giofranchi

GLRE, TPRE, PSH, FIH, IEP, etc. all have permanent capital. Gio

I lack the information about Biglari’s investment results from January until August 2009. Otherwise, it is a 19.5% CAGR sustained for 15 years. Gio Anyway, from January until the beginning of August 2009 the S&P500 was up more than 9%... Therefore, I doubt Biglari's overall performance could be negatively affected by those 7 months. Gio

Please, find the presentation in attachment. Cheers, Gio Ira-Sohn-2015-Presentation.pdf

Yes! Only talking about Biglari’s stock market investments returns! Because the great majority of Biglari’s compensation has come and will come from stock market returns. Gio

That’s what I have always been open to admit… Where others see sneaky behavior, I see an organization that is adapting and changing: as investments are growing and becoming more and more relevant to overall results, I don’t blame Biglari for modifying his compensation agreement… But I admit I might be wrong! And I guess we will have to wait and see… I lack the information about Biglari’s investment results from January until August 2009. Otherwise, it is a 19.5% CAGR sustained for 15 years. Gio

In 2002 the S&P500 declined -22.1% and even The Lion Fund lost -10.1%. Biglari's best year ever has been 2013. Gio

You are not really serious, are you? A 19.5% CAGR since 2000 is “nothing really special”…?! You must be joking! ;) Cheers, Gio

By the way, Biglari’s investment returns are a cumulative 14.5x since 2000. Even Pabrai, imo the best of your list, doesn’t compare favorably. I don’t know how to verify Tepper, Einhorn, Loeb, Ackman, Icahn, nor Black since 2000, but I know they ask to be paid more than Biglari. The whole discussion, as almost always…, came as a consequence of some comments about Biglari’s compensation agreement. Therefore, even if Tepper, Einhorn, Loeb, Ackman, Icahn, and Black actually did better than Biglari since 2000, which I strongly doubt, they shouldn’t be considered… because they all are even more “greedy” than Biglari! ;) Gio

Thank you… but that was not what I had asked. What I had asked, instead, is an easily provable track record from 2000 until 2014. Because in that timeframe both 50% declines of the S&P500 are included. If you take away one of those declines… that’s not what I have asked. If you write returns that I cannot easily verify… that’s not what I have asked. Cheers, Gio

I think it will be published at 18:00 Central European Time. Gio

--Q1 2015 Conference Call Gio

--Q1 2015 Conference Call Gio

Maybe… But I am not convinced. Therefore, I hold both FFH, which will perform satisfactorily if Watsa and Gross are right, and other stocks, which will perform well if Watsa and Gross are wrong. Imo in this environment certainties might turn out to be very costly. Well, if you’re referring to India, I think India’s economic environment is quite different from the rest of the world: low level of debt, great demographic trends, an infrastructure system that is still underdeveloped. India’s stock market might be overpriced right now, like all the rest, and that’s why FIH’s assets are still in cash + bonds. That will change when true opportunities present themselves. Cheers, Gio

--Bill Gross That's what also Watsa talked about during the FFH AGM: "not another Lehman crash, but a crush of perpetual bull market enthusiasm"... Stock prices that go down and stay down for a long period of time. Cheers, Gio Bill_Gross_Investment_Outlook_May_2015.pdf

Cheers, Gio First-Quarter-2015-Interim-Report.pdf

Any question for Bill Ackman? Cheers, Gio April-Performance_Quarterly-Call_Sohn-Presentation-Press-Release.pdf

Q1 2015 Results Gio PRFIH-FIH-announces-net-earnings-of-4mn-dollor-in-the-first-quarter-of-2015.pdf

Shrewd investors! Aren't they? ;) Cheers, Gio

The fact these contracts appreciated during Q1 2015, despite the massive money printing effort that's going on in Europe, might not be meaningful, but should be at least pointed-out. Gio

Ah! Ok! Now I have understood. Thank you, Gio

Sorry... But who is Seifi? Thanks, Gio

Insurance results keep getting better. And I like the newly annuonced acquisition by Fairfax Asia. Fairfax Asia has an history of writing very profitable contracts, probably because the insurance market in those places is still very lowly penetrated. The Fairfax's strategy of gradually building scale over there is imo to be praised. Cheers, Gio

Cheers, Gio PRFFH-May-4-2015-Fairfax-to-become-Strategic-Investor-of-BIDV-Insurance-Vietnam.pdf

This is the most comprehensive filing about Biglari’s compensation I have seen so far. Imo it is very clear and very well put together. Cheers, Gio Biglari-Compensation-April302015.pdf

Q1 2015 Conference Call Transcript Cheers, Gio fairfax-financials-Q1-2015-conference-call-transcript.pdf