Haryana Posted February 13 Author Share Posted February 13 (edited) Morningstar newswire on Fairfax response is missing the word "never" in second paragraph, making it sound wrong while any other financial website you go to have the correct wording. https://www.morningstar.com/news/globe-newswire/9035534/fairfax-responds-further-to-short-seller-report Edited February 13 by Haryana URL Link to comment Share on other sites More sharing options...
Phoenix01 Posted February 13 Share Posted February 13 2 hours ago, Haryana said: Morningstar newswire on Fairfax response is missing the word "never" in second paragraph, making it sound wrong while any other financial website you go to have the correct wording. https://www.morningstar.com/news/globe-newswire/9035534/fairfax-responds-further-to-short-seller-report Link to comment Share on other sites More sharing options...
glider3834 Posted February 13 Share Posted February 13 (edited) 3 hours ago, Haryana said: Morningstar newswire on Fairfax response is missing the word "never" in second paragraph, making it sound wrong while any other financial website you go to have the correct wording. https://www.morningstar.com/news/globe-newswire/9035534/fairfax-responds-further-to-short-seller-report well picked up - I highlighted in yellow from original press release from Fairfax below Edited February 13 by glider3834 Link to comment Share on other sites More sharing options...
Hoodlum Posted February 14 Share Posted February 14 That is not a good look. I have a hard time understanding how that could have been a typo. Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted February 14 Share Posted February 14 3 minutes ago, Hoodlum said: That is not a good look. I have a hard time understanding how that could have been a typo. I agree. I sent an email to the company. Hopefully, they follow up. I dismissed the Morningstar conspiracy theories but now I wonder. Link to comment Share on other sites More sharing options...
glider3834 Posted February 14 Share Posted February 14 3 minutes ago, SafetyinNumbers said: I agree. I sent an email to the company. Hopefully, they follow up. I dismissed the Morningstar conspiracy theories but now I wonder. I just sent an email to morningstar as well Link to comment Share on other sites More sharing options...
Santayana Posted February 14 Share Posted February 14 Wow, it really would be something if the report was on the behalf of Brett Horn. Claim Fairfax book is 20% overstated, hope for a drawdown of at least that much, and then Brett can point to his price target and say "See, I knew it was overvalued". Link to comment Share on other sites More sharing options...
Parsad Posted February 14 Share Posted February 14 1 hour ago, glider3834 said: well picked up - I highlighted in yellow from original press release from Fairfax below Here's the actual Globe Newswire press release, so you know they didn't make a mistake. How does Morningstar get this wrong? This is not cut and paste. The whole press release comes as is...there is nothing to adjust, cut, copy, etc. Cheers! https://www.globenewswire.com/en/news-release/2024/02/12/2827434/0/en/Fairfax-Responds-Further-to-Short-Seller-Report.html Link to comment Share on other sites More sharing options...
glider3834 Posted February 14 Share Posted February 14 51 minutes ago, Hoodlum said: That is not a good look. I have a hard time understanding how that could have been a typo. it could be coding error Link to comment Share on other sites More sharing options...
Jaygo Posted February 14 Share Posted February 14 3 minutes ago, glider3834 said: it could be coding error This seems nefarious and it is definitely strange. Is someone at Morningstar on the take? Link to comment Share on other sites More sharing options...
Hoodlum Posted February 14 Share Posted February 14 (edited) 15 minutes ago, glider3834 said: it could be coding error It would need to be a selective coding error, as the below section from the press release did not have the word “never” removed. Quote We have always been focused on building for the long term and have never given any quarterly guidance. Edited February 14 by Hoodlum Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted February 14 Share Posted February 14 Just now, Hoodlum said: It would need to be a selective coding error, as the below section from the press release did not have the word “never” removed. someone on Twitter pointed out that Morningstar system probably wasn’t able to read underlined words. I guess it’s rare to see them in press releases. Link to comment Share on other sites More sharing options...
Parsad Posted February 14 Share Posted February 14 11 minutes ago, Jaygo said: This seems nefarious and it is definitely strange. Is someone at Morningstar on the take? No one ever thought Morgan Keegan was involved in anything until it was proven they were and John Gwynn was fired. We still don't know how John Gwynn died. Cheers! https://www.wsj.com/articles/SB122110590390722731 Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted February 14 Share Posted February 14 50 minutes ago, Santayana said: Wow, it really would be something if the report was on the behalf of Brett Horn. Claim Fairfax book is 20% overstated, hope for a drawdown of at least that much, and then Brett can point to his price target and say "See, I knew it was overvalued". Jokes on us. Brett Horn hired MW just to have a second voice agree with him Link to comment Share on other sites More sharing options...
