Whitney Tilson's New Crimes Against Humanity!
Partner24   1/30/2009   

Well, for 4000 US$, I can buy 12 shares of FFH.   I...

show/hide message

Well, for 4000 US$, I can buy 12 shares of FFH.   I'll let you figure out what give you most for your $

show/hide message

400$ per share here we are!
Partner24   1/30/2009   

Yes al, I was there too and I said to everybody that it woul...

show/hide message

Yes al, I was there too and I said to everybody that it would be the beginning of 7 lean years for Fairfax. How about that?   (Just a joke )   P.S.: In 1998, if I heard the word "Fairfax", I would have guessed that it was fax company or a food for pets company.

show/hide message

400$ per share here we are!
Partner24   1/29/2009   

I don't especially focus on quoted value. I like to focus on...

show/hide message

I don't especially focus on quoted value. I like to focus on intrinsic value and I think and invest for the long term.   That being said, I've noticed that FFH has passed the 400 CAN$ per share psychological bar today, wich is the first time since I'm a shareholder of the company.   And since I think that FFH intrinsic value is higher than that, I can keep doing the thing I enjoy best: give the bat to some of the strongest hitters that I know.   Cheers!

show/hide message

Is This the End of Warren Buffett?
Partner24   1/27/2009   

Oh yeah, Warren Buffett doesn't know how to ride a bicycle a...

show/hide message

Oh yeah, Warren Buffett doesn't know how to ride a bicycle anymore...what a silly proposition.   I don't know how many times I've heard that before...   Look at how the farm is doing, not what the short term manic-depressive voting machine think about the farm and some parts of it.   The Berkshire farm overall has so far done fairly well in this environment.

show/hide message

Schroeder Talks about Buffett and her book
Partner24   1/26/2009   

That's a terrific presentation  Thank you very much!

show/hide message

That's a terrific presentation  Thank you very much!

show/hide message

Polls at new message board
Partner24   1/22/2009   

I like your message board format and I'll use it if:  ...

show/hide message

I like your message board format and I'll use it if:   - We can't post here anymore. - I'm still not able to post on Sanjeev's blog - Sanjeev will still hasn't finish creating the new message board   and if these conditions are met and I do post it will be a temporary home until I can post on the new message board that Sanjeev will create.   Please take no offense. It's not because I don't appreciate your efforts. It's a matter of keeping the focus on one place only to not dilute the asset (active people) we have here.

show/hide message

Billionaire Kills Self!
Partner24   1/6/2009   

Ok, I have more information.   Here is some quotes: ...

show/hide message

Ok, I have more information.   Here is some quotes: Merckle’s grandfather founded a company called Drogen und Chemikalien en gros in 1881 and his father expanded the company after taking the helm in 1915. The company was seized during the Nazi era. Merckle, a lawyer whose only luxury was climbing in the mountains, took over the family company in 1967 at a time when it had 80 employees and 4 million deutsche marks ($2.5 million) in sales. Merckle, whose estimated $9.2 billion fortune put him 94th on Forbes’ list of the world’s richest people, was hurt by bets on Volkswagen AG, a drop in the value of HeidelbergCement stock and increasing debt. The family’s spiraling debt threatened holdings including its VEM Vermoegensverwaltung GmbH holding company, which owed the bank about 5 billion euros, people with knowledge of the matter said last month. ‘“His empire was falling apart,” said Stefan Mueller, managing partner at Proprietary Partners AG in Frankfurt. “This was his last desperate act.” “The dedicated family businessman was broken by his inability to handle the situation and he ended his own life,” his family said in a statement today. “The distress at his companies caused by the financial crisis and the resultant uncertainty of the last few weeks” contributed to his death, the family added.  Here is some personals suggestions on principles that can be learned from this very sad story : - When you think you're shooting a fish in a barrel, that's ok, but be aware that the fish might shoot back. Everybody can and will do mistakes. - The left side of your balance sheet can be pretty volatile, your debt isn't, so be conservative with debt. - You can threaten more than one hundred years of hard work in less time time than you might think. Keep a strong balance sheet. - Build an ark. Build an ark. Build an ark! It's mainly not if or when, it's what can I do to protect myself against a big storm when it will happen. That does not mean to hide your talents into the ground (Parable of the Talents), but to build something strong to resist and to last when times are tough.

show/hide message

Billionaire Kills Self!
Partner24   1/6/2009   

It's sad. I wonder what went wrong.

show/hide message

It's sad. I wonder what went wrong.

show/hide message

Prem Selected Investment Guru of the Year!
Partner24   12/30/2008   

Well, let's not forget that popularity is something tha...

