UK Posted January 8 Posted January 8 17 minutes ago, Viking said: Fairfax is doing their part. They already report excess of FV over CV for non-insurance associate and consolidated holdings. We know BIAL is materially undervalued. Analysts and investors (mostly) chose to ignore it. They justify ignoring it by saying they are simply being conservative. Which is completely non-sensical. It is not rational. It’s like when a kid covers their eyes and then thinks they are invisible. Does doing that really make them invisible. Or are they really just fooling themselves? Absolutelly, I think FFH does it right and was not very serious...let this Morningstar guy figure right BV on his own:)
Txvestor Posted January 9 Posted January 9 9 hours ago, Viking said: Fairfax is doing their part. They already report excess of FV over CV for non-insurance associate and consolidated holdings. We know BIAL is materially undervalued. Analysts and investors (mostly) chose to ignore it. They justify ignoring it by saying they are simply being conservative. Which is completely non-sensical. It is not rational. It’s like when a kid covers their eyes and then thinks they are invisible. Does doing that really make them invisible. Or are they really just fooling themselves? No, what I was saying is that in a major market dislocation, everything my goes down. Even items with solid intrinsic value can go down. Of varies that's what value investors live for, however if in order to avail themselves of those opportunities they have to sell other assets at well below IV, then it's sort of a wash. It only works if new money is put to work. Ie there was a prior cash out at good valuations.
SafetyinNumbers Posted January 9 Posted January 9 7 hours ago, Txvestor said: No, what I was saying is that in a major market dislocation, everything my goes down. Even items with solid intrinsic value can go down. Of varies that's what value investors live for, however if in order to avail themselves of those opportunities they have to sell other assets at well below IV, then it's sort of a wash. It only works if new money is put to work. Ie there was a prior cash out at good valuations. They probably own $6b or more in fixed income then they need to so there is lots of dry powder to buy dips in equities if there is a major market dislocation.
Hamburg Investor Posted January 9 Posted January 9 1 hour ago, SafetyinNumbers said: hey probably own $6b or more in fixed income then they need to so there is lots of dry powder to buy dips in equities if there is a major market dislocation. I wasn‘t aware there‘s such a fixed number like 6bn to calculate as dry powder?! In fact I wasn’t aware Prem communicated anything about this subject. What has he told us? I think for Berkshire Warren wrote something like 10bn in cash years ago (2010?) and now I just don’t track that any more as it’s just soooooooo much of it and they haven’t got near that level since sooooooo long. Interesting!
Txvestor Posted January 10 Posted January 10 (edited) 10 hours ago, Hamburg Investor said: I wasn‘t aware there‘s such a fixed number like 6bn to calculate as dry powder?! In fact I wasn’t aware Prem communicated anything about this subject. What has he told us? I think for Berkshire Warren wrote something like 10bn in cash years ago (2010?) and now I just don’t track that any more as it’s just soooooooo much of it and they haven’t got near that level since sooooooo long. Interesting! Well their CFO in the last Q Call, said $2.8B in cash at the holding company level, $2B of an undrawn credit line(I remember Prem pulling the trigger on that at the start of Covid, ) and then another $1.9B in liquidity at the subsidiaries, which I guess they could plausibly tap into if needed. But of that I think Prem has said he won't go under $1.5B of cash reserves in case of catastrophes etc. So yes they have some liquidity but I'm not sure how much of that is actual investable cash. In terms of EPS. They sound confident that excluding equity or bond gains(which would be on top of that but intermittent), they can generate $5B in pretax earnings annually. $2.5B in interest and dividend income. $1.5B in underwriting profit, and $1B in income from share of profits at associates and consolidated companies. Setting aside about $1B for taxes. Assuming they get it to 20M shares outstanding soon, then that's basically $200/share as a rough baseline. With perhaps another $50 or so of economic value creation through gains in the private equity portfolio which they will occasionally monetize. Edited January 10 by Txvestor
gfp Posted January 10 Posted January 10 That is always something to sell to finance a great deal. As Warren always said - 'we'll find the cash!' It's the great ideas that are scarce
SafetyinNumbers Posted January 10 Posted January 10 10 hours ago, Hamburg Investor said: I wasn‘t aware there‘s such a fixed number like 6bn to calculate as dry powder?! In fact I wasn’t aware Prem communicated anything about this subject. What has he told us? I think for Berkshire Warren wrote something like 10bn in cash years ago (2010?) and now I just don’t track that any more as it’s just soooooooo much of it and they haven’t got near that level since sooooooo long. Interesting! I don’t think there is a fixed number they have disclosed but how much more than their float do they need to own in bonds at the insurance subsidiary level. That’s where the allocation decision to switch to equities would happen if there was a dip to buy.
