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2nd FFH Article in G&M in 2 days.....what's up with that???


Daphne
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He talks about the pension funds that invest in commodities. I find it frankly disapointing and sad that often, you'll see pension funds being some of the last at the parties. They'll buy things when they become more socially desirable (i.e. popular and expensive) and sell them when they become socially inacceptable (i.e. inexpensive). Who will ultimately pay the note for this bad behavior? Ask the quebecers about the Caisse de dépôt et placement du Québec...

 

 

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Partner,

 

The insider trading, mostly selling, in commodities-related Canadian stocks has been hugely active in the last 2 months.  It's no surprise that Watsa is making this statement.  Interestingly, there are lots of unloved Canadian small caps that are repurchasing shares while the market chases the glittery taillights of the mining stocks. 

 

It's all about having the right focus on identifying wealth-creating companies and buying at a discount.  There are some companies selling at healthy discounts to intrinsic value where I'm adding to existing positions.  Strategically, I'm keeping extra cash aside for the inevitable turmoil.

 

-O

He talks about the pension funds that invest in commodities. I find it frankly disapointing and sad that often, you'll see pension funds being some of the last at the parties. They'll buy things when they become more socially desirable (i.e. popular and expensive) and sell them when they become socially inacceptable (i.e. inexpensive). Who will ultimately pay the note for this bad behavior? Ask the quebecers about the Caisse de dépôt et placement du Québec...

 

 

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He talks about the pension funds that invest in commodities. I find it frankly disapointing and sad that often, you'll see pension funds being some of the last at the parties. They'll buy things when they become more socially desirable (i.e. popular and expensive) and sell them when they become socially inacceptable (i.e. inexpensive). Who will ultimately pay the note for this bad behavior? Ask the quebecers about the Caisse de dépôt et placement du Québec...

 

 

 

You've got that right!  They were one of the early investors in LRE.  Then, as LRE became increasingly solid and dramatically lowered their PML risk level, they became sellers as the price rose, even though LRE continued to trade in a range equivalent to about FDBV/SH!

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