Parsad

Could you educate me? I missed this. Thanks! Well Prem runs Fairfax and will until he no longer can...be it physically or spiritually. But it looks pretty obvious who would run Fairfax if Prem could no longer do so. If you don't really know, time to do some legwork and figure it out. :) Incidentally, no one has ever said anything to me. But after watching it for all these years, I kind of have a pretty good idea of changes at Fairfax that may not seem like much, but are monumental shifts in planning or thinking. Cheers! Ha - OK! I also have a fair idea, although I am nowhere near as well informed as you. However I read your comment to mean that an announcement had been made, hence the question. Pete, It really is obvious! Sanjeev is going to merge FFH with PDH and he is the one who will be running the show!!? Cheers, Gio You got it! I'll do a reverse merger...$10M corp buys out $10B corp. Cheers!

<b>Seminar on Value Investing and the Search for Value July 17-21, 2017 Toronto, Ontario</b> Dr. George Athanassakos will offer a highly sought after five day seminar on Value Investing and the Search for Value to finance executives, finance professionals, portfolio managers, financial analysts and individual investors seeking knowledge of value creation, valuation and value investing theory and practice. Mr. Josh Tarasoff, General Partner, Greenlea Lane Capital Partners, LP, will be a guest speaker on July 21. For more information and to register, see http://valueinvestingeducation.com/seminars.htm <b>Ben Graham Centre’s 2017 Value Investing Conference April 19, 2017 Toronto, Ontario</b> The Ben Graham Centre for Value Investing will hold its 2017 Value Investing Conference at The Fairmont Royal York in downtown Toronto. For more details and to register: http://www.bengrahaminvesting.ca/Outreach/2017_Conference.htm <b>Ben Graham Centre's 2017 Stock Picking Competition April 18, 2017 Toronto, Ontario</b> The Ben Graham Centre for Value Investing will hold its annual Stock Picking Competition at the MBA level in Toronto. Teams from MBA schools from around the world will compete for $17,500 in cash prizes as well as free attendance to the Ben Graham Centre’s Value Investing Conference and the Fairfax Financial Holdings Ltd. Annual General Meeting in Toronto, Canada. For more details about the competition: http://www.bengrahaminvesting.ca/Outreach/stock.htm

<b>Seminar on Value Investing and the Search for Value July 17-21, 2017 Toronto, Ontario</b> Dr. George Athanassakos will offer a highly sought after five day seminar on Value Investing and the Search for Value to finance executives, finance professionals, portfolio managers, financial analysts and individual investors seeking knowledge of value creation, valuation and value investing theory and practice. Mr. Josh Tarasoff, General Partner, Greenlea Lane Capital Partners, LP, will be a guest speaker on July 21. For more information and to register, see http://valueinvestingeducation.com/seminars.htm <b>Ben Graham Centre’s 2017 Value Investing Conference April 19, 2017 Toronto, Ontario</b> The Ben Graham Centre for Value Investing will hold its 2017 Value Investing Conference at The Fairmont Royal York in downtown Toronto. For more details and to register: http://www.bengrahaminvesting.ca/Outreach/2017_Conference.htm <b>Ben Graham Centre's 2017 Stock Picking Competition April 18, 2017 Toronto, Ontario</b> The Ben Graham Centre for Value Investing will hold its annual Stock Picking Competition at the MBA level in Toronto. Teams from MBA schools from around the world will compete for $17,500 in cash prizes as well as free attendance to the Ben Graham Centre’s Value Investing Conference and the Fairfax Financial Holdings Ltd. Annual General Meeting in Toronto, Canada. For more details about the competition: http://www.bengrahaminvesting.ca/Outreach/stock.htm

Could you educate me? I missed this. Thanks! Well Prem runs Fairfax and will until he no longer can...be it physically or spiritually. But it looks pretty obvious who would run Fairfax if Prem could no longer do so. If you don't really know, time to do some legwork and figure it out. :) Incidentally, no one has ever said anything to me. But after watching it for all these years, I kind of have a pretty good idea of changes at Fairfax that may not seem like much, but are monumental shifts in planning or thinking. Cheers!