Hamburg Investor Posted January 12 Posted January 12 (edited) On 1/10/2026 at 2:20 AM, SafetyinNumbers said: I don’t think there is a fixed number they have disclosed but how much more than their float do they need to own in bonds at the insurance subsidiary level. That’s where the allocation decision to switch to equities would happen if there was a dip to buy. On 1/10/2026 at 1:37 AM, Txvestor said: Well their CFO in the last Q Call, said $2.8B in cash at the holding company level, $2B of an undrawn credit line(I remember Prem pulling the trigger on that at the start of Covid, ) and then another $1.9B in liquidity at the subsidiaries, which I guess they could plausibly tap into if needed. But of that I think Prem has said he won't go under $1.5B of cash reserves in case of catastrophes etc. So yes they have some liquidity but I'm not sure how much of that is actual investable cash. Thank you, I had never checked that number (other than at BRK, but WB wrote a lot about it over the years in his shareholder letters; other than Prem). So it's like $5.2B ($6.7B less $1.5B) dry powder and maybe even a bit more as we have yet another quarter behind us and they sold some stuff and assuming they haven't found anything big we don't know of. That's a lot. Put another way, with $5.2B they could put an extra 22.5% of book value to work, getting probably equity like returns on that 22.5%. AND even though not using it yet, they have reached a roe somewhere north of 20% in 2025. Assuming 10% ROE as a return on that 22.5% of book value would push the roe another 2.25% higher, or am I wrong? So might an ever growing cash pile be something that we will have to get used to...? Or are we currently on an unusual peak of cash plus credit line plus cash at subsidiaries, so it would be expected to come down meaningfully? At BRK it grew and grew; makes it very, very safe, but hasn't been exactly good for returns. Edited January 12 by Hamburg Investor
SafetyinNumbers Posted January 12 Posted January 12 2 minutes ago, Hamburg Investor said: Thank you, I had never checked that number (other than at BRK, but WB wrote a lot about it over the years in his shareholder letters; other than Prem). So it's like $5.2B ($6.7B less $1.5B) dry powder and maybe even a bit more as we have yet another quarter behind us and they sold some stuff and assuming they haven't found anything big we don't know of. That's a lot. Put another way, with $5.2B they could put an extra 22.5% of book value to work, getting probably equity like returns on that 22.5%. AND even though not using it yet, they have reached a roe somewhere north of 20% in 2025. Assuming 10% ROE as a return on that 22.5% of book value would push the roe another 2.25% higher, or am I wrong? So might an ever growing cash pile be something that we will have to get used to...? Or are we currently on an unusual peak of cash plus credit line plus cash at subsidiaries, so it would be expected to come down meaningfully? At BRK it grew and grew; makes it very, very safe, but hasn't been exactly good for returns. I think it’s helpful to separate the holding company from the insurance subsidiaries. The asset mix at the latter doesn’t have much to do with how much cash there is available at the former. Another way to frame Fairfax is to consider it has a dollar invested in equities for each dollar of shareholder’s equity. On top, we get 2x the fixed income return plus any underwriting profit less head office and interest expenses. Looking at it that way, helps me appreciate how low expectations are for the equity portfolio.
