Q3 results

[SafetyinNumbers]

On 11/10/2023 at 4:02 PM, Viking said:

 

I received a response to my question to RBC regarding why they valued Fairfax at 1 x BV. Copied below is their response. I was impressed they got back to me. 

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On Nov 8, 2023, at 6:41 AM:

 

Hi (Viking),

 

Fairfax has never traded with the peers you are citing (most of the time has been below book in recent years).  I think there are a few factors to consider including Fairfax being a more complex business vs. some peers in terms of where they write business, international (not U.S. or Bermuda based), larger non-insurance exposures that can have volatility, larger equity exposures, track record, not trading on major U.S. exchanges, little analyst coverage. I don’t dispute your points but these are a few reasons (those could change over time) – not about the fundamentals of the business right now. Thanks for the email. 

 

Best,

Scott

Maybe it’s because of Viking’s email or becsuse MKL was so disappointing but RBC is now calling FFH one of its preferred names taking over for MKL.

 

 

[MMM20]

10 hours ago, SafetyinNumbers said:

Maybe it’s because of Viking’s email or becsuse MKL was so disappointing but RBC is now calling FFH one of its preferred names taking over for MKL.

 

 

 

Maybe the catalyst for FFH to rerate to ~1.4x book (low teens normalized earnings) is the marginal MKL shareholder (re)discovering FFH.

 

As a noted MKL hater, nothing would please me more.

 

Edited November 14, 2023 by MMM20

[Luca]

3 minutes ago, MMM20 said:

 

Maybe the catalyst for FFH to rerate to ~1.4x book (low teens normalized earnings) is the marginal MKL shareholder (re)discovering FFH.

 

As a noted MKL hater, nothing would please me more.

 

I left BRK and Markel for FFH around a year ago, BRK only a 5% position left (sry @buffett) 

[gfp]

Not sure if there is any interest here but for the curious, here is Odyssey Re's Q3 NAIC filing - tables on investments are towards the end.

 

23680.2023.P.Q3.P.O.3.4626988.pdf