Parsad

These guys pull rabbits out of their hats continually and we just bitch about their failures....I don't get it. +1! The other issue is that they are being compared to the "greatest investor of all-time!" Not each other, not against their respective indices, but against Buffett! Sidney Crosby is arguably the greatest hockey player of his generation, but he's not going to come anywhere near Wayne Gretzky's points or scoring numbers. Does that make Crosby a failure, or that Crosby simply doesn't have the same skill-set as Gretzky? Cheers!

The interesting thing about Buffett's mistakes, assuming IBM is a mistake, is that they are good mistakes. IBM is down less than 10% since Buffett started purchasing. Add in dividends and he is close to even. Compare that to Hertz, one of Tilson's picks, that is down 60%. Or Ackman's pharma pick. Or Pabrai's commodity pick. Or Icahn's energy picks. Or Watsa's Greek bank. That's too simplistic an analysis. I bought IBM well after Buffett at $120 a share...ergo, now I am smarter and better than Buffett? What if Salomons had gone the other way? We might not even be talking about Berkshire today. The question is, did Buffett get better after Salomons? And in that respect, he's ahead of the rest of the pack because he did. http://fortune.com/1997/10/27/warren-buffett-salomon/ Buffett had long told his three children that it takes a lifetime to build a reputation but only five minutes to tear it down. As he moved along through Sunday, he told himself he might be edging up on the five minutes. Cheers!

The first tranche will probably close just before you get back...our legal counsel put down around the 16th, but it will probably be a little later. The second tranche will close end of 1st week of June or so, so you will be able to subscribe before the 2nd close. Cheers! Should be emailed out tomorrow and Monday. Cheers! Should we expect an email or something in a hard copy ? i have not recieved either. assume this is the same for US based investors too If you have not received the private placement documents, please email me at sparsad@pdh-inc.com. Christina should have emailed it out to everyone that participated in the original September 2014 private placement. Let me know and I will get you the documents right away. Thanks very much!

My misunderstanding was I thought there was a compounding hurdle. Without the compounding hurdle I can see how he’s now in carry. Thanks. No problem. Many investors I've talked to all assumed that the hurdle was compounding. I believe Buffett's hurdle with his partnerships back in the day were also non-compounding. That's not true. Buffett's hurdle was compounding. I'm pretty sure Lion Fund was compounding. As is Mohnish's funds, our funds and many other funds that I know of. There are also many others that do not compound. Cheers!

The first tranche will probably close just before you get back...our legal counsel put down around the 16th, but it will probably be a little later. The second tranche will close end of 1st week of June or so, so you will be able to subscribe before the 2nd close. Cheers! Should be emailed out tomorrow and Monday. Cheers!

The first tranche will probably close just before you get back...our legal counsel put down around the 16th, but it will probably be a little later. The second tranche will close end of 1st week of June or so, so you will be able to subscribe before the 2nd close. Cheers!

.16 is still well above BV, though. Seems ok to me. Agreed. Singleton's playbook. You groupies are bidding up a start-up company. I did not think Sanjeev would dillute his original investors who helped capitalize the company in the initial private placement. :-( The private placement is only going out to the investors who capitalized the company in September/October 2014. If it is really undersubscribed by you guys, then it will go to other investors after the closing of the second tranche. We will be participating and I expect many of you guys to participate! Look for the form letter and documents to be emailed to you by Marta (our legal counsel) or Christina (her paralegal) this week. Cheers!

.16 is still well above BV, though. Seems ok to me. That's still a very sizable dialution -- from 100M shares to 125M shares. Is there going to be another one coming up for China offering? If so, and it's the same size, we are looking at around 50% dialution :( The day I sell any shares, you should liquidate. Have not and will not sell a single share. I have to file any purchases or sales within 2 business days...watch my filings. Cheers!

Have to say that I fully agree with those shareholders who wanted the AGM to be webcast years ago. I feel like I'm sitting right there like I regularly used to! Thanks Warren for webcasting the meeting! Cheers!

