ourkid8

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

A bit more BN

I added a small amount of BN.

I added a small amount of BN.

CN Rail is not an uber cannibal but over the last 10 years have reduced shares outstanding by a meaningful amount while continuing to grow the top and bottom line. I expect management to continue to use excess capital to reduce shares outstanding by $4-5B/year for the foreseeable future. Shares outstanding: 2012: 856.8 and 2022: 671.0 - Slow and steady! It becomes magical when you are able to repurchase 80%+ of the shares outstanding.

We unfortunately have to wait some time before the Citi Banamex deal is announced and eventually closes before they resume repurchasing shares. It is extremely frustrating waiting considering they hit 13% CET1 capital ratio. This is such a lost opportunity in creating value for shareholders.

Yes, Canadian mortgages are fully recourse besides I believe the province of Alberta. I heard many stories of people mailing their keys to the banks in the 80s.

Canadian banks are V well capitalized and would be able to handle a downturn relatively easy. Here is an example of CET1 ratios for the two largest banks in Canada. (The lowest is bank of Nova Scotia at 12.3%) RBC CET1 ratio: 13.7% TD bank CET1 ratio: 15.2% RBC is considered TBTF and must go through the yearly FED stress stress and always comes out with flying colours. The stress scenarios are pretty significant as well

1. Fairfax - Viking described it perfectly, its the gift that keeps on giving - Thank you Prem! 2. Citi - Approaching CET1 13% ratio where they can restart their share repurchase, Selling-off non core assets, investing in the future to remove structural costs and trading at 0.57x TBV 3. BN - Selling below it's SOTP, I love the Insurance and energy transition play, holds 75% of the asset manager while it has 100% of the current carry and 1/3 of the future carry on all new funds. The question is, are we going to see a large share repurchase? My bet is Yes if the price trades where it is. 4. BABA - I expect all Chinese stocks to rise with the re-opening play, additional government stimulus to kick start the economy along with no further government crackdown -I hope!

Considering the year we have had, I fully understand why this topic was not created however traditions are traditions. I have had a really strong year and my portfolio is up ~11% in 2022. (Portfolio size between $1-5m) Highlights: - FFH once again crushed it - thank you Prem! (Approx 30-35% of my portfolio) - ATCO / RFP buyouts at pretty sweet premiums (combined they were about 30% of my portfolio)

I added to my BN position.

CN Rail or pretty much any N.A. class I rail. I bought CN Rail at the bottom of the GFC in 2009 and plan to hold this company for the next 50 years.

Pain index = 0 I am up 6% YTD. I had a couple of big wins in RFP and ATCO and started to roll those gains into BAM. I have ~10% of my portfolio left in ATCO so lots of dry powder to put to work.

More BAM

More BAM.

Finally sold some ATCO stock in my registered account and purchased more BAM.

I also added to BAM today as well. There is a point I will be forced to double my position and with the price dropping that point is getting closer day by day. I wish ATCO would trade near its offer price so I can swap out of atco into BAM!!!

More BAM

Exactly, pretty straight forward.

Ditto, it's too cheap to ignore.

More BAM

More BABA to bring down my cost.