dartmonkey Posted January 25 Posted January 25 58 minutes ago, yesman182 said: Sorry if this is behind a WSJ paywall. https://www.wsj.com/business/david-sokol-berkshire-hathaway-a2f92bf2?st=YygBpz&reflink=article_copyURL_share Odd that they describe him as “low profile”. More evidence how low profile Fairfax is in the US. Seems like the title could have been “ One time Buffett successor makes billions for Canadian Warren Buffett” or something else catchy. «Greg Abel is an extraordinary executive who in my opinion is far more talented than I am and is at the correct age for such a challenge,” Sokol said in an email. “I wish him nothing but great success.”» Berkshire’s loss is our gain. It is indeed odd that the WSJ would say he’s low profile, buying a few houses and managing his family’s investments, without mentioning that he is chairman of Atlas Corp, the owner of Seaspan, which is the world’s largest independent charter owner and operator of containerships. I wonder how much time he spends on Atlas, compared to his other investments?
djokovic1 Posted January 26 Posted January 26 Solid results by WRB. BVPS grew 26.7% for the full year, combined ratio 90.7%, ROE > 20%. 1
This2ShallPass Posted January 27 Posted January 27 Did anyone own the Eurobank ADR EGFEY? Looks like we will getting liquidated due to the recent Eurobank structure change, I was assuming no change for the ADRs. My ticker in Schwab today went from EGFEY to some code and I was not able to trade it.
gfp Posted January 27 Posted January 27 6 minutes ago, This2ShallPass said: Did anyone own the Eurobank ADR EGFEY? Looks like we will getting liquidated due to the recent Eurobank structure change, I was assuming no change for the ADRs. My ticker in Schwab today went from EGFEY to some code and I was not able to trade it. https://tas.db.com/FileView/Data.aspx?URL=dbdr/publication/Termination/9897_2026Jan20_154725882.pdf
This2ShallPass Posted January 27 Posted January 27 5 minutes ago, gfp said: https://tas.db.com/FileView/Data.aspx?URL=dbdr/publication/Termination/9897_2026Jan20_154725882.pdf Thanks, I missed the notice. Which ones are folks buying instead? https://finance.yahoo.com/quote/EUROB.AT/ https://www.google.com/finance/quote/1X8:FRA?window=5D
SafetyinNumbers Posted January 27 Posted January 27 17 minutes ago, gfp said: https://tas.db.com/FileView/Data.aspx?URL=dbdr/publication/Termination/9897_2026Jan20_154725882.pdf That’s a big haircut isn’t it?
mananainvesting Posted January 27 Posted January 27 Yup, My Eurobank ADR shares at Fidelity got liquidated
mananainvesting Posted January 27 Posted January 27 3 minutes ago, SafetyinNumbers said: That’s a big haircut isn’t it? Crazy!!! 2.5% nuts!!!
Marco Van Basten Posted January 27 Posted January 27 42 minutes ago, villainx said: Who gets the cancellation fee? Usually the bank that issued the ADRs.
SafetyinNumbers Posted January 27 Posted January 27 1 hour ago, mananainvesting said: Crazy!!! 2.5% nuts!!! I meant vs the value of Eurobank. If each ADR is half a share that’s about $2.40 vs the $2.03 redeemed.
Haryana Posted January 27 Posted January 27 On 1/25/2026 at 3:12 AM, SafetyinNumbers said: Because it’s a balance sheet based financial and the earnings streams are variable. Understand but BRK already ditched this book value. Is it too early to do likewise for FFH? May focus on estimating earnings power or normalized earnings due to variable earnings. What also makes the book value holy important is that it is reported as an official number. However, it is an estimate based on accounting practices, regulations and also discretion. The number can change 10-15% overnight by a change in regulation or some transaction.
SafetyinNumbers Posted January 27 Posted January 27 19 minutes ago, Haryana said: Understand but BRK already ditched this book value. Is it too early to do likewise for FFH? May focus on estimating earnings power or normalized earnings due to variable earnings. What also makes the book value holy important is that it is reported as an official number. However, it is an estimate based on accounting practices, regulations and also discretion. The number can change 10-15% overnight by a change in regulation or some transaction. BRK didn’t ditch book value. Investors back then were anchoring to 1x book value as a proxy for fair value. Using ROE in conjunction with book value to get a P/B multiple is similar to using an earnings multiple.
Txvestor Posted January 27 Posted January 27 5 minutes ago, SafetyinNumbers said: BRK didn’t ditch book value. Investors back then were anchoring to 1x book value as a proxy for fair value. Using ROE in conjunction with book value to get a P/B multiple is similar to using an earnings multiple. Bigger Q is at what price will Abel start deploying $ to share buybacks. It strikes me as a better alternative than sitting on a $386B cash pile!
mananainvesting Posted January 27 Posted January 27 2 hours ago, SafetyinNumbers said: I meant vs the value of Eurobank. If each ADR is half a share that’s about $2.40 vs the $2.03 redeemed. Good question, I didn't even notice that!! (Crazy me). Does anyone know, why such a huge difference??