Thanks for the notes. Do you feel that PDH is trying to do too much? We have the clinic, re-insurance, housing dev investment, brewery, stock investment, China/HK sub, etc, that's a lot of stuff -- wondering if it's focused enough Of the businesses you mention, all are decentralized and run independently other than "stock investment", which I handle. Clinic - Geoff Waters & Dr. Simon Sutcliffe Re-Insurance - Guy Cloutier, Vic Baillergeron & Lola Myshketa Housing Development - Kingswood Asset Management Brewery - Ben Yu China - Yang Gang I need more to do, not less! Do you know how much fun this is?! Cheers!

He ran Siemens entire Financial Division in China...essentially built most of it over the last 10 years...also an Ivey MBA graduate and currently completing his PhD at Tsinghua University...China's Harvard or MIT. He's getting paid on par with Guy Cloutier at Sequant Re. They can't complain about their compensation because they get paid a lot more than their boss! But probably a 1/3rd of what they would get working elsewhere. Cheers!

2016 AGM powerpoint is in "Investor Relations" tab at www.pdh-inc.com. I apologize for the logos coming up in portrait mode for some reason...doesn't do that in the actual powerpoint. I'll try and answer your questions...see below: Who is in charges/responsible of making investments in other companies in China? How would those investments be managed with management in Canada? Basically is there a check and balance system in place to avoid fraud? Decision is ultimately made by CEO and Board. Ideas may be brought to us by Chinese GM, and executed by him, but ultimate decision is made here. Controls are in place to maintain checks and balances. If a recession occurred in the next 12 months how would that affect the core business? The way the balance sheet is currently would we be able to take advantage of distressed assets? Company itself is in strong financial position, but if we made a significant acquisition, we would have to raise the cash for it...would not want to jeopardize current financial strength. Smaller acquisitions could be done internally. What is the 3 biggest things the CEO has learned since taking over the company? People and how they buy into the company culture make the difference. Passion overcomes obstacles...you cannot teach passion. You also have to match those passionate employees with skilled employees to complement them. The passion drives the business forward and the skill gets the job done. It takes both! What keeps the CEO up at night regarding the company? Nothing! Everything! I sleep perfectly well at night, but I'm always watching our position, weaknesses and are we progressing. Have to constantly get better. Never want one wrong decision to decide company's fate! Have all the issues been taken care of with Premier before current management took over? No, we had to fix them! Pretty much all are taken care of in the last 18 months except some formalities and non-pressing issues. Those will get completed as well. Premier is focused on growth and acquisitions now...not fixing problems. Thanks very much! Sanjeev

Please come if you can. We'll have lunch for anyone attending as well. Look forward to seeing you and bring your questions! Sanjeev

Not so lucky! I paid part of my brother's wedding & reception and I help them out now...raised him with my Mom, so unfortunately I've inherited what would have been my father's expense! ;D Although I do have an awesome 18-month old nephew that I love spoiling! Cheers!

Don't forget to deduct taxes for the gains on Cracker Barrel and debt under SNS. Cheers!

This will be in the slideshow at next week's AGM. We'll post the slideshow to the website shortly after. Yup, it does. Computershare charges a pretty penny to print and mail reports out...on a per page basis for the document. Cheaper for them (and us) to electronically send the information. Thanks! When was this sent out? You should have received it in the last 2-3 weeks...those with the shares directly held in their names, it would have been sent to your address on file. If not, please contact your broker immediately, because it would have been sent to them. Cheers!

Yup, it does. Computershare charges a pretty penny to print and mail reports out...on a per page basis for the document. Cheaper for them (and us) to electronically send the information. Thanks!

Don't do that...you'll make yourself miserable. If you do some of the basic fundamental things: - Spend less than you make...live within your means! - Don't take on any unproductive debt or debt that could sink you. - Try and pay yourself first. - Take advantage of tax benefits that could lower your tax bracket or the amount of tax you pay. - Have an emergency fund of at least six months. - Invest any other capital you have...either in tax-free accounts or outside. - Use an investment system that works for you...ETF's if you have no time or use Ben Graham's methodology if you do. - Always pay your credit card off each month. - As your income goes up, pretend like your disposable income didn't increase nearly as much as your savings did. - Don't compare yourself to others...worry about what you enjoy and like! The last one is important...once you know what you like and who you are, alot of things don't matter. I was having drinks with Francis Chou and Peter Kaufmann last Wednesday night in Toronto with a bunch of employees from Premier, and Francis and I were trying to out-duel each other on who gets the better deals...Francis who shops at Costco...or me, who shops at Walmart! I didn't worry about spending money on the drinks or what the compounded loss would be because of the bill. When is that ever going to happen again to me or my staff? The only thing that could have made it better was if Wayne Gretzky and Prem showed up to join us! :o Cheers!

