Where is the Loyalty? Where is the Support?

[Parsad]

I was about to go to sleep tonight, but decided to come downstairs and post this on the message board because I'm quite f**king pissed off!

 

This is the 12th Annual Dinner we are doing in Toronto this year.  What started out as a little gathering for me and 9 friends in Joe Badali's Restaurant, with Francis Chou doing a fly-by and then sitting, answering questions for 2 hours, grew into what some are now caling the "Fairfax Lollapalooza!"  12 years later!

 

Each year, little by little, it has grown...with some 165 attendees in 2015 and 148 attendees in 2016.  In total, we had raised $130,000 for Crohns & Colitis Canada in memory of JoAnn Butler, when we started dedicating the event to her in 2010.

 

But this year, something is different!  I don't know what, but the ticket sales have fallen well off pace and there has been much less interest.  To the point where we may have to scale down the event next year or eliminate it all together!  Yes, you heard that right...maybe eliminate it all together!

 

First, you should note, I do not and have never received a single penny for the work that goes into putting this together each year.  Second, outside of support from Fairfax, Francis, Pat Hios, a handful of donors and volunteers, I do all of the work.  Alot of time and alot of effort, and frankly alot of love goes into this!  All of the speakers donate their time and effort with no fees...in some instances, I pay to fly them in and put them up. 

 

So you may ask, what the hell is Sanjeev venting about...this is his thing and nobody asked him to do this.  And you are absolutely correct!  But alot of you have benefitted indirectly from my generosity...be it from the great event we put on each year, or from the fact this board is relatlvely free for the user, and has made a shitload of money for some of you and will make money for many of you newer users!

 

To those that have bought their tickets already this year, whether you may or may not attend, I thank you for your support!  To the one attendee, who couldn't make it out the last three years and sent a lovely check for Crohns & Colitis Canada this week...thank you so much!  To Fairfax, who give of their time and money with such humility each year, there is no event without you guys!

 

But where are the rest of you? 

 

- Where are all those cheap, rich bastards as Wayne Gretzky put it last year at the dinner? 

- Where are all of you long-time attendees who have become cynical and fickle over the last year(s)? 

- Where are all my rich hedge fund friends managing anywhere from tens of millions to billions of dollars!

 

I don't need your quarterly or annual newsletter.  I don't need the annual book you send me.  I don't need a pat on the back.  I don't want you praising me when you see me at some event.  I don't want you calling me to ask me how I can get you in touch with Fairfax because you have some great investment idea or business you want to sell.  I need your support for this dinner!

 

I hope many of you are still coming!  I hope some of you get pulled out of the darkness by this post and decide, hey I'll send a check in or buy a ticket, or sponsor a silent auction item...or maybe just give back in some little way!  I know you guys haven't disappeared, and I know you will see this. 

 

You can buy your ticket at www.cornerofberkshireandfairfax.ca .  Scroll down a little bit and the ticket button is on the left hand side of the homepage. 

 

You can send a check made out to "Crohns & Colitis Canada" and CCC will send you a tax receipt.  Mail to:

 

Premier Diversified Holdings

Attention:  Sanjeev Parsad

#301 - 3185 Willingdon Green

Burnaby, BC  V5G4P3

 

You can contact me directly if you want to make a corporate donation or donate a sponsorship item:

 

[email protected]

604-679-9115 ext 205

 

Otherwise this may be it!  Maybe we've run our course and call it a day!  But that would be a God-awful shame.  There is no other event like this in Canada, and outside of Berkshire's AGM, anything similar elsewhere costs people an arm and a leg! 

 

So whereever you may be, please take note of my pissed off post.  Think about how you benefited when Fairfax was warning about collateralized debt, or the massive thread on Bank of America that many of you got rich out of, or when you discussed how Fiat was so damn cheap!  Actions speak louder than words...so I'm asking you to act!

 

Cheers!   

[TorontoRaptorsFan]

Sanjeev,

 

I truly appreciate all the hard work that you, Alnesh, and your team do in putting together this dinner.

We look forward to making another donation for the dinner and the worthy cause it's going to support.

I look forward to seeing you again next month.

 

 

[wondering]

If I can add my two cents

 

- I have attended the dinner for the last 7-8 years, missing only 1 because I was away for work.

 

- I go by myself not knowing anyone there, but I always find someone to talk to.  My table companions have been everyone from big-wig money managers to average-joes like me, but everyone has been friendly and open.

