gfp

Thanks for your response. I'm watching the tsla shareholder meeting video as I read this. I will still take the "under" on how rapidly things change but I get what you are saying.

What is this? The cost of repairing/replacing all things insurable will decline precipitously? What is this based on?

Sure, probably on the day they buy Union Pacific and pay partially in stock

Yeah Crip1! That's what I was saying on the other thread when I said " It's like the old days " !! Maybe it goes lower than today but I'm not going to bet on it. Plus every time I sell a little Biglari Holdings a few hours before their earnings report to buy Fairfax shares I reduce my risk and get a good clean feelin'

This price Marco. This price (they said it with their actions, not their words )

It's great - they spell out that Q4 is the big quarter for reserve releases. They spell out the excess of fair value over book value per share. They spell out the gain that will be recognized when Eurolife closes. They spell out how unusual it was that they had both bond losses and discounting losses in Q3 when they usually cancel each other out (like they have over the first 9 months taken together). They spell out the prices they are interested in picking up the pace on repurchases. They have all of their capital allocation decisions laid out before them like a menu for the next few years. The polar opposite of Berkshire's problem. And non-insurance businesses, the ones that make money when insurance doesn't, are starting to show up for the people who don't pay close attention...

you guys want a clerical error spotted in your Yen bond prospectus I'm your man. Busy buying Fairfax shares over here - they keep getting cheaper! It's like the old days

It's something like $674 million USD

Someone must have asked them about Wade Burton selling some shares. Company says he retained 80% of his position and Fairfax bought the shares he sold (for estate planning purposes) in the open market

Conference call is on now

Hey Dana, he said (I'm clipping out my name)

I always nerd out a little when the Berkshire CFO emails me but nobody cares around here so I'm posting it to you nerds. We were only discussing a clerical error in the yen bond prospectus but still he's a nice guy.

It's interesting how weak the shares have been trading considering the level of buying Fairfax was doing. That's a lot of selling I guess

Great report, looking forward to the conference call tomorrow morning. I bought a lot of stock this week

Maybe you were a Recipe shareholder - that one was CAD but pretty close to 21

$15.50 https://ir.atlascorporation.com/2022-11-01-Atlas-Corp-to-be-Acquired-by-Poseidon-Acquisition-Corp-for-15-50-in-Cash-Per-Share?utm_source=chatgpt.com bumped from the initial 14.45 https://ir.atlascorporation.com/2022-08-04-Atlas-Corp-Announces-Receipt-of-Take-Private-Proposal?utm_source=chatgpt.com

Their excuse during that "opportunity" was that they were insiders and blacked out. I think a few Fairfax employees actually sold their personal shares? Don't remember exactly. Prem later left the board.

That is the debt investment platform that KW and their investor partners (Fairfax and other insurance companies primarily) are investing in. Not the debt that Kennedy Wilson is borrowing. KW is an investment manager that earns fees and a carry on this debt investment platform. Fairfax is a primary partner, especially the portfolio that came over with the PacWest construction loan team. The high yielding stuff is them as investor/ investment manager. The low yielding stuff, sub 5, and much cheaper in places like Ireland, is them as borrower.

I sort of doubt it? Isn't KW's debt pretty inexpensive? Less than 5%

It was window dressing in that it peaked into month-end but why did it get so tight is the question. Why did SOFR hit 4.22%, way above the upper end of the Fed Funds range? Why is SOFR still way up above 4? Why is there cash parked at 3.75 at the Fed when it could be recirculated in Repo at much higher rates? Something got tight and messy and that usually means some kind of risk aversion somewhere in the money dealer recirculation plumbing market participants... Never seen this guy's channel before, but he makes a decent case that the tightness is sort of related to the government shutdown causing the TGA refill to overshoot -> https://www.youtube.com/watch?v=2r8AOkXCdAg

Well... They received 5.9m CLF shares in November 2024 for that reason. Then they used their own money and their own "analyst" to purchase another 9m CLF shares in Q1 2025. So it's a bit of both

I've seen you mention it a few times - it is wishful thinking to hope that they blew out their entire position in one day on a brief spike in the CLF share price. They haven't been very nimble with their equity positions on one-day moves historically

Good deal for everyone. Maybe results in some messy consolidated accounting taking KW's entire balance sheet onto Fairfax's Didn't someone on this message board ask recently why Prem and Bill hadn't taken this thing private? https://www.sec.gov/ix?doc=/Archives/edgar/data/1408100/000119312525264971/d58472d8k.htm

Sardar got control in a tender offer before there were two classes of shares. He used company capital to fund the hedge fund that offered $420/share for the stock (pre-split price), which was a premium and an arbitrage spread persisted into the tender. There was an attractive spread to be earned in a matter of days and many people participated - which helped him get voting control. Fairfax itself bought and tendered 1200 Biglari shares to capture the spread. That was 2015. The dual class structure was put in place in 2017 or early 2018 when he already had voting control.

Oh yeah - I agree. Prem is good. And Prem didn't obtain control that way - he already had control. He just didn't lose half his super votes when his early partners wanted liquidity. Fairfax bought the interest in Sixty Two at a discount of something like 15% to the market price of the stock. They tried to do it in a fair way. But they still aren't going to cancel those voting shares and THAT part is just like Sardar. Ironically, Prem / Fairfax participated in the tender offer arbitrage that gave Sardar control of BH. 1200 shares bought and tendered at $420 pre split in 2015...