Partner24

I admire what he has done so far, but this indeed seems like some "diworsification" like Peter Lynch might call it so. Cheers!

Grab popcorn!! Mine is now warm and dry ;)

+1 Certainly later than he tought and let us tought.

I red your letter Sanjeev. Straight-foward, long term intrinsic value oriented, etc. You are doing good efforts to turn things around and create long term shareholder value. Congragulations Sanjeev. Keep up the good work. It's a pleasure to be a shareholder of the company you manage. I hope that the stock price will keep at these levels...me and some of my family members will keep buying some. Cheers!

It's good to be the King! lol

Giverny Capital

No quantitative thesis for the moment. Actually, that's a qualitative stock based on the person who is on the very top of the business. But we look forward for the moment that the quantitative basis will develop ;) Cheers!

Ericopoly, Well, I have a small fixed cost per transaction and I have a portfolio turnover rate less than 10% per year, but even if it would coss a few bucks more per transaction, these costs should be on the shoulders of individual shareholders. Those who want to trade more frequently would have a slightly higher cost on an individual basis (or they could find a broker who charge the same amount for the transactions like these), but the company as a whole will have more cash available to invest for the long term interest of all shareholders. Cheers!

Dear Sanjeev, Don't spend a dime on the reverse split. You don't need to attract investors who buy your stock on margin. I don't care if I buy 1/100th of the pizza at 0,16 or the pizza at 16$. What matters is intrinsic value per share over the long term. I'm happy to see that you prefer to spend the cash on the long term intrinsic value of the business. Keep up the good work and thanks for the common sense. Partner

lol what a big ego he has. I wonder how it can get much higher from here.

Wow, sincerely, I think that the first posts here must be some of the most sensible, rational and sound that I found so far online. And we're an investing board. I could not agree more with what you said. Cheers!

Dazel, you're right on your historical perspective. I'm really happy if insurance operations are good now, because 12 years ago, it was the problem and investments were there to keep us alive. Remember Peter Eavis? For those who are wondering, he's still post on the web... Now thanks God we have good insurance operations, but buying some giant cigar butt and be pessimistic have not helped us since 2009. We are now 6 years in the making.... And Prem did that "pissing on shareholders" transaction last summer (wich I will always remember and keep in perspective). That make you wonder if you want to keep the faith. I prefer the silver medal reachers like Joffe, the Markels, Buffett and the likes, but I still keep the FFH shares for now. I'm really interested about what Sanjeev and Pabrai are doing. One day, I might sell my FFH share and replace them with shares of the company they respectively manage. Cheers! Cheers!

Sanjeev, I appreciate your candor. You're the kind of CEO that I like and I'm happy to be a shareholder of PDH. Some members of my family are shareholders too and we're the kind of investors who usually keep their shares for a very long period of time. Running a business can be tough and we fully understand that. Keep up the good work and energy. Cheers!

I'm not timing things when I can focus on individual stocks. But my wife's employer has forced their employees to choose between different products of a financial institution. So I can't buy individual stocks and the stock funds are not very interesting...so I'm forced to go macro with her account. The macro things are not my speciality, but since I'm forced to focus on these things for her account, since 6 months or so, her funds are 100% in very short term government bonds and cash.

Terrific. It's on days like this that value investors can put into pratice what WEB have teached us. :)

You should not focus on what the price of FFH will be before taking your decision. What matters most is the gain in intrinsic value. The scoreboard will sooner or later take into account what happens on the field. If it is later than sooner, you'll get the chance to buy FFH at a cheaper price along the way. Cheers!

+1 Me too!

Ross, great to see that I'm not the only one who likes Bidvest Group here. I'm always surprised that this company is not the subject of more discussions here since it has a business model that fit well with Berkshire and has a terrific track record. Wine for me. I prefer the Château Le Puy, wich sell at a reasonable price and can last for decades...even in the poor vintages! The 2009 vintage wich is available is a great vintage that will last more than 40 years IMO. A great quality for a good price. For the value guys who want to pay cheap, Bordeaux Sirius 2011 is a good choice too and for sparkling wines, Segura Viudas from Spain is a good value. Cheers!

Good news. FFH shareholders are not drinking the Kool-Aid! Regarding the freeze of his 600 000$ compensation offer, there is nothing new. Just offering to keep walking the talk?: So from 2000 onwards, my compensation will be a fixed salary of $600,000 with no bonuses. This compensation will not increase annually...Going forward, the only difference between me and you, our shareholders, will be my salary of $600,000 Prem Watsa, March 1 2001

If you are forced to have that share structure to maintain the so-called "culture", then there is a bigger problem. It would mean that you have the intention to dilute the shareholders ownership significantly over time and you don't have a shareholder base that share your long term view. Markel didn't need to that, neither Leucadia, Berkshire, Bidvest, etc.

Well, guys, I have the habit of increasing the number of shares in order to satisty my apetite for acquisitions, but I'm not happy about one of the normal consequences associated to it. So I have issued a press release at Friday and the special meeting of shareholders to be held on July 21. You can understand that by these little details, I want all the shareholders to be informed about that change and I create some very favorable conditions to get the maximum number of shareholders possible at that special meeting... Get your popcorn. Here's a terrific episode of Fairfax corporate governance.

The trend is very clear. Thank you Liberty for that graph! If it helps the environment (global warming) and the families and cut the financial resources of some very ethicaly questionable countries, I'm in for a continued financial support, especially if it helps decrease the production price of solar energy.

I would never use the MBTI other than just for personal fun. If you want to take more useful tests, you should take good ones related with Holland typology, some good personality tests that are more related with job satisfaction and job performance or general cognitive aptitudes tests...but not the MBTI.

Does somebody have notes from these meetings or from the FFH AGM? Thank you!

This is one of the most ironic corporate governance story that I've never heard. Years ago, Biglari came as a white knight with "very incisive" letters, got managers and directors fired and now, he his starting to taste his own medicine. It would be terrific to see some kind of a "Biglari no. 2" starting to write some "very incisive" letters about "Biglari no.1". I'm happy to see these shareholders standing up for their rights as owners of a company. Biglari and his entourage are the last persons that should complain about them. I will certainly not be sad for him if he get ultimately fired.