eggbriar

Hi Liberty, It starts out as a biography of Prem, then moves on to his starting of Fairfax and the history of Fairfax as it has grown. It is more of a story with some pages showing relevant newspaper clippings and headlines. I don't have it with me now, but I will guess that it is about 100 pages and more of a softback pamphlet.

Yes, the book is great and provides a wonderful history of Fairfax. In a stroke of good luck, I found a copy of it last November in Hong Kong at the Falcon office. It made me even a happier owner.

There has to be something to it. Tax rates decline, yet gov revenue increases at a rate faster than the economy is growing over a long period of time. The deficits are simply a result of spending increasing at a higher rate than that increasing revenue. We don't necessarily need actual cuts in spending (although that would be nice), rather simply limit government spending to inflation plus population growth. Or, at least keep spending below revenue growth. I don't know what the avg growth rate in spending has been during those 35 years, but I would guess at least 9%. Let's really hope that that gov revenue growth rate doesn't turn negative.

I know I would love to live in a purely capitalistic society!

Ericopoly, Last year, I was doing this with both puts and calls. It worked out fine, but what I didn't like was how much I had to be on it to deal with the assignments. It wasn't too big of a deal, but when I was traveling or out of contact, I felt too exposed. I doubt I will do it again.

Oh, and that assumption makes me a seller of a chunk of my stash of ORH @ $62.50, transferring over to FFH

I am guessing that the big outside holders of ORH are selling ORH at a slight premium to current estimated BV. I am guessing that the big outside holders of ORH are also the ones buying the FFH offering at a slight discount ($347) to current estimated BV. It makes me think that they will be on board for $60.

T-bone1, I vote C I would love to buy a lot of the AIG puts but too pricey for me now. I'm watching them though!

Well stated. I very much concur with the thinking of the Boeckhs

Here is additional insight on AIG from the NYTimes: http://www.nytimes.com/2009/07/31/business/31aig.html?pagewanted=1&hp "But state regulatory filings offer a different picture. They show that A.I.G.’s individual insurance companies have been doing an unusual volume of business with each other for many years — investing in each other’s stocks; borrowing from each other’s investment portfolios; and guaranteeing each other’s insurance policies, even when they have lacked the means to make good. Insurance examiners working for the states have occasionally flagged these activities, to little effect. More ominously, many of A.I.G.’s insurance companies have reduced their own exposure by sending their risks to other companies, often under the same A.I.G. umbrella." “An organization like this one relies on constant, ever-growing premium volume, so it can cover and pay for the deficits,” said W. O. Myrick, a retired chief insurance examiner for Louisiana. If A.I.G.’s incoming premiums shrink, he warned, “the whole thing’s going to collapse in on itself.”

Oldye, you beat me to it! : )

Excellent! http://finance.yahoo.com/news/SEC-Completes-Fairfax-iw-1911787137.html?x=0&.v=1

I have no problem at all with the ads! In fact Sanjeev, I wouldn't care if you started making money on them!

I agree with Ackman. 1st, you have to become solvent through fixing your balance sheet. This can be accomplished either through an outright gift from the government or the more traditional way through bankruptcy, converting debt into equity. No one is going to contribute more cash until there is some real equity to buy or claim. Continued borrowing just digs a deeper hole, unless you have a simple cash flow issue. If the debt holders convert their debt to equity at a sufficient discount, you now have positive equity and have fixed your balance sheet. Now, if you need to raise cash, you can find investors that will buy into this equity or loan against it. Now you have your cash to loan out. It all comes down to who will take the loss. Why shouldn’t the loss be taken by The debt and equity holders? Greg

MrB I don't know. I would give them a call and ask them exactly what you need to attend.

MrB, Last year, they required proof of ownership to attend. Plus, one shareholder brought a non shareholder friend and his friend was denied entry. Bring a copy of your brokerage statement that proves share ownership on the March 6th date. It was a good meeting!