 

- C&C is a great charity.  If I remember correctly, Canada has one of the highest rates of C&C in the world.  The money raised at the dinner is for a very worthy cause, and as I Canadian I am happy to support it.

 

- The food is really good.

 

- Even if you think the FFH guys are a bunch of dumbies (i.e., too much marco-forecasting, too many stinkers in their equity portfolio), there is enough other guests/speakers or traditional value-investors attendees to share ideas with.

 

- I will continue to attend even if  switches to a smaller venue.  It would be a shame if it was cancelled altogether.

[captkerosene]

<i>I was about to go to sleep tonight, but decided to come downstairs and post this on the message board because I'm quite f**king pissed off!</i>

 

There's two good reasons for the drop off:

 

1) Poor performance. Nothing to celebrate.

 

2) Voting rights. Left a bad taste in my mouth.

 

I've always wanted to come but now I've moved most of my FFH investment into BAM.

[Partner24]

Sanjeev, I understand the frustration. You do all this for free...with your heart and it takes both time and effort to organize this.

 

I've went to the FFH AGM once (almost a decade ago), I met you and some other nice folks and keep good memories of this.

 

Regarding the sharp drop in popularity, it's just a guess from my part, but I would not be surprised if some people are tired with what happened with FFH over the last years (multiple voting rights shares reissue, a sudden and huge change in macro forecast after an election, poor stock portfolio management, communications, etc.).

 

Yes, actions speak louder than words. Nearly 30% of my own investment portfolio is invested in PDH. I work hard as a small business owner and a very significant part of the dividend that I'm beginning to get is invested in PDH.

 

Thank you for your hard work Sanjeev. 

 

 

[NormR]

It's a great event!  I've got my ticket and I'm looking forward to it.  The whole FFH week is top notch and a great way to keep up with friends in the community.  I should know, I've attended every public event during the week for several years now.    :)

[warrior]

I agree  with Norm. Those events in Toronto  are  the best.

I  could compare with few that i attended : Valuexvail, few tmes from Manual of Ideas,  Sohn conference.

The atmosphere,  crowd  ,investments ideas  are the best inToronto.

Sanj , Thank you and please  do not give up.

 

P.S .4 of us coming  ,buying  tickets tomorrow.

[KCLarkin]

I agree  with Norm. Those events in Toronto  are  the best.

I  could compare with few that i attended : Valuexvail, few tmes from Manual of Ideas,  Sohn conference.

The atmosphere,  crowd  ,investments ideas  are the best inToronto.

Sanj , Thank you and please  do not give up.

 

P.S .4 of us coming  ,buying  tickets tomorrow.

 

I agree. This is a wonderful event. For those of us who aren't in the Fairfax fan club, we might feel reluctant to attend. But it is actually a celebration of value investing which just happens to coincide with the Fairfax event. You will meet fascinating investors from all over the world.

[giofranchi]

I was about to go to sleep tonight, but decided to come downstairs and post this on the message board because I'm quite f**king pissed off!

 

This is the 12th Annual Dinner we are doing in Toronto this year.  What started out as a little gathering for me and 9 friends in Joe Badali's Restaurant, with Francis Chou doing a fly-by and then sitting, answering questions for 2 hours, grew into what some are now caling the "Fairfax Lollapalooza!"  12 years later!

 

Each year, little by little, it has grown...with some 165 attendees in 2015 and 148 attendees in 2016.  In total, we had raised $130,000 for Crohns & Colitis Canada in memory of JoAnn Butler, when we started dedicating the event to her in 2010.

 

But this year, something is different!  I don't know what, but the ticket sales have fallen well off pace and there has been much less interest.  To the point where we may have to scale down the event next year or eliminate it all together!  Yes, you heard that right...maybe eliminate it all together!

 

First, you should note, I do not and have never received a single penny for the work that goes into putting this together each year.  Second, outside of support from Fairfax, Francis, Pat Hios, a handful of donors and volunteers, I do all of the work.  Alot of time and alot of effort, and frankly alot of love goes into this!  All of the speakers donate their time and effort with no fees...in some instances, I pay to fly them in and put them up. 

 

So you may ask, what the hell is Sanjeev venting about...this is his thing and nobody asked him to do this.  And you are absolutely correct!  But alot of you have benefitted indirectly from my generosity...be it from the great event we put on each year, or from the fact this board is relatlvely free for the user, and has made a shitload of money for some of you and will make money for many of you newer users!

