beerbaron
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Posts posted by beerbaron
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I have a few questions, that I need to dig to find answer. Maybe someone else might have the answer before me...
What's the impact of IFRS compared to old GAAP?
Are unrealized gains calculated in the net income or just in BV?
I tough muni bonds were flat in Q1 why the big drop in the bond portfolio? Did it come from high yield?
Hedges are somewhat going down to 83% from 91% (If I remember correctly), is it a change of perception in FFH team or because their equity increased more then their hedge?
I'm impressed by this month's equity return 3.4% when almost fully hedged, that's pretty good.
BeerBaron
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I did read it's article before I bough my finance's ring. In the end I ended up buying it at Overstock! Don't tell her... :)
BeerBaron
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Liberty wouldn't you be scared to put money in a insurer with 4 years of public history? Insurers is about faith as much as numbers.
What's their moat? How did they achieve a very loss ratio? Is it because of a focus on long term risk that has no happened yet or because of superior underwriting?
On the plus side the premiums did not go up while the profits stayed flat, which seems to indicate that they have not been writing new premiums to cover for the past loses.
BeerBaron
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Anybody knows why Buffett ceased to bring population control as one of it's main concern regarding humanity?
BeerBaron
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Can someone help me understand the following paragraph:
3. A stock dividend must also be distinguished from a stock split. The fact
that a corporation may refer to a transaction as a stock split does not
prevent the Department from looking behind the language used to determine its
true nature. In a stock split, there is an increase in the number of shares
accompanied by a proportional decrease in the legal paid-up capital per share
so that neither the total amount of legal paid-up capital nor the total amount
of surplus available for distribution as a dividend is altered. In a stock
dividend, there is a distribution of shares accompanied by a capitalization of
retained earnings or any other surplus account available for distribution as a
dividend. For a discussion of the tax implications of a stock split, refer to
the current version of IT-65 entitled, Stock Splits and Consolidations.
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Scary, any other news of it besides ZeroHedge?
BeerBaron
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You guys are taking it to much by the word. He's just saying that gold price is inversely proportional to currency trust. I think it's a very well presented explanation.
BeerBaron
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Maybe it's WatsaIsaRadiantHero... it looks a bit like him.
BeerBaron
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I never drink...
BeerBaron
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calculate how much you burn in a day. Eat 750 calories less than this everyday. do push ups, pull ups and situps (really only takes about 15 minutes every other day). If you do this, you will be in shape.
weightloss is simple, but not easy. don't overcomplicate it.
if you are gaining weight you are eating more calories than you burn, plain and simple... and no, it is not because you have a "condition" or are heavy boned, prone to weight gain etc. you are simply eating more calories than you are burning.
I still don't understand why people waste money on fitness books
Amen!
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By the way, anybody looked at the latest St. Louis Fed data. So far FED 1, FFH 0. No wonder why everything is going trough the roof.
BeerBaron
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The Bank of Canada also has a clear inflation target...someday or another they will need to make a choice between interest rate and inflation.
BeerBaron
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My view on this is somewhere along the same line. Leave some money for the kids so they can have good education and buy a house. The rest should be given to other causes.
BeerBaron
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For grey area like this one I would suggest Klarman's rule.
"If think what you are doing would get you on the front page of the jornal and you would not be happy about it, then you should not do it"
The fact that there is a debate about this one means that it's way to close to the line then what BRK will accept.
I'm very happy about Buffett's action and it shows a huge courrage to get rid of your number 2 who would have earned you billions in the future for moral issues. On the moral compass BRK is in a class of it's own.
BeerBaron
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Brk is down 4 Billion in market cap today... didn't know Sokol was worth that much.
BeerBaron
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Chou Associate Fund: 11% Cash
Chou Asia Fund: 50% Cash
Chou Europe Fund: 30% Cash
Chou Bond Fund: 15% Cash
Chou RRSP Fund: 3% Cash
Someone's piling cash...
BeerBaron
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What exactly is the latitude given by the FED to companies regarding stock ownership. I always tough that stock had to be marked to market...
BeerBaron
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11 Total:
RCH.TO
FFH.TO
XDM.TO
AWI.TO
EH.TO
ALS.TO
XIC.TO
BRK
SBSI
T
WINN
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I really hate the lack of transparency for bonds. Why is there no unified bond market is still a mistery?
BeerBaron
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Supply problems from Japan are starting to be felt. Yesterday we received an E-Mail from our IC producer that they could not make our custom IC anymore before of shortage of Wafer. It seems Samsung's wafer raw material fab has no electricity and it has no idea when it will be back into operation. Apparently 70% of the raw materials for IC come from Japan.
There might be a smart way to play this tough... I'm just not smart enough.
BeerBaron
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I can't say anything bad about the guy. I researched most of the names on it's portfolio before I even knew he existed. They were all close to the finish line. So I guess we have similar investing philosophies.
I would not invest in him or any fund because of the fees but I would certainly check out it's ideas :)
Sorry Tim, I'm a cheap bastard I prefer to keep the 1-2%.
BeerBaron
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Such a crappy insurer! Poor investors that invested at 20$.
Were they able to give their company to charity in the end or did the court stop them?
BeerBaron
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How about some radio assets like SALM and SGA. These are both throwing off alot of FCF and have defined niches (SGA small town stations and SALM in the Christian demo). Another play could be SURW as they could fund the fiber build-outs arond their core rings.
Distribution companies that also throw off FCF but have defendable niches are DIT and CORE.
Packer
SALM and SGA would almost be considered runoff in my opinion. Is it what they are looking for?
BeerBaron
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I think you guys should throw out quality, researched ideas and debate the pros & cons. Maybe a few of them will pique Fairfax's interest. Cheers!
Just throwing a few names there...
If looking for quality they could buy RCH.TO
This is a consolidator in a highly segmented market, therefore could allocate capital in a efficient way. RCH has average very healty ROE without any leverage. Management only buys high quality assets at a reasonable price. One might look at the compounded earnings orver time and make it's own conclusion. It's not cheap tough.
If looking for a very strong player in it's market they could buy SJ.TO
SJ has finished the consolidation phase and are the largest supplier of railway ties in North-America. Their relationship with the railroads is symbiotic which means that if you believe in the future of RR you could buy into SJ at a much cheaper price then buying CN Railways. The moat is somewhat smaller then RR but so is CapEx. I would certainly not buy at this price tough!
If looking for a tool booth type of business they could buy BR (NYSE)
They basically have the monopoly of Proxy voting in the US. It's cheap for the caracteristics it posses because the market is worried about the transformation from mail voting to internet voting. I believe the complexity added by internet voting will actually enhance the value proposition of BR as the complexity will also increase. Probably way too big for FFH tough.
How Warren Buffett Protégé David Sokol Lost His Way
in Berkshire Hathaway
Posted
And a ton of cash to protect on the downside!
BeerBaron