gfp

I don't know the specifics but the Fairfax Annual Report seems to indicate they only hold a 24.2% interest in Digit Life - maybe that percentage increases by the same proportion as the Digit Insurance ownership if the CCPS are fully converted. Either way - I don't think Fairfax's stake being worth $7.3 Billion (today) is anywhere close to the truth. The quarterly marks on FFH's books are going to be close enough. We can watch the share price of Go Digit Insurance and keep up on the market value

I had thought I had nothing to add on this thread since "kept adding to Fairfax" is hardly groundbreaking on this forum, but I forgot that Nelnet was this year - January to February and then huge purchases on 2/28 as it just kept going lower that day. Avg. cost is $84.755 but I think I lightened up on a few of the highest basis shares first so that is probably not my average basis for the original position. Jack in the Box isn't nearly as significant, and I have traded around the position a bit - but that one will need to perk up this week to stay in my good graces.

The 49% ownership of Go Digit Infoworks (the 73.6% owner of Digit Insurance) does not include the CCPS. I believe the CCPS convert into shares of Go Digit Infoworks and not shares of Digit Insurance. I would imagine they will not be converted until there is dilution in Digit Insurance that would cause Fairfax to indirectly own less than the current 50.05%.

This one's for @dealraker https://www.cnbc.com/2024/08/29/dollar-general-shares-crater-20percent-as-retailer-cuts-outlook-blaming-financially-constrained-customers.html

This analysis (36% of Digit insurance not including the CCPS) is correct. The CCPS are in addition to this look through ownership level for the straight equity and will now be marked more or less to market based on Digit Insurance's market prices at quarter end.

Sorry, I misunderstood your question. I think it probably relates to Fairfax's 49% ownership being of that intermediate company and that intermediate company consolidating its ownership of publicly traded Digit. At this point, only the converts get marked to market but we can pencil in Fair Value for ourselves

Google equity method accounting

So far the high today put a $989.75 Billion market cap on Berkshire. Will we hit the extra digit club this week? How many covered calls are out there getting violated?

I don't disagree with your point, but Buffett's instructions to the surviving spouse is 90% S&P500 index fund and 10% cash equivalents / bills. No Berkshire.

Wow I had no idea. Thanks for posting

WEB is already there -

Yes I am well aware.

Why those over the August 2027 22-strike warrants? You wanted more leverage?

Yeah between reddit and Lauren Balik's twitter feed there has been a ton of gossip on this stuff. Sort of entertaining! Maybe all of Snowflake's growth is just Linda Apsley moving from job to job

Who needs an audit if Howard says "don't worry it's all there" and risks are well managed! Good enough for me. I mean, when has a stable coin ever f*ed up? Meanwhile, I am highly skeptical the US Government has any trouble finding buyers for their t-bills. Why are people eager to put their capital into a vehicle that buys T-bills but instead of paying the substantial interest on their USD denominated capital to them, some guy who doesn't want an audit keeps their substantial t-bill interest for himself and buys Bitcoin with it?

I wouldn't give the Federal Reserve any credit for that.

I thought this was an offering - all at once - and not some type of at-the-market deal.

What's the expected timing of this 30m share secondary offering? I would have expected an announcement that it had closed (with pricing details) by now?

I'm not sure anybody knows what the underlying causes are - but for several years there has been a brief seasonal bias for rising market interest rates from late August through late September or early October. Not just in the US treasury market, but in many developed sovereign debt markets. One risk is that I am certainly not the only one to expect this phenomenon to repeat itself. It's sort of like a Farmer's Almanac of interest rate seasonality I suppose. I like the fact that it goes against the prevailing focus on the rate cutting cycle. If it occurs it would probably fully un-invert the 10-2 yield curve which is already close to even - https://fred.stlouisfed.org/series/T10Y2Y I haven't put the trade on yet - I am hoping for one more breakout on TLT prices / break-down in TNX rates to fake out market participants. We'll see - YMMV edit: I asked ChatGPT, the great wizard of trading ideas for the last 6 years: " Here are the changes in the U.S. 10-year Treasury note yields from the lows in August to the highs in October for each of the past six years: 2023: The yield increased from a low of 4.17% in August to a high of 4.80% in October. 2022: The yield rose from a low of 2.90% in August to a high of 3.98% in October. 2021: The yield went up from a low of 1.28% in August to a high of 1.58% in October. 2020: The yield slightly increased from a low of 0.65% in August to a high of 0.79% in October. 2019: The yield increased from a low of 1.47% in August to a high of 1.86% in October. 2018: The yield rose from a low of 2.82% in August to a high of 3.25% in October."

I hadn't checked in on IIFL Securities in a little while - was surprised to see the chart

Are you talking about holding company cash? That isn't where claims are paid from. There are plenty of invested assets, cash and otherwise, in the insurance subs and that is where claims are paid from.

I would add Bentley Systems - BSY - I have no position in the stock and these software companies are never "cheap" but the family has seemed to indicate they are willing to / looking to sell. Negotiations with Schneider didn't lead to a deal at that point. Wouldn't be surprised to see them taken out as infrastructure is still a strong theme for acquirers.

Is this a report you made Haryana?

I'm going to wait a day or two but I'm hoping to get short the TLT around $100/share. Probably through October options. We might even get a quick breakout above 101 but we are coming into some very persistent seasonal trends where no matter what the fundamentals indicate - interest rates have been rising end of august through september pretty regularly. It will come as a nice surprise with all eyes on the rate cutting cycle. Probably will find some cheap out of the money puts to express it but I may figure out a different plan. Micro treasury yield futures are pretty user friendly. Now let's just get her up above 100!

resumed selling BAC https://www.sec.gov/Archives/edgar/data/70858/000095017024098772/xslF345X03/ownership.xml