 

To those that have bought their tickets already this year, whether you may or may not attend, I thank you for your support!  To the one attendee, who couldn't make it out the last three years and sent a lovely check for Crohns & Colitis Canada this week...thank you so much!  To Fairfax, who give of their time and money with such humility each year, there is no event without you guys!

 

But where are the rest of you? 

 

- Where are all those cheap, rich bastards as Wayne Gretzky put it last year at the dinner? 

- Where are all of you long-time attendees who have become cynical and fickle over the last year(s)? 

- Where are all my rich hedge fund friends managing anywhere from tens of millions to billions of dollars!

 

I don't need your quarterly or annual newsletter.  I don't need the annual book you send me.  I don't need a pat on the back.  I don't want you praising me when you see me at some event.  I don't want you calling me to ask me how I can get you in touch with Fairfax because you have some great investment idea or business you want to sell.  I need your support for this dinner!

 

I hope many of you are still coming!  I hope some of you get pulled out of the darkness by this post and decide, hey I'll send a check in or buy a ticket, or sponsor a silent auction item...or maybe just give back in some little way!  I know you guys haven't disappeared, and I know you will see this. 

 

You can buy your ticket at www.cornerofberkshireandfairfax.ca .  Scroll down a little bit and the ticket button is on the left hand side of the homepage. 

 

You can send a check made out to "Crohns & Colitis Canada" and CCC will send you a tax receipt.  Mail to:

 

Premier Diversified Holdings

Attention:  Sanjeev Parsad

#301 - 3185 Willingdon Green

Burnaby, BC  V5G4P3

 

You can contact me directly if you want to make a corporate donation or donate a sponsorship item:

 

[email protected]

604-679-9115 ext 205

 

Otherwise this may be it!  Maybe we've run our course and call it a day!  But that would be a God-awful shame.  There is no other event like this in Canada, and outside of Berkshire's AGM, anything similar elsewhere costs people an arm and a leg! 

 

So whereever you may be, please take note of my pissed off post.  Think about how you benefited when Fairfax was warning about collateralized debt, or the massive thread on Bank of America that many of you got rich out of, or when you discussed how Fiat was so damn cheap!  Actions speak louder than words...so I'm asking you to act!

 

Cheers! 

 

Sanjeev,

believe me that I have enjoyed very much the couple of dinners I had the chance to attend!

It simply is not easy for me to come every year from Milan... If it were easier and less time consuming, I would surely attend every single year.

If it is of any help, I can buy the ticket even if I won't be able to be with you this year.

Please, let me know.

 

Cheers,

 

Gio

[DCG]

I think a lot of people who used to be Fairfax shareholders likely no longer are.

[Partner24]

Well, Fairfax been my first trade ever. In january or february 2003, I bought some shares. I was so delighted about the price that I posted the transaction receipt on my kitchen wall. At times, FFH was nearly 40% of my investment portfolio.

 

Now, more than 14 years later, I sold all my shares and I'm not a shareholder anymore.

 

 

[Sea Island]

Sanjeev, I leave for Toronto in the AM and I am looking forward to seeing you. I had not logged in to the site in some time so I was distressed to read your posting regarding the dinner. I was at Joe Badali's, perhaps not the first year but early on. My association with you and the members of this community that gather for your dinner continues to be extremely rewarding. The people that I have met have broadened my investment view and enriched my life in many ways. It has also been a tremendous amount of fun and at times I may have been having more fun than I should on a "work" trip! I will be there this year and look forward to seeing old friends and making new ones. I have bought dinner tickets, raffle tickets, silent auction items (Milos Raoncic signed professional tennis bag!) attended the Ivey Conference(twice) and this year for the first time the pre-AGM dinner for shareholders. I will be buying a ticket for the presentation and browsing the silent auction items. Your dinner is about much more than Fairfax and I am grateful to have been able to attend and look forward to doing so for many years to come. Thank you, Will 

[Luckyone77]

Sanjeev:

 

I've never attended though it has crossed my mind in the past. However, I've basically liquidated my position and no longer hold them in the same high regard. As I've stated before, it wasn't the hedges, shorting etc. but just the horrendous stock picking. I could no longer justify or trust having them manage my money. They lost their way.

 

Though I feel terrible for you as you clearly put so much effort into this website and event, I'm afraid the lack of interest lies squarely on Fairfax. Hopefully, they'll rebound and right the ship again soon.

[KinAlberta]

bump