Fairfax 2026

[villainx]

1 hour ago, giulio said:

Having to do 1 post/video a week means DD is going to be shallow

 

I would hard disagree because there should be cumulative knowledge/expertise to rely upon, especially for "sophisticated" investors.

 

But I don't mean to trash too much - end of day, they are entertainment oriented, I guess.

[TG]

20 minutes ago, SafetyinNumbers said:

Large institutional capital is either passive or has to beat the market in the short term. These days that means owning momentum. For a long time owning quality was good enough and that’s what most active investors own and screen for. Fairfax doesn’t pass their screens. I think it’s that simple. 

What made the market suddenly realize they're amazing at what they're doing post the lost decade? I've only been following FFH for a couple of years so I'd like to understand why all of a sudden the market decided to reward them with an 3x post 2022? I would assume a combination of cheap valuation (below BV) + better investment strategy + higher interest rates + buybacks?

I think pre-2022 the coverage and talk about FFH was even lower than it is today. And while many more people are familiar with the name today (maybe in search of a new BRK) so far that hasn't really have much of an effect. Probably the subdued growth due to softening markets leads to many investors skipping it?

[dartmonkey]

14 minutes ago, villainx said:

I would hard disagree because there should be cumulative knowledge/expertise to rely upon, especially for "sophisticated" investors.

 

But I don't mean to trash too much - end of day, they are entertainment oriented, I guess.

You're maybe going a little too easy on them - if I want entertainment, I would hardly listen to a spiel about a boring insurance company as an investment. And if you are going to do a serious service to investors, you have to at least get some basic facts straight like the ticker, where the major earnings are from, the threats and opportunities, basic details about the big holdings like Eurobank, Poseidon and Sleep Country and, if you have to mention something like Metlen with its P/E of 0.20 (which is actually a P/E of 20), fine, but get it right, especially if you have checked it twice (how do you do that, and still get it wrong?!)

 

As Viking says, it just goes to show that Fairfax is not easy for most retail investors.

 

Here's a much better effort, from Whitney Tilson, today: https://stansberryresearch.com/whitney-tilsons-daily/two-pitches-for-fairfax-financial

 

 

[djokovic1]

Yeah I like Whitney’s daily summaries. And he definitely understands the p&c insurance model ie valuing berkshire very well.
 

He was there at the Italy conference (he co-hosts it), he liked my Fairfax pitch and wanted to share it in his newsletter.

 

 

Edited 4 minutes ago by djokovic1

[Duke In Shadows]

1 hour ago, villainx said:

 

I would hard disagree because there should be cumulative knowledge/expertise to rely upon, especially for "sophisticated" investors.

 

But I don't mean to trash too much - end of day, they are entertainment oriented, I guess.

most podcasts/content is entertainment masquerading itself as "research".

 

entertainment is fine just don't lie to yourself. there is a big difference between a book (or self reading financials) vs listening or watching passively to videos/podcast etc. One medium is clearly more entertainment focused. 

 

the gold standard imo for podcasts is Dave Senra (Founders), no Fairfax episode but has done Munger #329, Mark Leonard #246, Li Lu #362, Nick Sleep #365, et al. 40+ hours of reading per episode. my guess is these guys spent under 3 hours in an AI before the episode.