giofranchi

Please, don’t say that… I might become overconfident… while instead I agree that “the secret” is “low expectations”… ;D ;D Gio

I agree 100%! And thank you very much, Parsad! It is a great idea backed by flawless execution: it is destined to become more and more influential worldwide. Its future, as far as I can see, is very very bright! :) Gio

The Market Is Exaggerating On The Paladin Deal Gio endo-health-solutions-the-market-is-exaggerating-06nov2013.pdf

Q3 2013 Conference Call Gio endo-health-solutions-Q3-2013-conference-call.pdf

Hi guys! It has been a wonderful evening and I have enjoyed every moment! I have followed each single advice Kraven so thoughtfully and wisely shared with us yesterday, and you know what? … They have worked! ;D ;D ;D We will see each other again tomorrow! Of course, cannot say what might follow… yet, paraphrasing Mr. Buffett (yes, once again!), it pays to be active, interested, and open-minded, but it doesn’t pay to be in a hurry… right? And I am already grateful for the experience and curious to see how this will play itself out! Thank you again to all of you for your deep kindness and for the great fun!! :) Cheers, Gio

That would be awesome!! Time to leave the office… I was really nervous this morning, while now I am amused and much more confident. I owe it to all of you! :) Gio

We both live downtown Milan, therefore I am taking her to a restaurant not far from home… No need of a car, the weather is still wonderful, the moon will be shining too! (what a peot, I know! ;D ;D), so after dinner I hope we will have a pleasant walk back together… Cheers, Gio

I don’t think I will tell her exactly that… ;D But I know what you mean! ;) Thank you! Gio

Joel, is it an idea of yours, or is it Kraven's?! ;D Gio

Sorry, the excel files are in the thread about FFH Q3 2013 Results. Gio

No, Vinod! Not 20 years, only 16 years, and they are like this: Year 1, 2, 3: 0% CAGR Year 4, 5, 6: 35% CAGR Year 7, 8, 9, 10, 11, 12, 13: 0% CAGR Year 14, 15, 16: 35% CAGR This would increase BVPS 6 folds in 16 years, which is more or less an average 12% CAGR. I think I have linked the excel files in a previous post of this thread. If you find some errors in them, I wouldn’t be surprised… and please let me know! :) Gio

Al, I know I am desperate and don’t have a chance… but it has been really a lot of fun!! I have rarely enjoyed you guys so much! You have made my day… no matter what happens this evening! Thank you very much! :) Gio

WOW! Now the points to remember by heart are 13… Guess I will have to make use of my MEMORY PALACE!! ;D ;D ;D Gio PS Now that I think of it, I can add point n.15: talk to her about your memory palace! Women love men with prodigious memories! ;D

Well, if I have understood you correctly, it seems to me that your view belongs to a 25-50 years time horizon, instead Mr. Watsa’s view belongs to the next 5-10 years. Both can be correct! I have no doubt that in due time we will prosper greatly, but I thought you have asked why Mr. Watsa expects deflation in the next 5-10 years. As far as central banks are concerned, I was thinking more about their balance sheet than about developed countries debts: it seems to me unquestionable that they have already expanded their balance sheets in an unprecedented way… They could go on expanding them, but, if asset bubbles burst, to no tangible avail: when and if financial asset prices come down, confidence in central banks will be broken… And I don’t see how more of a medicine that has ceased to work might do any good… If, on the other hand, I haven’t understood you correctly, sorry: I have a date tonight, and my mind is already there! ;D Gio

Wonderful Kraven! I knew you would never let me down! Unfortunately, n.4 won’t work … She runs 10 km in 49 min. … I guess my physical prowess cannot impress her very much… But all other points I am going to learn by heart before evening comes!! ;D ;D Gio

+1! As already said: Just be yourself! ;-) x) From her profession to judge you most likely will be met with Qs from her about your work and your company. Try to reply on overall level, but also with some balanced detail, but without beeing too elaborative, and at the same time without giving her the perception of beeing evasive on those questions. x+1) Stay out of the LRE.L and FFH-topics today on the board, and concentrate/focus on what is important for you today! ;-) [Your LRE.L and FFH positions are afterall long term!] x+2) I certainly second xtreeq's advice about getting her to laugh! Try get to know what kind of humor she is into. If things work out the way you want right now, you will really need that information for the future, because you are about to double the ups and downs in life for the future. Her downs will then also be your downs, and there is nothing as redemptive like a good laugh when life you lemons. x+3) Please remember this is a win-win situation, simply because she has already said yes to your invitation! Things might not for whatever reason work out as you want right now, but then you have had the pleasure and opportunity to get to know more about a person, who has caught your attention, interest and attraction! No talk about bumpy rides in this topic, please! Good luck Gio! :-) These all are wonderful advices! When I started the thread, I thought: “Oh dear, this has nothing to do with investments… And, as soon as Parsad reads this, he will ban it and cancel it from the face of planet earth…!!”. So, I wasn’t sure about its usefulness… Now, after reading all your answers, I have changed my mind: it is simply about a “different kind of investment”. :) And let me ask you a question: why jokes keep constantly popping in my mind while I am at work, and vice versa when in company of a woman not a single one comes to mind?!?! Is it only me?! ??? Gio

Thank you, nwoodman! Very nice and too kind! :) Cheers Gio

Practically all the inflation we experienced since 2008 is in the form of higher asset prices. If and when asset bubbles form, if and when asset bubbles burst, it will then be very difficult for central banks, which have already gone all-in, to contain them. Please, read the 3 questions Mr. Einhorn asks in Greenlight’s Q3 2013 Letter. Their answers make me nervous about what could happen… if and when asset bubbles form, if and when asset bubbles burst. giofranchi

WOW!! And what is supposed to happen on a second date? ... Utterly hopeless, I know ... Please, don't add anything else!! ;D ;D ;D Gio

Well, just don't forget that I was born in Canada!! ;D ;D ;D Gio

I was surely going to fall miserably on point n.6! Now that I know, I will keep my mouth shut! Hey, haven’t I already said that?! ;D Thank you also for point n.1, n.2, n.3, n.4, n.5, n.7, and n.8!! ;) Gio

he sees something? lol. the whole discussion the last few days has been about how he missed 4 years of bull market. he has been seeing something "very bad" for 4 years now. Did we not learn anything from this entire discussion? He's raising cash because he is investing in bbry. And there is no statistical indicator for US market that says there is a high risk of a crash. none. oh and one last thing. There is no deflation. Inflation is baked into our system. ps: perspective from a non owner: some of the fairfax shareholders are a "wimpy" bunch and are Short Term investors. pw is not going to give you a smooth ride. but he will get you to your "destination" in style. :) wellmont, I agree. Just be careful to not infer too much about the future from the past... Here is what I think: The more time passes and the more stocks (and asset classes in general) rise, the higher the probability Mr. Watsa will finally be proven right and the closer we get to that day. giofranchi

Another wonderful advice! I am already much more relaxed! This board works miracles!! ;) By the way, she works in the risk-management office in Banca Intesa Sanpaolo, so maybe just a bit about investments… No! No! Just joking! I will keep my mouth shut! ;D ;D Gio

Thank you, berkshiremystery! Always can count on you! :) Ignore the crowd in the restaurant?! That's a great advice! I guess one of the best way to be nice, right? Gio

Hi guys! This has nothing to do with investments… But in time I have come to reckon all of you on the board truly as “second family”… and now I need some words of wisdom from you! Tonight I am dating a woman for the first time in… years!! And right now I am simply… terrified!! ;D ;D ;D I guess I need a little help from my friends! :) Cheers, giofranchi