Txvestor Posted January 12 Posted January 12 17 minutes ago, Hamburg Investor said: Thank you, I had never checked that number (other than at BRK, but WB wrote a lot about it over the years in his shareholder letters; other than Prem). So it's like $5.2B ($6.7B less $1.5B) dry powder and maybe even a bit more as we have yet another quarter behind us and they sold some stuff and assuming they haven't found anything big we don't know of. That's a lot. Put another way, with $5.2B they could put an extra 22.5% of book value to work, getting probably equity like returns on that 22.5%. AND even though not using it yet, they have reached a roe somewhere north of 20% in 2025. Assuming 10% ROE as a return on that 22.5% of book value would push the roe another 2.25% higher, or am I wrong? So might an ever growing cash pile be something that we will have to get used to...? Or are we currently on an unusual peak of cash plus credit line plus cash at subsidiaries, so it would be expected to come down meaningfully? At BRK it grew and grew; makes it very, very safe, but hasn't been exactly good for returns. Why invest at 10% ROE when your own shares are available at 15-20% ROE?
Viking Posted January 12 Posted January 12 (edited) Size Rankings: Top 30 (December 2025) This analysis ranks Fairfax’s 30 largest equity holdings at December 31, 2025. Key Takeaways 1.) A Highly Concentrated Portfolio Top 3 holdings = 38% Top 10 holdings = 57% This is intentional. Concentration reflects conviction, not carelessness. 2.) Comfortably Contrarian At first glance, many holdings look… unconventional: A Greek bank? Total return swaps on its own shares? Heavy exposure to India and Greece? Resource producers? Classic Fairfax. Being different is in their DNA. 3) Structural Shift Toward Private & Associate Holdings A slow evolution: 15 of top 20 holdings are now private or associate investments (where Fairfax has control or exerts significant influence) Over the past 7–8 years, Fairfax has steadily allocated more capital to private and associate investments. Implications: Lower volatility Less mark-to-market exposure → smoother reported results. Growing Gap Between Accounting and Economic Results At Sept-30-2025: Excess of fair value over carrying value = $2.5B $108 per diluted share (pre-tax) This value creation is real–but not (yet) captured in accounting results (EPS, BV and ROE). Investors need to keep this in mind in their analysis of the company. Conclusion: The Shift to Quality When you look at Fairfax’s largest equity holdings today, they all have a number of things in common: Very well managed Solid balance sheets Growing earnings Strong fundamentals Solid long-term prospects In short, Fairfax’s equity holdings (as a group) are high quality. (That was not the case 8 years ago.) This bodes well for future returns the company will be able to deliver. This “shift to quality” aspect is not well understood. This is partly because the individual holdings are not followed. The high quality of the total portfolio becomes even more apparent when we examine performance, which we will do in our next post. (Sneak peek: the top 10 public holdings were up 47% in 2025). Edited January 12 by Viking
Hamburg Investor Posted January 12 Posted January 12 1 hour ago, Txvestor said: Why invest at 10% ROE when your own shares are available at 15-20% ROE? Absolutely right! I tried to be conservative, but as long as we are at these valuation where we are right now, that’s definitely a low hanging fruit. @SafetyinNumbers Aren’t the subsidiaries alowed to buy back stock or give the cash to the holding and they do it or buy something else? I am not an insurance guy, so sorry for the question. But your answer seems to hint into that direction?
