my portfolio as well. Forex has been a headwind for the last couple of years but that will change and once it does, it will be an amazing tailwind for the company. Tks, S

***Updated with Year end results + forex*** I have had another strong year as my portfolio returned 23.34% in 2014. (with forex, my portfolio is up 32.62%) It is important to give the size of your portfolio and I am between $500k-$1mm. Sanjeev, thank you again for having such a wonderful board and let's hope Premier is able to compound at double digits for many decades to come! Investing in O&G stocks has been a learning experience and I learned it is outside my circle of competence. I still hold a decent size position in Sandridge in which I took an absolutely beating. Ongoing, i am going to stay away from O&G and retail! Tks, S

How about your portfolio, not equity of your company?

0.39% of my portfolio is in cash so fully invested over here as well! Tks, S

That's my only negative, other then that I have nothing but praises in being a 'partner' in Berkshire! My only regret is not buying when I first started investing and when I did take a position in Berkshire I wish I bought more! Lesson learned. Tks, S Apparently, he didn't think that was enough for him. I think at most companies, it would be more than you can eve expect. But Berkshire has cultivated a certain shareholder culture over decades ("we're partners", "We'll give you the information that we wish we had if we were in your place",etc), and this seems consistent with that.

Wouldn't a bold statement in the annual report would suffice? I think he obviously did it because he felt bad buying from his shareholders without giving them all the warnings possible that they were selling cheap. Just another way that he's trying to look out for all his shareholders, even those who want to sell.

That's why I am a bit disappointed Buffett set a threshold to repurchase stock. He should have left it open similar to Fairfax and they can repurchase stock opportunistically. It is truly a lost opportunity for long term shareholders. Tks, S I was just going to reply to the thread by telling you to put yourself out of your misery and put in a market order at the open for $200k. ;D If you're lucky with an M.O. you may get it for $210k. :P It's well past $210K now and the next target is $225,000 based on Tilson's estimate. You can be assured it will blow past that sooner than expected! LOL ;) Something unique about the BRK stock price. Literally from the day they announced the 1.1x BV buy back, the stock price never traded below that threshold. Same with the 1.2x. Mr. Market does not seem ready to call the "bluff" to see if the buyback will happen. The opportunity to buyback has simply not been there. Is there any other stock that gets priced this way?

You can hold physical certs and store at the bank in a safety deposit box! :) Tks, S I am now a long term FFH holder, too :). I am still thinking how to trick myself into not selling in the next 10-20 years. Make it hard to trade. Different brokerage account and throw the login passwords away/erase them from memory. Contact your broker for a new password in 10-20 years. ;)

hahahha... Touche! Regardless, they are both relatively new and we still need to give them a bit more time before we can judge their returns. Tks, S Isn't it something like a 7 year yardstick now? I thought he changed it when 5 years didn't work so well. Maybe I'm wrong.

We should NOT be looking at their performance on a YoY basis but using a 5 year yardstick similar to Buffett. As Graham eloquently said, “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” Tks, S

Agree. Let's also hope his team learns from prior mistakes as well ;) *hint hint*

Congrats... Wishing you and your family all the best!

I am hoping to be included in the Premier Diagnostic Health Services Inc private placement - 1st closing! Funds submitted, awaiting confirmation. Tks, S

September 23, 2014 September 24, 2013 September 24, 2012 September 22, 2011 Want me to continue? Tks, S

Besides the growing insurance empire, don't forget, there are some strong non-insurance companies under the cover as well: William Ashley, Arbor Memorial, CARA, Keg Restaurants and Thomas Cook India. These companies have significant growth potential ahead of them. The problem we all have with Fairfax has been the macro bets, hedging and the significant stake in Blackberry. I wish Prem and company would admit they made significant mistakes and the team has learned from them and will ensure it does not happen again. That message would calm shareholders nerves and allow the company to focus on what they do best compounding capital at a 15%+ clip for the next 25 years. (Blackberry was a huge distraction to the team) tks, S Sanjeev, Your summary is very close to mine. I was merely responding to Gio's thesis on WEB's age and BRK's future prospects. FWIW, I sold out of my 10 year holding of FFH to buy more BRK, because it was easy versus FFH being "too hard" with the hedging, macro calling, BBRY etc. I still admire Prem but would rather be on the sidelines waiting for them to build an insurance business. BTW, I think that their insurance business purchases around the globe, especially in Asia is worth watching. My increase in BRK ownership has been nicely vindicated, so there's no remorse. Don't expect any for a while yet.

Ah... Thanks!

Liberty, how did you know ahead of time? Congrats again! I knew a few days ago, but kept it :-X

http://finance.yahoo.com/news/berkshire-hathaway-hires-two-senior-054813036.html This definitely shows the high caliber of management at AIG as Berkshire has poached numerous execs. Tks, S