ourkid8

Used my C dividend to buy a few more shares.

Citi and BABA

He did hold on to KO when it was significantly overvalued so don’t think the cash pile / universe of stocks are forcing him to stay in apple.

last week I was at 61km/week and I am slowly ramping that up. In Oct before tapering I should have it up to ~90km / week. It’s still a large jump, take it slow while ramping up. If you are on strava, let me know and we can connect offline.

Cycling / hiking are a lot of fun and it’s great you are still staying fit! What distances are you cycling/ hiking?

Running - I am a long distance runner and training to run the NY marathon. I currently train for ~6-8 hours / week and it is the greatest part of my day. We all have some kind of stress from work, family etc and during this time, none of that exists as it is “me” time. I really love the process of investing but it does not compare to my daily runs

Sold a bit of my S&P500 index due to the huge run and put it into RBC stock.

BN - Sold BAM and flipped it into BN

FFH did purchase 4.93% of FIH shares on Feb 16, 2022 from two exiting shareholder at USD$12. If there is a large block sale at an attractive price which FIH cannot repurchase, FFH will most likely take it.

Agreed, investor day will be interesting. This deal is mainly to try and close the competitive advantage CPKC has with their acquisition. I’ll validate timings of shipping a container from Mexico to Toronto with CN Vs CP. I bet with this partnership it is very close. EJ&E is the Chicago bypass and this service will be leveraging it. This is a significant competitive advantage no one gives HH / CN credit for. This is not new! They did have a similar EMP partnership with CP however due to the acquisition they kicked CP out and extending it to CN.

What do you think of Falcon premium intermodal service? https://ca.finance.yahoo.com/news/cn-gmxt-announce-transformational-mexico-200400401.html

I understand the potential flaws: 1. Trains are run longer, faster and run on the companies schedule - not the customer 2. Railyards are consolidated - intermediary yards are inefficient and slow down operations 3. Significant Layoffs to get the cost structure inline 4. Customer complaints about a strict schedule 5. Not ideal for shippers - since they cannot always keep a strict schedule 6. Employees to do more with less - Isn't that in every industry? What do you feel is the main point which makes the jury out on HH / PSR?

HH brought rationality and operational excellence to an industry which was extremely poorly run and inefficient. He was able to create a framework and applied it across numerous Class I rails bringing exceptional returns in the process in the short / medium term. He truly changed the game, God rest his soul. I agree with you that the easy money has been made implementing precision railroading. We both agree that there is a lot to like with the rails going forward such as AI / Tech e.g. automated inspection portal which identified defects in tracks. This new tech will reduce the injury/accident rate thus further bringing down cost and this is just one initiative. I also like strategic bolt on acquisitions such as what CN did with EJ&E to bypass Chicago. Sorry, I cannot speak on behalf of this particular bank but being the lowest cost producer, gives you a significant competitive advantage. I do not have the background on this particular failure so I have nothing more to add. I cannot speak on behalf of Norfolk but for CN their buybacks have been spot on With a current share price of $163.90, the average price management repurchased shares: 2017: $98.27, 2018: $104.99, 2019: $118.70, 2020: $116.97, 2021: $153.69 and 2022: $156. I bet if you look back 5-10 years with Norfolk, their buybacks have worked out perfectly fine. I am a bit lazy to check myself. Thanks for reposting your message, it was definitely not as harsh.

I forgot the name of the poster who was a V long term shareholder of a class I rail and just deleted their message. I would love to discuss/debate a few of your points however I was a bit busy to respond to your message before it was deleted. Would you please slide in my DM? I am also a long term shareholder in CN but only going back 15 years.

I am pretty impressed with Tracy so far based on the speed and urgency of changes happening at CN. However, as we all know Creel is an absolute rock star and the best CEO across the class I rails. CN shareholders loved seeing JJ getting Creel to pay up for KSU. CN shareholders enjoyed the break fee which worked out perfectly fine for me! I have been patiently waiting for CP to selloff to a fair price to start a position but it just never gets cheap enough!

Why do you feel CP is somewhat better then CNR? Pre KSU, definitely not due to CNR’s track network. Post KSU, very possible because KSU network goes into Mexico. The main edge CP has over CN is Keith Creel, he was cut from the same cloth as HH.

BAM and BX, both are asset light businesses which do not require a lot of capital.

More $BN at $29

Bought more BN.

small amount of BABA

More BN

Not true. How about Alleghany? The market was not in distress when Berkshire made the offer. It was a fair offer and Berkshire allowed a go shop period.

Small amount of BABA

Only for my work DC pension as the options are pretty limited.

More BN, it seems others are finally getting excited about it