Hamburg Investor Posted January 12 Posted January 12 (edited) 18 hours ago, SafetyinNumbers said: hink it’s helpful to separate the holding company from the insurance subsidiaries. The asset mix at the latter doesn’t have much to do with how much cash there is available at the former. Why? I thought the subsidiaries give the earnings to the holding and they reinvest it. At least that’s my understanding of BRK and FFH. Or isn‘t the named cash „extra“ in the meaning of „they don’t need for operations“? That was my understanding of @Txvestors comment? 18 hours ago, SafetyinNumbers said: Another way to frame Fairfax is to consider it has a dollar invested in equities for each dollar of shareholder’s equity. On top, we get 2x the fixed income return plus any underwriting profit less head office and interest expenses. Looking at it that way, helps me appreciate how low expectations are for the equity portfolio. Yes, I like to look at the same thing from different angles too, and agree, that this is a nice one. In fact this perspective is it, that often brings me back to investing my money into BRK, MKL, FFH and not into other investments. Because with that perspective every of my investments NOT put into these three but in other equities implies, that I must be sure, not only to outperform Prems (Buffetts…) equity investments, but e. g. 2 times the bond interest on top. At least on average. It’s my test, before investing into anything else. I don’t come very often to an investment above those hurdle rate. That’s why 75% of my investments are in insurance companies. I just don’t get those bond returns „for free“ on my investments as BRK, FFH. So why not let Prem & Co do the job with that cost-free leverage on top? Edited January 13 by Hamburg Investor
dartmonkey Posted January 12 Posted January 12 (edited) 3 hours ago, Viking said: Size Rankings: Top 30 (December 2025) This analysis ranks Fairfax’s 30 largest equity holdings at December 31, 2025. ... I'm just wondering about the Eurobank stake, 1178m shares at Eu 3.8080 seems a little low, at EUR:USD = 1.1667 I get the rather stunning figure of US$5.233b, about 10% more than the $4.740b in your table. What am I missing? Edited January 12 by dartmonkey
Viking Posted January 12 Posted January 12 (edited) 17 minutes ago, dartmonkey said: I'm just wondering about the Eurobank stake, 1178m shares at Eu 3.8080 seems a little low, at EUR:USD = 1.1667 I get th estunning figure of US$5.233, about 10% more than the $4740 in your table. What am I missing? @dartmonkey, good question. The MV's are as of Dec 31, 2025 (Eurobank = Eu 3.425). Eurobank is up about $500 million (11.1%) in 2026. A bunch of Fairfax's holdings are up solidly to start the new year. Nuts. Edited January 12 by Viking
dartmonkey Posted January 12 Posted January 12 4 minutes ago, Viking said: @dartmonkey, good question. The MV's are as of Dec 31, 2025 (Eurobank = Eu 3.425). Eurobank is up about $500 million (11.1%) in 2026. A bunch of Fairfax's holdings are up solidly to start the new year. Nuts. Oh, of course you're right, I see now the Dec 31st 2025 number in both your text and the chart, I just looked too quickly and thought this was today's values. Eurobank has been a fast-moving target!
Txvestor Posted January 13 Posted January 13 On 1/12/2026 at 1:35 PM, Viking said: Size Rankings: Top 30 (December 2025) This analysis ranks Fairfax’s 30 largest equity holdings at December 31, 2025. Key Takeaways 1.) A Highly Concentrated Portfolio Top 3 holdings = 38% Top 10 holdings = 57% This is intentional. Concentration reflects conviction, not carelessness. 2.) Comfortably Contrarian At first glance, many holdings look… unconventional: A Greek bank? Total return swaps on its own shares? Heavy exposure to India and Greece? Resource producers? Classic Fairfax. Being different is in their DNA. 3) Structural Shift Toward Private & Associate Holdings A slow evolution: 15 of top 20 holdings are now private or associate investments (where Fairfax has control or exerts significant influence) Over the past 7–8 years, Fairfax has steadily allocated more capital to private and associate investments. Implications: Lower volatility Less mark-to-market exposure → smoother reported results. Growing Gap Between Accounting and Economic Results At Sept-30-2025: Excess of fair value over carrying value = $2.5B $108 per diluted share (pre-tax) This value creation is real–but not (yet) captured in accounting results (EPS, BV and ROE). Investors need to keep this in mind in their analysis of the company. Conclusion: The Shift to Quality When you look at Fairfax’s largest equity holdings today, they all have a number of things in common: Very well managed Solid balance sheets Growing earnings Strong fundamentals Solid long-term prospects In short, Fairfax’s equity holdings (as a group) are high quality. (That was not the case 8 years ago.) This bodes well for future returns the company will be able to deliver. This “shift to quality” aspect is not well understood. This is partly because the individual holdings are not followed. The high quality of the total portfolio becomes even more apparent when we examine performance, which we will do in our next post. (Sneak peek: the top 10 public holdings were up 47% in 2025). Is there some reason GoDigit insurance isn't on this list?