The style has most certainly changed over the years. Remember, for a very long-time, Hamblin-Watsa was composed of Prem and about 5 managers who had worked for/with him for 30+ years...they were Ben Graham, distressed investment disciples working together from Confederation Life to Gardiner Watson and then Hamblin-Watsa & Fairfax. But as the company has grown and grown, the tentacles within Hamblin-Watsa have become quite encompassing. At their heart, they are still those same Ben Graham disciples, but like Berkshire and the shift to acquiring whole businesses, they have become more private-equity like with the addition of various new vehicles and managers...FairVentures, Thomas Cook, India Fund, Africa Fund, etc. The one part that will not change is how they analyze and buy fixed income instruments, including all sorts of debt securities. That has been the domain of Brian Bradstreet for so many years, and he has been so successful, that it may only change once he is gone. As a Fairfax shareholder, the one area that I would be interested in getting to know better at the AGM, etc is who is the next generation of Hamblin-Watsa investment managers that have learned from Prem, Brian, Roger, Sam et al. We know who would run Fairfax and that's the perfect choice in my opinion. But who are some of the other managers at Hamblin-Watsa...I'm probably one of the few shareholders who knows a few of them, but it would be great for them to become more prominent over time. I also think as Fairfax/Hamblin-Watsa get bigger, they will rely on outside managers to manage some capital...not unlike what White Mountains/Markel do already and Hamblin-Watsa does to a lesser degree. Alot of talented people at HW! Cheers!

+1! Cheers!

I'm writing this to you at 6am Christmas morning...how fitting! I recommend donating to wherever your heart may be...as well as where you think they may need help. This has become a big part of my life thanks to Buffett's example and Prem's example. For me, it's exactly how I suggested...both in time and money: - Crohn's & Colitis Canada - We were already doing an annual dinner in Toronto. When JoAnn (Prem's executive assistant) passed away from colon cancer, this became a natural fit and somewhere we wanted to help, as JoAnn had suffered from Crohn's for most of her life. She, along with Francis, were the ones who originally set up my lunch with Prem back in 2005...that changed the trajectory for my whole life! She became a good friend after that, helping as much as she could to make our dinner better each year. When I would come back to Vancouver in the early years, I would give the funds to their BC representative, Alison Obrecht, who became a good friend. Alison eventually was head-hunted by Cystic Fibrosis. - Cystic Fibrosis - When Alison arrived there, shortly after she mentioned that they were being evicted from their regional office because it was being sold and developed. I had just taken over at Premier, and wanted to sublease out some of the offices. She brought her Western Canada manager to our office and they ended up leasing out 5 of the offices at Premier for the next five years...essentially to the end of our lease agreement. I ended up being asked to join the Vancouver office's board of directors after raising money for them. Alison was subsequently head-hunted by Simon Fraser University's Endowment. - Simon Fraser University - Some of you may know, especially the old-timer board members, but my father passed away in 1991 when I was 21 and was a 3rd year student at SFU. My father, Tony Parsad, was one of the first employees hired by SFU when it opened in 1965 as a Chemistry lab technician, and worked there until the day he died. I had an awful love/hate relationship with SFU. I used to go up there as a young boy with him, and much of my formative years were spent enjoying what the campus provided from my father setting up chemistry experiments for me, playing on their soccer fields at various sports camps, or simply enjoying a nice lunch with my father in the cafeteria or faculty restaurant, the Diamond Club. But when I went up there as a student after high school, I kind of hated school at the time...as I was a biology major, but my true interest lay elsewhere as you all know now. After he passed away, it became even more difficult, simply because everyone (faculty) knew me and everyday I could imagine my father coming around a corner...even though he never would again. Again, as many of know, I raised my brother after that, who was 9 when our father died and helped my mother who had become a young widow. I never had the opportunity to do anything for my father, but always ached to do something for him...never really had the financial ability before Corner Market Capital and spent many years building the business living frugally until it did finally work out. Finally, about two years ago, after finally having the capacity to do something substantial, as CMC and my personal investments did very well, I finally did what I needed to do for him...23 years later. It was one of the most important and personal things I had ever done and probably wouldn't have happened if I had not become friends with Alison who went from Crohn's to Cystic Fibrosis and then SFU! I haven't shared it with anyone until now: https://www.sfu.ca/science/support-science/donors/the-parsad-family.html The endowment will live on long after I'm gone and I plan on doubling its size every 5 years. Interestingly enough, that photograph was taken at the Diamond Club where I would have lunch with my father on occasion, and where I signed the paperwork for the endowment. Life is a full circle! Dakshana - Well Mohnish is a friend, but that's not why I try and help them out. This is simply an organization that uses a Buffett-type approach...impacting one person will have a trickle down effect and eventually you'll have an exponential type compounding effect. It just made sense. I've donated small amounts so far, but will increase that over time and as the need increases at Dakshana. This is something Alnesh and I donate to through Corner Market Capital. Surrey Christmas Bureau and Surrey Food Bank - Surrey is the fastest growing municipality in all of North America. As such, the needs at the Christmas Bureau and Food Bank are relentless. While the organizations don't teach a man to fish, sometimes you just need to feed someone for a day...this is a sentimental choice, as our family is fortunate enough not to go hungry while others do, regardless of circumstance. I moved to the area four years ago and it's a dynamic city going through huge changes...I felt I needed to help the community. Adopt-a-School - Run by the Vancouver Sun, this non-profit provides funds to various elementary and high schools beyond government funds in the Vancouver/Lower Mainland area. Many children go to school and don't have breakfast or lunch because their families are struggliing. As a student, that is an awful way to try and learn when your stomach is growling or you are tired from going hungry. Donations/gestures on a whim - the IHOP thing I did a couple of years ago is a example of that. Sometimes I might just pay for a young families dinner I see somewhere when dining with my family, or someone's coffee. A single Mom dying of cancer and needs funds to support her children when she's gone. A pay it forward type of gesture. I normally wouldn't really talk about these things, but I figure there are plenty of people on here who have the ability like myself to make a difference...maybe it will give them an idea or motivate them. I'm sure there are hundreds of other ways as well you could do this. I feel very, very grateful for my life and what I have now. I'm living the exact dream I always had in the back of my mind, but didn't know it existed until Buffet and Prem showed up. I've only started on this endeavour in the last few years, but it's a huge part of my life and being. I wish you a Merry Christmas and hope you get as much enjoyment from it as I do! Cheers!

