Partner24

Ladies and gentlemen, finally, we have the answer. MKL just hit 1000$ this morning. A very interesting graph (starting point: June 10th, 2014): http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=mkl&time=100&startdata-ipsquote-timestamp=6%2F10%2F2014&enddata-ipsquote-timestamp=7%2F3%2F2017&freq=1&compidx=SP500&comptemptext=ffh&comp=ffh&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=2&x=45&y=17&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=12 Still, I don't know what to say...I would guess it depends somewhat on what will happen with the general stock market. If it goes down, you'll likely see FFH do better on a relative basis than MKL. If it's the contrary, MKL should do better.

Well, Fairfax been my first trade ever. In january or february 2003, I bought some shares. I was so delighted about the price that I posted the transaction receipt on my kitchen wall. At times, FFH was nearly 40% of my investment portfolio. Now, more than 14 years later, I sold all my shares and I'm not a shareholder anymore.

Sanjeev, I understand the frustration. You do all this for free...with your heart and it takes both time and effort to organize this. I've went to the FFH AGM once (almost a decade ago), I met you and some other nice folks and keep good memories of this. Regarding the sharp drop in popularity, it's just a guess from my part, but I would not be surprised if some people are tired with what happened with FFH over the last years (multiple voting rights shares reissue, a sudden and huge change in macro forecast after an election, poor stock portfolio management, communications, etc.). Yes, actions speak louder than words. Nearly 30% of my own investment portfolio is invested in PDH. I work hard as a small business owner and a very significant part of the dividend that I'm beginning to get is invested in PDH. Thank you for your hard work Sanjeev.

Well said Cigarbutt. Their underwriting have improved very significantly over the years. That's a huge gain. But investing have been mediocre over the last years. We have the opposite situation than in the lean years period. I like the underwriting, I like Fairfax India, Africa, the investments in operating businesses like Cara, etc. but their cigar butt style investing haven't been good with a huge portfolio like they have now. And the ark that they built came at a huge price...billions. I've kept most of my investment, but I'm not adding to it anymore. Me too Fairfax been 40% of my net worth or so at times, but the % is gradually decreasing.

Here are the facts: - Weather forecasts. They tried to predict rain. The sun shined a lot. How about building a ship that will do fairly well at both and bad times instead of predicting weather like that? Instead of trying to be wrong...wrong..wrong....right, what about ...ok if wrong or right...ok if wrong or right...ok if wrong or right...just like Berkshire and Markel? - Cigar butts equities. Did very well when they had small to mid size money to invest. Did mediocre with a big portfolio.

A terrific board indeed wich I have followed since 14 years now. It helped me a lot and I'm happy to have found a good "jockey" that I trust with PDH. Cheers!

Oh my, Prem is still making these macro forecasts? No lesson learned from these huge losses? He's bearish when the market is low and bullish when the market is high? For the first time in 13 years, I will seriously consider reducing or eliminating my position in FFH. I can handle a lot, but this is difficult.

No, I am not kidding. With the big moat and elephant businesses, I agree that it reduce the risk, but the gain is more limited. FFH, MKL, etc. they started small. Who made them succesful? The people in it. Same thing with PDH. I trust the jockey. I've seen him posting on this message board since 2003 and there is not a lot of people that I've learn to trust as much. It is not to say that I trust blindly, I certainly keep an eye on what's happening in the business, but I'm confident that Sanjeev will make something very good for the long haul. Regarding the price performance to date, I don't care. I even enjoy the price decline, since I'm buying more shares these days. That's a long term investment that require patience. But since the time horizon asked is 15 years, I'm confident that the performance will be satisfactory over that period. Time will tell. Would I put all my investments in it? No. A significant part, yes. But not all. I only have three stocks these days...MKL, PDH and FFH. Cheers!

I would also keep an eye on PDH.

MKL. I bought a stock certificate in my son name for christmas when he was less than 1 year old. At 11 now, he still has it.

I have three stocks now and I feel it is diversified enough. MKL (diversified in itself), PDH (diversified in itself) and FFH (diversified in itself). But open to hear about some businesses like that. Cheers!

Sanjeev: "You may get lucky with #1 at one point, but then you may look foolish for years afterwards when you do get it wrong...we've seen this with many, many value managers. #2 isn't exciting, but it works very well! Cheers!" You're absolutely right. We don't care about excitement, or terrific predictive abilities, etc. What do we care about is long term value creation. I would even say that beside that, if it's boring and simple, it's even better. Cheers!

MKL, FFH, PDH and BRK. Good choice to me if you don't have the time available to study stocks.

Ahahahah so funny. I've told since the very beginnings of these hedges that they were some kind of an ark. Terrific if it rains, but we could get very thirsty if the sun would keep shining. They've predicted rain since years. Really predicted it to us over and over again. Bad forecast.The sun have kept shining and the patient shareholders that we are are thirsty. I knew that possibility and kept my shares. So it was MY decision. But the main problem here is the lack of candor. So, Trump is here and you change totally the forecast because of that? Bull**** doesn't taste good. They bought high and sold low and made economical forecast that were wrong. Billions of dollars lost. That's ok, but no turds on top of that. Please. Let's call a cat a cat. If you don't admit your mistakes, you'll keep repeating them.

Used to, but no alcohol anymore. Wine is good for a man when it's a woman that drink it ;)

lol

boilermaker, another terrific joke! You're very funny. I laughed so much. Thank you very much and please, keep posting! ;D

Again a terrific joke! Aahahahah thank you very much! ;D

The blind cowboy thinks for a second, shakes his head and mutters, 'No ... not if I'm gonna have to explain it five times.' Aahahah very good. Thank you for the laugh! :)

Soros increase his bet against US stocks http://money.cnn.com/2016/05/17/investing/george-soros-betting-against-stocks-buy-gold/

Ohhh the "low ego and very agreable person" who said that to your employee. That being said, when the doors were supposed to open?

I admire what he has done so far, but this indeed seems like some "diworsification" like Peter Lynch might call it so. Cheers!

Grab popcorn!! Mine is now warm and dry ;)

+1 Certainly later than he tought and let us tought.

Giverny Capital