SafetyinNumbers Posted January 13 Posted January 13 30 minutes ago, Txvestor said: Is there some reason GoDigit insurance isn't on this list? It’s considered part of the insurance business I think but not clear its core. They should start consolidating it soon based on the new regulations. Ki is also part of the insurance business and probably is core even though they own a smaller percentage.
Viking Posted January 14 Posted January 14 Fairfax Total Return Swaps – A Stealth Buyback of 1.96 million Shares? Fairfax’s second-largest equity holding is its total return swap (TRS) position, which provides exposure to 1.76 million Fairfax shares. At December 31, 2025, the notional value of this position was ~$3.4 billion, representing 13% of Fairfax’s total equity portfolio of $26.7 billion. This position was originally established in late 2020 and early 2021, when Fairfax shares were trading at an absurdly depressed valuation. The initial exposure was 1.96 million shares, making it one of the most aggressive capital allocation decisions in the company’s history. In Q4 2024, Fairfax reduced the position by 203,800 shares, lowering exposure to 1.76 million shares. It is possible they reduced it further in Q4 2025; confirmation will come when year-end results are released in February. From day one, management understood what they were doing. As Prem Watsa wrote in the 2020 Annual Report: “We think this will be a great investment for Fairfax, perhaps our best yet!” Prem Watsa 2020AR Performance: An Extraordinary Result Since inception, the FFH-TRS has generated approximately $2.9 billion in total return (before carrying costs). That is an exceptional outcome by any standard. The return breaks down as follows: $2.7 billion – increase in market value of the current position $208 million – gains realized on the portion exited in Q4 2024 As management foreshadowed in 2020, this has indeed become one of Fairfax’s best investments ever. This single decision exemplifies the quality of capital allocation Fairfax has demonstrated over the past seven to eight years. The cumulative value creation has been enormous. This is not hyperbole — it is fact. Yet this investment has been largely ignored by investors and analysts. Why? Because a total return swap is a non-traditional investment for a P&C insurer. It is far more common at hedge funds. As a result, most analysts never fully incorporated it into their earnings models — one reason estimates for Fairfax have consistently been too low. Given its importance, this position deserves deeper analysis. Margin of Safety Fairfax entered the TRS at an average price of $373/share. At December 31, 2020: Book value: $478.33/share Entry valuation: 0.78x P/B This was an enormous margin of safety. Management was buying its own business at a massive discount to intrinsic value. Circle of Competence Was Fairfax operating inside its circle of competence? Of course. No one understood Fairfax’s intrinsic value better than… Fairfax itself. Management knew the stock was being criminally undervalued. In June 2020, Prem Watsa personally purchased $150 million of stock at roughly $311/share, stating: “I have never seen Fairfax shares sell at a bigger discount to their intrinsic value… I believe that this will be an excellent long-term investment.” — Fairfax News Release, June 15, 2020 This was a high-certainty investment — and therefore a low-risk one. Position Sizing: Backing Up the Truck What should an investor do when: They deeply understand an investment It trades at a historically cheap valuation Conviction is extremely high? They should back up the truck. Fairfax did exactly that. They established exposure to 1.96 million shares, representing: 7.5% of effective shares outstanding at the time (26.2 million) One of the largest single positions in the equity portfolio With this investment, Fairfax got out their elephant-gun. How Did Fairfax Pay? The cost to buy 1.96 million shares outright would have been approximately $731 million (at $373 per share). But in late 2020: The hard market was accelerating. Fairfax needed capital to grow its P/C insurance business. The company had just absorbed a $529 million loss closing its final short position They did not want to drain liquidity. So, they got creative. Instead of buying shares outright, Fairfax used a total return swap, achieving: Full economic exposure Minimal capital outlay Limited impact on balance-sheet A Masterclass in Capital Allocation The FFH-TRS checks every box: Large margin of safety Deep in circle of competence Concentrated position Creative structure (TRS vs. cash purchase) This was rational, opportunistic, creative and unconventional – Fairfax pulled a brand new tool out of their capital allocation toolbox. Just like Henry Singleton used to do when he ran Teledyne. Outlook: Still Attractive Three