giofranchi

Memo from Brooklyn (OAK's Preferred Rate) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes memo-from-brooklyn-oak-s-preferred-rate.pdf

What GLRE is Worth to Einhorn giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes what-glre-is-worth-to-einhorn.pdf

Enjoy! giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Thank you, Ross! Very interesting! giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

A new article on Seeking Alpha about BAM: http://seekingalpha.com/article/1224491-brookfield-a-wealth-creation-machine?source=email_rt_article_title giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

I don’t think the reinsurance business is inherently more or less risky than the insurance business. Look at, for instance, FFH: OdysseyRe has historically enjoyed much lower CRs than any other insurance company inside the FFH family. Imo, it all depends on people: do they understand risk? Do they posses the discipline to act accordingly? And, therefore, do they behave opportunistically? If it is so, they will be successful both as insurance underwriters and as reinsurance underwriters. As an aside, that’s why I truly believe that the appointment of Mr. Barnard as President and Chief Operating Officer of the Fairfax Insurance Group bodes well for future results. The same good results I expect from MKL’s newly established reinsurance operations in the future. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Hi Palantir, and thank you very much for your kind remark! :) Sorry, I had missed it till now... giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Another article on Seeking Alpha: http://seekingalpha.com/article/1218661-it-s-time-to-buy-national-oilwell-varco?source=email_investing_ideas&ifp=0 giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

"Fifty Trades of Grey" by Michael Cembalest, J.P. Morgan Asset Management giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes 02-19-2013_-_EOTM_-_Fifty_Trades_of_Grey.pdf

Yesterday I watched the movie “Skyfall” for the first time. And I enjoyed it very much! One memorable scene comes when Emme quotes a few lines from the poem “Ulysses” by Alfred Tennyson. They are really worth repeating: giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Interview with Felix Zulauf. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Interview_with_Felix_Zulauf_Feb2013.pdf

- John Hathaway giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Mr. Einhorn on "what Apple should do". giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes iPrefs-Unlocking-Value.pdf

Brookfield Renewable Succeeds in Bid for Western Wind http://www.marketwire.com/printer_friendly?woid=855163&segid=6 giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

My idea is that Mr. Einhorn not only is a good investor, he is also a good businessman. It is true they have encountered some underwriting setbacks during 2012. But I believe a good businessman finds ways to overcome obstacles. He knows how important it is to partner with a prudent, shrewd, and opportunistic underwriting officer, and I have an extremely hard time believing he chose one carelessly. I am prone to judge what happened in 2012 to be a one-time underwriting mistake. Of course, no one can be sure about the future and, as always, time will tell. :) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Thanks for your observations. This company never ceases to amaze me and I hope that continues :) I find it difficult to believe they won't shoot the lights out in a hardening market. As you pointed out above the fact that they are willing to return capital immediately they don't have the opportunity to deploy sends such a positive message. Cheers nwoodman Yes! Thank you, twacowfca, for your very useful observations! I never expect less from you! :) And I agree with nwoodman about those lights that Lancashire will shoot out! ;) Cheers! giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Great! Thank you very much! :) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

A new article on Seeking Alpha: http://seekingalpha.com/article/1202381-national-oilwell-premier-e-p-service-company-at-bargain-valuation?source=feed giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

Recent inteview with Mr. Marks giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Marks-Interview-02feb2013.pdf

Cashin, Klarman, & Marks: Klarman Marks http://www.zerohedge.com/news/2013-02-20/cashin-klarman-marks-un-abating-risks-collapse giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

twacowfca, some insights to share with us about the formation of the Capital Management division? Thank you! :) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes capital-management-210213.pdf

Q4 2012 and Full Year Results giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes 2013-02-21-Q42012-Results.pdf

Q4 2012 Earnings Call Transcript giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes greenlight-capital-re-Q42012-earnings-call-transcript.pdf

+100!! :) giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

4th Quarter and Year End 2012 Financial Results giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Greenlight_4th_Quarter_and_year_end_results.pdf