giofranchi

I don’t. Actually, it is the right opposite for me: I look with skepticism at entrepreneurs who think they can keep control over their companies only thorough strong business results over a very long period of time. They are acting naively imo, instead I want to see great pragmatism in everything they choose and do. Gio

Obtuse_investor asked me via twitter what I think about this… Since I have still to figure out how to use twitter (how can you reply with only 140 characters at your disposal?!), I’ll write what I think here: If you follow the discussion about BH, you know very well how I think about business: imo BH is Biglari’s business just as much as FFH is Watsa’s business, all other shareholders (or at least the great majority of them, with the possible exception of Barnard, Bradstreet, and the like) are only watching, enjoying the show, and getting rich without the slightest effort… Therefore, what I often repeat about BH imo holds true for FFH too: watch what Watsa is doing, if you like it hold your shares, if you don’t sell them. Period. I am holding mine! ;) Cheers, Gio

Mmm… I think Biglari can always find new and innovative ways to piss BH shareholders off! Ahahah!!!!... We will see! ;) Cheers, Gio

http://seekingalpha.com/article/3261345-why-im-long-biglari-holdings-and-would-sell-shake-shack?auth_param=7i5hb:1anvtkm:31fa9bb6cd15c73ae385c103c1a52297&uprof=25 I like Aurelien's articles! :) Cheers, Gio

dcollon has just sent me this great pdf file: and I guessed it might be posted on this thread! :) Cheers, Gio Charlie_Munger_Quotes.pdf

I think it is a good trade! ;) Gio

I agree. And imo Forbes should choose its columnists with much greater care! ;) Gio

Yes, of course! Anyway, this is what Leonard had to say during Q1 2015 conference call: And I would also argue that the next downturn might probably be for technology more like 2001-2002 than 2007-2008. Cheers, Gio

Yeah!... If a market crash is around the corner, CSU multiple will probably get cut in half... But... For what I have read, Leonard is litteraly praying for another 2008-2009... And I would say this company should be able to grow much faster in a very volatile environment than if this muddle through scenario goes on. Cheers, Gio

Thank you very much! :) This helps a lot! Btw, I have just opened a 9% position. And I will gladly average down whenever the multiple CSU is selling for contracts. Cheers, Gio

In other words, if I were a Canadian and owned 1 FFH share, and FRFHF increases 30%, while the CAD depreciates 13% against the USD, and if I want to sell my FFH share and use the proceeds to make a trip across the border, my purchasing power would be exactly the same if my FFH share had increased 43%. That’s what cwericb said it has happened, and that’s what I mean by an exact hedge. Gio

I do agree but: Of course FFHs assets are not 100% in the US. Yet, cwericbs example shows an exact correlation between the difference in FFH USD denominated share price and FFH CAD denominated share price, and the USDCAD exchange rate. How is it so? Thank you! Gio Gio

+1! :) Gio

Ok… Therefore, who is right? Is FFH a “relatively decent” hedge against USDCAD movements, or is it an “exact” hedge? Gio PS Not that I care much... Just curious! ;)

--Alexander Hamilton I have started reading [amazonsearch]Alexander Hamilton[/amazonsearch] by Ron Chernow, and so far it is an highly recommended piece of historical biography. Cheers, Gio

All I have heard him saying is he would like to “spend more time with his family”… Given the fact his job imo requires more stability, rationality, and self-control, than very long hours at the office, I’d dare to suggest such a development could even be beneficial to CSU future business results! ;) Cheers, Gio

I do agree but: Of course FFH’s assets are not 100% in the US. Yet, cwericb’s example shows an exact correlation between the difference in FFH USD denominated share price and FFH CAD denominated share price, and the USDCAD exchange rate. How is it so? Thank you! Gio

Valeant Pharmaceuticals To Appoint Robert L. Rosiello As Chief Financial Officer http://ir.valeant.com/investor-relations/news-releases/news-release-details/2015/Valeant-Pharmaceuticals-To-Appoint-Robert-L-Rosiello-As-Chief-Financial-Officer/default.aspx Gio

Ahahahah!!!! ;) Gio

Mmm... Actually I don't even understand what that means! ;) A fair price?!... For what I know no one is forced to sell, right? If I knew someone who owns 1 BRK-A, and I let him know I am willing to buy that share for $1, and he finally agrees to part with his 1 BRK-A share for $1... have I done something against the law?! Gio

https://fundooprofessor.wordpress.com/2015/06/11/what-is-staying-power/ Gio

Liberty, any idea? Thank you! Gio Liberty, you are unusualy quiet about the future prospects of this company... Cheers, Gio

http://seekingalpha.com/article/3250785-brookfield-asset-management-top-notch-alternative-asset-manager-a-steal-in-current-market?auth_param=7i5hb:1anhoat:a402df91073ff543240d5b2cbee4650f&uprof=25 Gio

I agree. And that’s why I am opening a position, leaving much room to average down (like I almost always do!). Cheers, Gio

In this case his interests coincide with mine! ;) Cheers, Gio