powerful forces are now working in Fairfax’s favor: Growing earnings – underwriting and investment income Multiple expansion – narrative improving Falling share count – aggressive buybacks The outlook for this investment remains very strong Despite the massive rally, Fairfax’s stock still trades at a discount to peers. Exit Strategy: The Stealth Buyback At the end of the day, the FFH-TRS position is an investment for Fairfax. Like all investments, they have an exit strategy. In Q4 2024, Fairfax reduced the TRS by 203,800 shares (from 1.96 to 1.76 million shares). But here’s the twist: Those shares were purchased and cancelled by Fairfax from the counterparty. So, the TRS reduction was executed as a share buyback. Details: Buyback cost: ~$284M (average price: ~$1,393/share) Total TRS gain in 2024: ~$922M The buyback was funded entirely from a part of the gains on the TRS. This reveals the brilliance of the structure: The TRS may ultimately function as a self-funded buyback program for ~1.9 million shares. That is exceptional capital allocation. Buybacks + TRS = Magic for an Undervalued Stock Fairfax has been very aggressive buying back its stock over the past 5 years. This is a tailwind for the share price. Every $100 increase in Fairfax’s share price creates: $175 million pre-tax gain on the TRS This makes buybacks even more compelling. Shareholders benefit twice: Numerator – TRS boosts earnings Denominator – buybacks shrink share count Higher earnings and lower share count boosts EPS.
dartmonkey Posted January 14 Posted January 14 23 hours ago, SafetyinNumbers said: It’s considered part of the insurance business I think but not clear its core. They should start consolidating it soon based on the new regulations. Ki is also part of the insurance business and probably is core even though they own a smaller percentage. I think you could call this either way. On the one hand, these insurance companies are occasionally sold for a humongous profit (First Capital, Petco) even when they were consolidated, so unlike Berkshire, everything is probably for sale at the right price, and this is an additional 'grove' of earniings that Fairfax occasionally taps into. Digit is a special case because they are co-investors with Kamesh Goyal, with FFH owning 49%, and while they would probably love to own more, that's probably not going to happen. In the 2024 AR, they list it as a 'Consolidated Insurers and Reinsurers' on p.14 (and not as an Asian insurer and reinsurer in the same table). I guess the fact that they did an IPO in 2024 makes it look a bit more like an equity investment, but I doubt they would give it up easily. Ki is not in the table, because it was part of Brit, but since Ki has been separated out from Brit, it appears in quarterly statements under 'Global insurers and reinsurers'. I think they own about half with Blackstone owning the other half.
Hoodlum Posted January 14 Posted January 14 I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr.
Viking Posted January 14 Posted January 14 39 minutes ago, Hoodlum said: I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr. A number of Fairfax's equity holdings are ripping higher 14 days into 2026: Eurobank, Foran, CIB etc. This is after a massive increase in 2025. Resource stocks are smoking. Gold. Copper. Fairfax did monetize 25% of Orla in December. It would be interesting if we got a big sell off in the market averages at resource stocks kept going higher. Fairfax would get a great opportunity to sell high and buy low.
SafetyinNumbers Posted January 14 Posted January 14 48 minutes ago, Hoodlum said: I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr. Should also have a float cap to get in the S&P/TSX Composite in March so another reason to buy besides commissioning the mine and copper prices moving higher.
TwoCitiesCapital Posted January 15 Posted January 15 2 hours ago, Hoodlum said: I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr. All resources stocks have been ripping. As have the resources. Gold's rally is extending to everything else and silver has gone absolutely ape shit. 2 hours ago, Viking said: It would be interesting if we got a big sell off in the market averages at resource stocks kept going higher. Fairfax would get a great opportunity to sell high and buy low. Kind of hoping for a big correction in everything so I can take some of these profits from my trims and rebuy the names lower. Would be nice to see some of these commodity names come back and establish some support/bases from which to launch again instead of going straight to the moon.
Phoenix01 Posted January 15 Posted January 15 16 hours ago, Hoodlum said: I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr. The building of positions ahead of the opening follows the Lassonde curve:
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