And if the marriage doesn't work out...100% loss of investment...but at least you had one hell of a party! Cheers!

People who attended can fill you in...I think most came away with more confidence. The presentation from the AGM will be available shortly after the meeting on the website. Also, just a reminder to get your online votes in before the cut-off day...April 22nd. Cheers!

Hi Everyone, Just want to say thank-you to all those that attended or supported our 11th Annual Dinner, as well as the host of other events that happened this week. Everything went great! We raised a lot of money, had terrific presentations and speakers, and everyone enjoyed themselves. One little thing that upset me. Our dinner did not start until 6pm, and that was because we were still preparing the room for the event. I had two Premier employees stand by the door and just let people know that that room wouldn't open until 6pm. Some f**king jackass told one of my employees "You're being a bit of a dick!" and then proceeded to barge through. This selfish individual disregarded what was said, and apparently if they had ever participated in any of our dinners in the past, would have learned this was inappropriate. Now unfortunately I don't know who this person is, because I didn't find out about it until the event was over, but I promise you that if some jackass did that in front of me, I would refund his ticket price at the door, and tell him to stick it where the sun don't shine! This is unwelcome at our dinners, and if this individual cannot adhere to decorum, then he's welcome to take his ass somewhere else! Thanks for letting me vent! Cheers!

Francis will be speaking as part of the Fairfax team that arrives around 9pm to do the Q&A. He usually sticks around till well past 11pm to answer questions. Cheers!

Hi Folks, Just a last minute reminder. If you have not bought your tickets yet, you need to buy them by the morning of the 5th, as I have to finalize the dinner number that afternoon. We can sell presentation-only tickets right up until the door, but if you want dinner, you will be out of luck! Cheers! Details for our annual dinner. To buy tickets, go to: www.cornerofberkshireandfairfax.ca Scroll down half the page...Select the type of ticket you want, and click "Buy Now"! Please review the details below for the dinner. Cheers! 11th Annual Fairfax Financial Shareholder’s Dinner CMC Fairfax Financial Shareholder’s Dinner Imperial Room - Main Lobby Level Wednesday, April 13th, 2016 Fairmont Royal York 100 Front Street West Toronto, Ontario (416) 368-2511 Presentation Only - $100.00 CDN Presentation & Expansive Full-Buffet Dinner - $200.00 CDN Cash Bar If anyone is interested in corporate sponsorship of prizes, or any donors for prizes, please contact me at cornerofberkshireandfairfax@gmail.com.

Hi Folks, Just a last minute reminder. If you have not bought your tickets yet, you need to buy them by the morning of the 5th, as I have to finalize the dinner number that afternoon. We can sell presentation-only tickets right up until the door, but if you want dinner, you will be out of luck! Cheers! Details for our annual dinner. To buy tickets, go to: www.cornerofberkshireandfairfax.ca Scroll down half the page...Select the type of ticket you want, and click "Buy Now"! Please review the details below for the dinner. Cheers! 11th Annual Fairfax Financial Shareholder’s Dinner CMC Fairfax Financial Shareholder’s Dinner Imperial Room - Main Lobby Level Wednesday, April 13th, 2016 Fairmont Royal York 100 Front Street West Toronto, Ontario (416) 368-2511 Presentation Only - $100.00 CDN Presentation & Expansive Full-Buffet Dinner - $200.00 CDN Cash Bar If anyone is interested in corporate sponsorship of prizes, or any donors for prizes, please contact me at cornerofberkshireandfairfax@gmail.com.

Not to side with Biglari, but that's one sensationalistic headline with really zero content...possibly libelous content as portrayed by the paper. Maybe news day is slow in San Antonio! Cheers!