jbwent63

I, too, was planning on attending but work has gotten in the way. I hope to be able to access the stream. Is the recording made available after the meeting?

+1

With the dividends being much larger than the interest on the related debt, if you take into account all the elements, is it possible that the equity sliver has been ground down to zero or less at this point? Therefore making the return uncalculatable i.e. infinity?

+1

Thank you. It looks like more of the Japanese trading houses have been purchased since the last filing with the Japanese Stock authorities.

I apologize for not remembering who was posting the NICO regulatory filings, but if they would be so kind as to do so for year end it would be much appreciated. Especially the investment section. Thanks in advance.

My first purchase of BH was when the B shares were introduced at 30-1. Using tax advantaged (RRSP) accounts, I purchased 15 B shares. After the 50-1 (BNSF) split I added a few more shares in one of the significant dips and have never sold a share. I have written covered calls against a part of my position a couple of times (including a failed attempt late last week). I understand the comments that holding an S&P index fund would have done as well (although probably not in my case given the time I invested) but I own BH as a hedge against the craziness of the general stock markets. I am convinced that in a draw down of markets (it has and will happen again) BH will significantly outperform. So in that sense it is my insurance policy (instead of S&P 500 puts perhaps). Folks will always need insurance. The fortress balance sheet (sorry, Mr. Dimen) adds further protection. I haven't owned FFH for as long, and it isn't as large a position, but it is large enough. Having lived through the lean years of the late 2010's and not sold any shares I am hopeful that Mr. Watsa's current strategy will provide more protection in a down draft.

https://www.sec.gov/Archives/edgar/data/915191/000110465924025508/tm246589d1_sc13d.htm These reports start at the top of the ownership structure.....with Mr. Watsa personally.....so then you see the Watsa family holding companies, then finally Fairfax....and the amount of shares held by Fairfax (46,724,700) is unchanged from the prior quarter. This is what was also reported in the 13-F on February 14, 2024.

I was just looking at the filing. Gurufocus states that FFH also acquired additional BB shares which appears to be false. It looks like one of the Watsa holding companies (The Second 810 Holding Co) acquired 129,000 shares and then Prem was awarded 296,571 shares upon leaving the board. I might be wrong but I don't think FFH has more BB shares and the note was repaid.

I thought Jen was a superstar on the call. I am an accountant so what she says isn't gobbledegook like it could be for non-accountants. I loved it when she stuck the knife in "IFRS is not USGAAP". That was an FU to Mr. Block. Then he asks for more disclosure of immaterial items. Sorry, that's not how it works. In my opinion Fairfax's disclosures are quite comprehensive, especially when compared to MRK or BH (Markel lumps all its non-insurance Ventures investments into one bucket with little further detail other than a breakdown into categories). It will be interesting to see if FFH increases any of its disclosures in the 2023 AR. I thought Prem sounded strong (pissed off maybe) and Mr. Clarke was nervous...although that may be par for the course with him (I don't recall thinking this on earlier calls). So now, what does everyone think about the AGM? Does Mr. Block show his face?

Still requesting confidential treatment.....dammit.

I'm looking forward to tomorrow's 13-F filings....in particular if there are amendments to the 9/30 filing to remove the requested permission to not disclose a position, or if that permission is still granted. Is there any scuttlebutt as to which name it could be?

I'm confused a bit here (maybe it's just a bit of friendly rounding...), but didnt FFH hold $330 MM of BB debentures, and just agreed to "roll" $150 MM, for net cash to FFH of $180 MM vs $200MM? I too am somewhat surprised that FFH didn't bargain for a better interest rate given the current environment or a lower warrant exercise price given the current share price, but there may be unknowable reasons for that (those reasons might become clearer in time). Anyway, I agree with Viking, good to reduce exposure at 100 cents on the dollar.

According to the Globe & Mail (via Yahoo! Finance home page and Reuters), John Chen is leaving Blackberry at the end of this week. (Reuters) -BlackBerry's CEO John Chen has resigned and will exit the company on Friday, the Globe and Mail reported on Monday citing a source familiar with the matter. The Canadian technology company is expected to announce an interim or full-time replacement, expected later in the day, according to the report, which did not give details on why Chen was leaving. U.S.-listed shares of the company gained 7% in late afternoon trading on the report. Chen joined BlackBerry in November 2013 and led the company's turnaround efforts in pivoting it from consumer hardware business to one that focused on enterprise software. Once known for its full-keyboard business phones, BlackBerry saw its business suffer after the launch of Apple's iPhone in 2007 and the rapid adoption of Android-powered smartphones around that time. It had since moved to focus on cybersecurity, in-car software and Internet of Things (IoT) applications. Earlier this month, the company said it would separate the IoT and cybersecurity units and target a subsidiary initial public offering for the IoT business next fiscal year. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices. BlackBerry did not immediately respond to a Reuters request for comment.

Never rating MKL at higher than 3 stars over the past few years is enough to cause me to dismiss this analyst's work. One star for FFH? Is he mixing currencies? FV in USD, price in CAD? Not credible. Pass.