This2ShallPass Posted January 27 Posted January 27 (edited) 3 hours ago, mananainvesting said: Good question, I didn't even notice that!! (Crazy me). Does anyone know, why such a huge difference?? I saw that and thought it was half (EUROB is trading ~4.05 today), but forgot to do the euro to dollar conversion. EGFEY was trading at ~$2.03 last week, so I don't think we're getting shafted but now I'm curious on the difference. Edited January 27 by This2ShallPass
SafetyinNumbers Posted January 27 Posted January 27 8 hours ago, mananainvesting said: Good question, I didn't even notice that!! (Crazy me). Does anyone know, why such a huge difference?? From the notice, it looks like they sold all of their Eurobank shares on the holding company merger when it happened in December. The difference is the move up in EUROB since then. Some traders were probably paying closer attention and cashed in when it traded well above NAV for a little while. 1
SafetyinNumbers Posted January 27 Posted January 27 9 hours ago, Txvestor said: Bigger Q is at what price will Abel start deploying $ to share buybacks. It strikes me as a better alternative than sitting on a $386B cash pile! My guess is he’s waiting for it to be cheap. It still trades north of book value plus float doesn’t it?
This2ShallPass Posted January 27 Posted January 27 5 hours ago, SafetyinNumbers said: From the notice, it looks like they sold all of their Eurobank shares on the holding company merger when it happened in December. The difference is the move up in EUROB since then. Some traders were probably paying closer attention and cashed in when it traded well above NAV for a little while. This looks to be true. Wow a 20% loss...I don't think there was any announcement. It's clear Eurobank needs it's own thread, so far we have been discussing it here. I am still curious how EGFEY was trading until last week if they didn't have the underlying shares to settle?
gfp Posted January 27 Posted January 27 3 minutes ago, This2ShallPass said: This looks to be true. Wow a 20% loss...I don't think there was any announcement. It's clear Eurobank needs it's own thread, so far we have been discussing it here. I am still curious how EGFEY was trading until last week if they didn't have the underlying shares to settle? Maybe time to change the title but there is a thread
TwoCitiesCapital Posted January 27 Posted January 27 22 minutes ago, This2ShallPass said: I am still curious how EGFEY was trading until last week if they didn't have the underlying shares to settle? Funny things happen to ADRs around corporate actions/events. I owned the prior iteration of ADRs before Eurobanks 2015 restructuring. After it was announced, shares in Greece were down like 80%. ADRs? Only down like 40-50% and stayed there for days. I exited the whole position at a significant premium to where the shares should have traded. A couple days later it collapsed down to par with the Greek shares Similar things happened with Russian ADRs when they were delisted. Sberbank in the US was down 99%. Shares in Russia were never even close. I picked some ADRs just in case. If I ever get to touch the money, will be an easy 10-20x even if I'm exiting at a single digit P/E multiple.
This2ShallPass Posted January 27 Posted January 27 22 minutes ago, gfp said: Maybe time to change the title but there is a thread Done, thanks. Just now, TwoCitiesCapital said: Funny things happen to ADRs around corporate actions/events. I owned the prior iteration of ADRs before Eurobanks 2015 restructuring. After it was announced, shares in Greece were down like 80%. ADRs? Only down like 40-50% and stayed there for days. I exited the whole position at a significant premium to where the shares should have traded. A couple days later it collapsed down to par with the Greek shares Similar things happened with Russian ADRs when they were delisted. Sberbank in the US was down 99%. Shares in Russia were never even close. I picked some ADRs just in case. If I ever get to touch the money, will be an easy 10-20x even if I'm exiting at a single digit P/E multiple. Lesson learned! I got fooled by the continuous trading in EGFEY. I own so much of my pf through ADRs and need to be careful. Btw, can you also post this in the Eurobank thread, I just restarted that.
MMM20 Posted January 27 Posted January 27 (edited) Sorry, can someone dumb it down for me? What exactly happened with Eurobank and what are the Implications for Fairfax? Edited January 27 by MMM20
gfp Posted January 27 Posted January 27 1 minute ago, MMM20 said: Sorry, can someone dumb it down for me? What exactly happened with Eurobank and what are the implications for Fairfax? No implications for Fairfax
SafetyinNumbers Posted January 27 Posted January 27 Just now, MMM20 said: Sorry, can someone dumb it down for me? What exactly happened with Eurbank and what are the implications for Fairfax? As far as I can tell the holding company merited with the operating company. No implications from FFH from what I can tell but I suppose it’s possible they could use the reorg as a reason to mark to market. Seems unlikely.
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