Merry Christmas and Happy Holidays everyone! Cheers!

Yes, please do so...would be interesting to see. Cheers!

LOL! Now that's a lawsuit worth filing. Cheers!

There was press release yesterday indicating that the asset sales have closed. Cheers!

You guys should probably go to one of his meetings or at least see the presentation he provides attendees. He makes it perfectly clear in his letters and presentations what his annualized return is. At the same time, he indicates how he had years of outperformance, then a few years of immense underperformance, followed by years of outperformance again...and he suggests that the current period of underperformance should turn again if his methodology and history is accurate. Mohnish is a marketing machine...he knows that...others know that...and he milks it for all it's worth. But at the same time, he's probably one of the most transparent managers around in terms of his actions, performance and thought process. You don't have to buy or subscribe to everything he says...I don't. But I do know that he's honest and he goes way out of his way for many people. In terms of the whole Munger statue thing, etc. It's not any weirder than someone starting a website called "Corner of Berkshire & Fairfax", or the nutjobs who wear 10 gallon yellow stetsons around Omaha during Berkshire's AGM. Buffett & Munger have changed alot of lives, otherwise most of you wouldn't be on here. He's as big a fanboy as anyone...admits that he tries to copy them...and has done very well for himself, his investors (long-term) and those non-profits that he contributes to because of them. When someone changes your life in ways you could not have imagined, you tend to hold them on a pedestal...he's no different than anyone else. Finally, if you don't like the way he describes his methodology, then don't subscribe to his methodology...pretty simple. I've read Dhandho and Mosaic, but I don't relate to Dhandho and Mosaic...that's ok. I also don't relate to some of the methodology that Hamblin Watsa or Baupost use. I still don't understand why Berkshire bought airline stocks...that's ok. I only need to invest in things that make sense to me and I don't really care what others are doing. But that doesn't mean they are wrong. Ericopoly, who many of you regard as one of the shrewdest investors on here, as do I, used enormous leverage to build his wealth. That doesn't mean it was right or wrong, or that everyone should do it or understand it...I can't fathom that level of risk! But it worked for him, regardless of how much Pepto-Bismol he may have consumed. Another well respected investor is Allan Mecham at Arlington Value...he put 50% of his fund into Berkshire and then leveraged the hell out of it as well. Again, neither right, nor wrong...it worked for him. So if Mohnish is not your cup of tea...that's ok. Or Whitney Tilson...no worries. Or me...f**k off, if it's me! ;D Cheers!

