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Pure speculation: Volume is high which suggests to me that some large shareholders are getting out. Why? If their thesis for owning FFH was that doing so was an effective hedge for their overall portfolio, that these is no longer valid once the equity hedges are liquidated to the extent that they were. Some posters on this board seem to fit that profile.

 

 

What's left is a good sized insurance company which has been underwriting effectively (bordering on very effectively) for the past several quarters, has been making opportunistic (but not stupid) acquisitions at a steady pace and, the past few years not withstanding, has shown to have a better-than-average investing acumen. Is that worth less than 1.1x BV?

 

 

To each his or her own.

 

 

-Crip

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It's been a great day to buy Fairfax.  It is a lot like a spin-off - whenever you have a large turnover in shareholder base you will get opportunities (and liquidity) like this.  One set of shareholders is exiting and it takes time for a new group to pick up the slack.  Looking like it will get cheaper still, but you never know so I buy today and hopefully in the future as well.

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Agree with both crip1 and globalfinancepartners.  Im hoping to be able to purchase more after the new year and see that as a possibility.  Seems like most people will need some kind of insight like the annual letter to have renewed confidence. 

 

Long term, a good company trading at a very good price.

 

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It might also be partly due to the cluster$%^% that is India (at the moment).  Prem's bullishness there is all about  PM Modi reforming the economy.  For this to happen Modi needs to last more than one term 

 

http://www.zerohedge.com/news/2016-11-17/indian-economy-grinds-halt-after-cash-ban-demonetisation-has-shaken-our-faith-moneta

 

cheers

 

nwoodman

 

 

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It might also be partly due to the cluster$%^% that is India (at the moment).  Prem's bullishness there is all about  PM Modi reforming the economy.  For this to happen Modi needs to last more than one term 

 

http://www.zerohedge.com/news/2016-11-17/indian-economy-grinds-halt-after-cash-ban-demonetisation-has-shaken-our-faith-moneta

 

cheers

 

nwoodman

The idea that anyone will transform an economy in one or even two terms is a fantasy. These things take decades of work and fail most of the time.

 

I don't like to revert to quotes but that WB quote applies here "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."

 

This is magnified by 1,000 when applied to economies and governments because they such complex systems. Much more complex than an individual company.

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Pure speculation: Volume is high which suggests to me that some large shareholders are getting out. Why? If their thesis for owning FFH was that doing so was an effective hedge for their overall portfolio, that these is no longer valid once the equity hedges are liquidated to the extent that they were. Some posters on this board seem to fit that profile.

 

 

What's left is a good sized insurance company which has been underwriting effectively (bordering on very effectively) for the past several quarters, has been making opportunistic (but not stupid) acquisitions at a steady pace and, the past few years not withstanding, has shown to have a better-than-average investing acumen. Is that worth less than 1.1x BV?

 

 

To each his or her own.

 

 

-Crip

 

+1 ;)

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It might also be partly due to the cluster$%^% that is India (at the moment).  Prem's bullishness there is all about  PM Modi reforming the economy.  For this to happen Modi needs to last more than one term 

 

http://www.zerohedge.com/news/2016-11-17/indian-economy-grinds-halt-after-cash-ban-demonetisation-has-shaken-our-faith-moneta

 

cheers

 

nwoodman

 

More on this topic:

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Rishig,

 

What do you think of FFH here? 

 

TIA,

BLSH

 

 

It might also be partly due to the cluster$%^% that is India (at the moment).  Prem's bullishness there is all about  PM Modi reforming the economy.  For this to happen Modi needs to last more than one term 

 

http://www.zerohedge.com/news/2016-11-17/indian-economy-grinds-halt-after-cash-ban-demonetisation-has-shaken-our-faith-moneta

 

cheers

 

nwoodman

 

More on this topic:

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Rishig,

 

What do you think of FFH here? 

 

TIA,

BLSH

 

 

It might also be partly due to the cluster$%^% that is India (at the moment).  Prem's bullishness there is all about  PM Modi reforming the economy.  For this to happen Modi needs to last more than one term 

 

http://www.zerohedge.com/news/2016-11-17/indian-economy-grinds-halt-after-cash-ban-demonetisation-has-shaken-our-faith-moneta

 

cheers

 

nwoodman

 

More on this topic:

 

I don't know enough about FFH - just wanted to point out the mess going on in India thanks to the demonetization. I will be taking a look though.

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Pure speculation: Volume is high which suggests to me that some large shareholders are getting out. Why? If their thesis for owning FFH was that doing so was an effective hedge for their overall portfolio, that these is no longer valid once the equity hedges are liquidated to the extent that they were. Some posters on this board seem to fit that profile.

 

 

What's left is a good sized insurance company which has been underwriting effectively (bordering on very effectively) for the past several quarters, has been making opportunistic (but not stupid) acquisitions at a steady pace and, the past few years not withstanding, has shown to have a better-than-average investing acumen. Is that worth less than 1.1x BV?

 

 

To each his or her own.

 

 

-Crip

 

 

"Be Fearful When Others Are Greedy and Greedy When Others Are Fearful". It takes guts to buy FFH when it is going down 1 to 3% everyday.    ;D ;D ;D

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