sdev

As an aside I tried to get in touch with IR but no response.

Anyone have any color on what the fundraising outlook looks like for Helios? They mentioned on the AGM that EM fundraising is tough - and I presume Africa is one step tougher (as Brazil, India, etc - seem to be raising loads of money). They also indicated that they are looking at raising a RE fund and have "interesting" things going on with respect to capital markets activities. I think if they do actually have the clout to raise an equal or larger PE fund + start a successful RE fund, and continue following through with good returns, this could be a great price for the business. But if it's just a balance sheet (vs an alt asset manager) it's much less interesting.

No audio or transcript of the AGM?

While I won't argue that the business will not grow / contract in the future, because it likely will - what is concerning is the equity investment strategy over the past 10 years has been a disaster, select large portfolio holdings are homerun swings without a clear strategy, and the forward equity strategy is a mixed bag of investments without any clear investor advantage other than, it's cheap. The age old strategy is to be the best at your part of the world. I personally am guilty (perhaps very guilty) of thinking that my investable universe is larger than it should be. In my opinion Fairfax could do with an overhaul (read: narrowing) of how they deploy equity capital - as it's possible to buy "cheap" assets in any market, in any vertical - with patience and best in class platform / skills for the niche. As my underwriting box thankfully narrows over time - Fairfax falls outside my criteria, and I'll be peeling off my 10+ year holdings over time, with remorse.

I have it - battery is fine and the phone is super fast. Highly recommend it.

Admittedly surprised after reading about the features. If it doesn't turn out to be a bug-fest when it launches, I might find myself rooting for the underdog in this tablet space.

Yammer raised money at a $500m valuation in February...

you are correct sir I can just imagine a fictitious war room at Yammer: #1 "Crap! The IPO window is shut!" #2 "Are there any private bids out there?" #1 "All we can find is Microsoft" #2 "What's their bid?" #1 "$1B" #2 "WHAT?? SOLD!!" That being said I'm just poking fun and I'm sure those involved on both sides are far smarter than I.

haha, probably them topticking the social media scene by buying Yammer.

I actually believed JPM that it was just a hedge against their portfolio - never trust a bank!

wow.

Great article.

Thanks! Cool video.

Any details???

This is nothing new, he has been talking about it as his "favorite idea" since gas was above $4.00. Interesting how he has gone from in the shadows to in the mainstream so fast. Gotta love hot managers.

I agree. Saying "don't work for the banks" in an absolute manner is ridiculous.

I've put myself in jail after losing a chunk on atpg ;). I vow never to touch their securities unless they file Ch.11, and only then will I look at their debt.

Forgive me but I don't understand the logic. You sold the prefs at ~50 because of default risk, and moved down the capital structure to purchase equity? If the stock heads up to the mid teens wouldn't you expect the prefs to be closer to par than 50? Maybe looking at a 75% return for the prefs vs about 100% for the equity and giving up the ability to take dividends and moving down the capital structure. Curious to know your logic.

cool video!

No worries Ben. I think $10b now is prob unlikely I am trying to get more info to get a #. What denominations do CDSs come in? Bc if they come in $100k units of $1m, we would know he at least made $65,-$650m Why are you consistently shooting first and asking basic questions later? It's like you're trying to create a National Examiner or US Weekly of finance.

Woohoo!

~$2m

Hey Guys, I have a HNW friend who is looking for somebody to manage their money. Before you guys start nipping at the bait, she is looking for an a wealth manager, someone who can tailor an investment strategy that pairs well with her goals and risk tolerance. She asked me but what I would do is much different than what she would be comfortable with. Do you guys have any recommendations?