We've still got all of our equity and calls. We will sell some in the New Year when long-term gains kick in. $25 is possible based on where other banks are priced. It's now priced at the bare minimum where it should be...anything above this is going to get closer to fair value. Cheers!

Yes...as are Jim Carrey, Ryan Reynolds, Michael Buble, Dan Akroyd, Eugene Levy and unfortunately Nickelback! Cheers!

That's ok. Alot of the people who are now financially independent on here (or the predecessor message board) were in their 20's or early 30's 10-15 years ago. This is the right forum. When I started Corner Market Capital 11 years ago, I was 35 years old, after raising my brother and getting him through university. I was living off my limited investments and working on the side while building the business. Today I am financially independent! I am very fortunate...I get to do what I love every day and work only with people I like to work with. The funny thing now is that I have no plans on ever retiring unless forced to do so due to circumstance or poor health. Young and poor is a good thing, as long as you never forget how hungry you were going forward. It will help you to succeed and get to where you want to be! Cheers!

Yes, that would probably be more representative of how the wealth is distributed. For the most part, I would say that the older you are, the larger your nestegg...even on this board. At the same time, there are a number of fairly youthful members on here who are quite wealthy at a relatively young age via investments, entrepreneurship, professional occupation or just damn luck! Cheers!

This forum is one of the few that can actually back up the financial numbers. Those numbers actually are from a very limited subset...if you saw the actual spread across the members, I think it would be quite impressive. Cheers!

We've learned two important lessons in the last 8 years: #1 - Unless you're leveraged, don't try and understand macroeconomics and how it will affect your portfolio. #2 - Stick to Ben Graham and buying with a margin of safety, regardless of what is going on around you...then sell and hold cash when the investment reaches intrinsic value. Why? You may get lucky with #1 at one point, but then you may look foolish for years afterwards when you do get it wrong...we've seen this with many, many value managers. #2 isn't exciting, but it works very well! Cheers!

The comment was based on Wilbur supporting/defending Trump. Trump supporting Wilbur is the complete opposite concern. Very few people are as qualified or have the business common sense that Wilbur Ross does...only a handful of other people would be better. Cheers!

Have to tell you...if the rumours are true...I LOVE Trump's choice as Commerce Secretary! Cheers! https://finance.yahoo.com/news/trump-taps-billionaire-investor-ross-commerce-secretary-085157339--election.html

Normally released towards the end of every January. Cheers!

You guys are all over the place. He's got $10B in cash now, why the hell would he need equity hedges?! I've always said this, and I repeat it again...Fairfax hedges because they operate with a greater degree of leverage than Berkshire and some other insurers. They have debt and a relatively high asset to equity ratio. If bonds or equities fall, it can affect their level of statutory capital in the insurance subsidiaries and they would not be able to write business or invest that capital when opportunities are greatest. They had a ton of bonds and some equities, thus they needed to hedge in case both were impacted in some manner. Now they have a ton of cash...they don't need to hedge. For every other investor, you don't need to worry about macro or take out hedges. Buy low, sell high and hold cash. Simple! Less frictional costs than hedging and you don't have to worry about Brexit, deflation or some other event. Cheers!

I'm still hoping he's a closet Democrat and did all this simply to win. You gave up German beer! :( Cheers!

Tangible Book is $17.13 according to Q3 release? Sorry, that should say book value...not tangible book. I was typing on my iPhone in a doctor's office while waiting for my flu shot. Cheers!

How is $18 fair value? By what measure? BAC should be trading at no less than tangible book if other large US banks are trading greater than tangible book. This is not the same company from 3 years ago, let alone 7 years ago. I must be one of the few people who hasn't sold any shares I bought from 2008. In fact I loaded up a few months ago on BAC leaps when it was trading below $13. Cheers!