glider3834 Posted February 14 Share Posted February 14 Here is a press release for Watsco on morningstar site & the underlined words are also missing as well - so it looks like this is a system wide issue https://www.morningstar.com/news/globe-newswire/9036198/watsco-reports-strong-2023-performance-gaining-share-in-a-soft-market-boosts-annual-dividend-10-to-1080-per-share from watsco site https://www.globenewswire.com/en/news-release/2024/02/13/2828098/0/en/Watsco-Reports-Strong-2023-Performance-Gaining-Share-in-a-Soft-Market-Boosts-Annual-Dividend-10-to-10-80-Per-Share.html Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted February 14 Share Posted February 14 9 minutes ago, glider3834 said: Here is a press release for Watsco on morningstar site & the underlined words are also missing as well - so it looks like this is a system wide issue https://www.morningstar.com/news/globe-newswire/9036198/watsco-reports-strong-2023-performance-gaining-share-in-a-soft-market-boosts-annual-dividend-10-to-1080-per-share from watsco site https://www.globenewswire.com/en/news-release/2024/02/13/2828098/0/en/Watsco-Reports-Strong-2023-Performance-Gaining-Share-in-a-Soft-Market-Boosts-Annual-Dividend-10-to-10-80-Per-Share.html The most likely explanation is correct. Just more incompetence at Morningstar. Link to comment Share on other sites More sharing options...
Haryana Posted February 14 Author Share Posted February 14 I was also thinking that this was likely something technical during their processing. Watsco report has a large number of underlined text and all of them are truncated but there that doesn't overturn the meaning of the message like it does on Fairfax. Link to comment Share on other sites More sharing options...
Hektor Posted February 14 Share Posted February 14 1 hour ago, SafetyinNumbers said: I agree. I sent an email to the company. Hopefully, they follow up. 1 hour ago, glider3834 said: I just sent an email to morningstar as well Look at all the alligators in FFH’s moat With shareholders like these, FFH need not be concerned about shorts, I guess. Link to comment Share on other sites More sharing options...
Haryana Posted February 14 Author Share Posted February 14 Who knew this forgotten thread will get so hot out of nowhere - Morningstar is likely to keep us entertained over and over again. Link to comment Share on other sites More sharing options...
dartmonkey Posted February 14 Share Posted February 14 15 hours ago, glider3834 said: Here is a press release for Watsco on morningstar site & the underlined words are also missing as well - so it looks like this is a system wide issue Wow, great pick-up! With hindsight, we should have noticed that the two missing words were the two words that were underlined. Link to comment Share on other sites More sharing options...
Haryana Posted February 17 Author Share Posted February 17 Brett Horn Strikes Again https://www.morningstar.com/company-reports/1208136-fairfax-earnings-strong-finish-to-the-year "Fairfax finished the year on a strong note and continues to benefit from industry and macroeconomic tailwinds. Book value per share, adjusted for dividends, increased 25% for the full year, a metric that we believe highlights how favorable the environment has been for the no-moat company. We are maintaining our CAD 970 per share fair value estimate and see the shares as overvalued right now." Link to comment Share on other sites More sharing options...
Luca Posted February 17 Share Posted February 17 HAHA! Love his description of the company as "the no moat company". A disgrace to watsa and Co. Link to comment Share on other sites More sharing options...
Haryana Posted February 17 Author Share Posted February 17 30 minutes ago, Luca said: HAHA! Love his description of the company as "the no moat company". A disgrace to watsa and Co. Certainly, it sounds ridiculous. However, that is part of their categorization. They categorize all companies in either of 1. Wide Moat 2. Narrow Moat 3. No Moat What looks unbelievably ridiculous is that their newswires are still up there without the underlined texts. I wonder when this bug got started in their system or for how long this issue has been out there. Link to comment Share on other sites More sharing options...
Luca Posted February 17 Share Posted February 17 38 minutes ago, Haryana said: Certainly, it sounds ridiculous. However, that is part of their categorization. They categorize all companies in either of 1. Wide Moat 2. Narrow Moat 3. No Moat What looks unbelievably ridiculous is that their newswires are still up there without the underlined texts. I wonder when this bug got started in their system or for how long this issue has been out there. I find "no moat" also quite undifferentiated. Yes, opening a burger restaurant next door is a very small to no moat. But a globally scaled insurance company does have a moat, they have trust of consumers, they spend significant amounts on advertising to preserve the trust, with scale one can compete on the price front too. Its not a wide moat but its also not NO moat... Link to comment Share on other sites More sharing options...
Haryana Posted February 18 Author Share Posted February 18 (edited) 21 hours ago, Luca said: I find "no moat" also quite undifferentiated. Yes, opening a burger restaurant next door is a very small to no moat. But a globally scaled insurance company does have a moat, they have trust of consumers, they spend significant amounts on advertising to preserve the trust, with scale one can compete on the price front too. Its not a wide moat but its also not NO moat... Bigger companies have bigger competitors and the industry itself is a price taker. No moat even for the insurance business of Berkshire, however, they get the moat due to operating businesses which have moats and and now they are more about those than the insurance. Fairfax seem to get zero credit for management from Brett and he is using the same rhetoric from the beginning if you go to the articles when he started covering. When he calls them no moat, it sounds insulting because he calls them destroyers of value. Edited February 18 by Haryana Link to comment Share on other sites More sharing options...
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