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CIBC 12th Annual Eastern Institutional Investors Conference (Transcript) giofranchi brookfield-asset-management-CIBC-transcript.pdf

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Manipulated market...?!?! Which manipulated market?? ;D ;D ;D giofranchi

--William Butler Yeats Therefore, we should read Keynes time and time again! :) giofranchi

Frankly, it seems to me a fantastic letter and, which is more important, a very good and lucrative idea! ;) giofranchi

"A New Greek Test for Europe" giofranchi A_New_Greek_Test_for_Europe_by_Ashoka_Mody_-_Project_Syndicate.pdf

Analyst/Investor Day September 2013 giofranchi brookfield-asset-management-investor-day-2013.pdf

"Oaktree: Solid Play for Risk-Takers" giofranchi oaktree-solid-play-for-risk-takers.pdf

Thank you for posting! :) giofranchi

Selling for about 1.2 times book by my calculation using this and information from the last quarterly report (and ignoring increase in CBRL stock since that report). It'd be interesting to see BH's acquisition with this capital raise. Best, Ragu In a previous post on page 23 of this thread I had calculated 1.17 x BVPS... ;) giofranchi

I think insurance underwriting is much like investing: you are looking for inefficiencies to exploit. Now, let me ask you: in investing, the fact you have suffered 2 or 3 years of underperformance means that you are bound to underperform forever? It is not so, isn’t it? Imo, the same holds true with insurance underwriting: what matters is how management thinks and behaves. Are they thoughtful and disciplined? If the answer is yes, I am ready to bet CRs will fall below 100%. Otherwise, they will keep on staying above the threshold of profitable reinsurance underwriting… giofranchi

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Investor Presentation September 2013 giofranchi TPRE_-_Investor_Presentation_September_2013.pdf

Assuming an average ROE of 19%, a price of 1.7 x BVPS (Earnings Yield of 19 / 1.7 = 11.2%), and a CAGR of 4% in BVPS, the file in attachment shows how your investment would grow in 15 years. An initial investment of 1 would grow to 8 in 15 years. Which is exactly a compounded return of 15% annual. An equity of $1.3 billion that grows at a 4% CAGR will be worth $2.34 billion in 15 years. Insurance and Reinsurance markets worldwide are made of $ trillions… So, $2.34 billion still seem very small capital to me. giofranchi LRE.xlsx

A recent report on LMCA (by ZACKS Investment Research) giofranchi zrLMCA1.pdf

Ah! Ok! That makes sense. Thank you wellmont! :) giofranchi

100% of the over-allotment!! There surely must be something wrong… Yet I don’t see the Rights anymore… Instead, I see all the shares!! I also thought the shares would be allotted 2 weeks after the closing of the offering, because that’s exactly what was written on the prospectus too… It is probably my bank that is messing something up… >:( What a pity!! giofranchi

Today I already see on my firm’s bank account not only the BH shares I should have received through regular subscription, but also all the shares I could have received through oversubscription… Is this possible?! ??? giofranchi

Very well done, tombgrt! ;) Despite your recent successes, I would proceed with at least some caution… Do not ever forget: Cheers! giofranchi

"Why We Didn't Learn Enough From the Financial Crisis" by Justin Fox giofranchi Why_We_Didn’t_Learn_Enough_From_the_Financial_Crisis_-_Justin_Fox_-_Harvard_Business_Review.pdf

I have started reading [amazonsearch]Russell Sage: The Money King[/amazonsearch] --Ralph Waldo Emerson --Russell Sage Highly recommended! :) giofranchi

Well, who says MKL is overvalued?!?! Cannot really believe that!! Is this serious?! giofranchi

Ah! You can always lose a lot of capital, in a myriad of different ways!! The only way I don’t mind losing money is being wrong about a business. Because being right about business is the game I have chosen for myself. The game I like the best and I feel more confident playing. If, even in what I like the best, I am not good enough, I clearly deserve to lose money! At least, that’s my point of view. With all this I agree. Yet, I cannot be sure, and I don’t need or require to be. Business is all about the future, and there cannot be any certainties about the future at all. I look for things I like very much in the present. If they are plentiful in a single business, I invest heavily in it. Always aware of the fact that those things I like so much might change tomorrow and prove me wrong. If that happens, it is proof my judgment about the business was flawed, I deserve to lose money, and with the capital that’s left I will be looking for another business with a lot of things to like about. I will repeat the process until no capital is left! ;D ;D ;D giofranchi

Hi WhoIsWarren, you most surely are right! And you already know by now that I am no analyst… Instead, I am (or at least try to be... ;D) a businessman. As such, I have the time to look for whatever I NEED to make decisions, but I have not a minute more… There are a lot of things I would like to know about many subjects, but, alas!, I will have to keep my curiosity in check! :) I am much more interested in “how much control” rather than “how much of personal wealth” a person has on the company he manages. Because I strongly believe what Mr. Malone has said: paraphrasing, the moment you stop worrying about control, you can start working for economic performance. Therefore, I want to see the people I choose as “partners” to wield full control over their companies. 3% is not enough, but neither is 5% or, for that matter, 10%... So, the time twacowfca said 3% I lost all interest on the subject… and I didn’t spend a single minute more on it. PS Of course, if you remember well, twacowfca also explained why in truth Mr. Brindle enjoys full control over Lancashire, though it has nothing to do with ownership control. And that is not a piece of knowledge you find on an AR! ;) giofranchi

See Page 42 of this very same thread: 3% of a £1200 market cap company equates to a £36 million ownership, or £36 x 1.58 = $57 million. giofranchi