show/hide message

Well, let's not forget that popularity is something that can be quite lumpy, especially in the investing field. Want a good case study?

show/hide message

Happy Holidays To All Boardmembers!
Partner24   12/24/2008   

This will be our last holiday season on this current board....

show/hide message

This will be our last holiday season on this current board.     Happy Holidays!!

show/hide message

FFH dividend: how much this year?
Partner24   12/24/2008   

Something between 1$ and 30$ per share   Seriousl...

show/hide message

Something between 1$ and 30$ per share   Seriously, I would guess 5$ per share or slightly more, but since they have a better balance sheet now, that bother me far less than last year.   I would still prefer them to keep most of it and reinvest it, but that's ok.

show/hide message

Brolgaboy...
Partner24   12/19/2008   

http://messages.finance.yahoo.com/mb/FFH  

show/hide message

http://messages.finance.yahoo.com/mb/FFH

show/hide message

Brolgaboy...
Partner24   12/19/2008   

I've posted that link on FFH Yahoo Finance. Let's see if it'...

show/hide message

I've posted that link on FFH Yahoo Finance. Let's see if it's gonna be deleted soon or not.

show/hide message

Brolgaboy...
Partner24   12/19/2008   

misterstockwell,   ben is right. When a post has 3 ...

show/hide message

misterstockwell,   ben is right. When a post has 3 "1 star" ratings, it is automaticaly deleted. Clearly, there is someone who don't want you to post that information. Probably someone who is related somehow to this situation. That's quite ironic!!!   The only things that I think you can do is to write to Yahoo Finance and ask them to fix this. To let figure them out that your post is not awful/unrelated to FFH and to block further attempt to delete your post.   Cheers!

show/hide message

Regarding the New Website!
Partner24   12/18/2008   

We will have it up and running for January 1st.  ...

show/hide message

We will have it up and running for January 1st.   I work with programmers, and there is an inside joke in this industry, because programmers are often too much optimistic about delays.   You can say it will be ready a given day in the calendar, but you never specifiy wich month. Like "It will be ready the 15th".   Cheers!

show/hide message

Motley Fool Milks Fairfax!
Partner24   12/17/2008   

It's good to see you Richard. Keep the good work.  ...

show/hide message

It's good to see you Richard. Keep the good work.   If I keep up this rate, look for another Fairfax article sometime in 2010.   Well, let me think about a possible 2010 title:   "The next Prem Watsa"   "The Prem Watsa of the South"   "You see, I was right on FFH"   "FFH: a Fool Found it a Heck before the others"   "FFH: the perfect storm, the perfect tailwind...and my weather forecast of it's future"   Cheers!

show/hide message

Motley Fool Milks Fairfax!
Partner24   12/17/2008   

I've found it! It's Richard Gibbons (board member name rbgib...

show/hide message

I've found it! It's Richard Gibbons (board member name rbgibbons).   Here is the article I'm referring to (it was written in 2004).   http://www.fool.com/investing/small-cap/2004/09/16/buffett-of-the-north

show/hide message

Motley Fool Milks Fairfax!
Partner24   12/17/2008   

No, it wasn't him.   As far as I know, he wasn't p...

show/hide message

No, it wasn't him.   As far as I know, he wasn't part of the value team. Philip Durell lead it.   The guy is a contributor to the Fool IV team and was a board member here. I'll try to remember his name and post it.   Cheers!

show/hide message

Motley Fool Milks Fairfax!
Partner24   12/17/2008   

There was a fellow who his quite decent that was working at ...

show/hide message

There was a fellow who his quite decent that was working at the Inside Value section of the Fool and who was also a board member here that wrote about Fairfax years ago. He was quite balanced and fair in his comments. I don't know if he's still there.   But I also remember that the Fool in general was not really warm about Fairfax between 2003 and 2007.

show/hide message

Strategy and best ideas for 2009
Partner24   12/10/2008   

Keep giving the bat to some of the strongest hitters that I ...

show/hide message

Keep giving the bat to some of the strongest hitters that I know.   Prem Watsa and team, Steven Markel and team, Brian Joffe and C & S.   In 2008, the only new investment I've done was LUK. I keep all the options open, but I would not be surprised to not select any new investment in 2009.   What an exciting investing life...   Cheers!

show/hide message

Should we berkshire board members plan a trip to meet Buffet like the schools?
Partner24   12/3/2008   

That is a relationship that really needs alot of respect, a...

show/hide message

That is a relationship that really needs alot of respect, and one that I would think most shareholders here want to maintain for the next decade or two.   I agree 100% with that statement.

show/hide message

Should we berkshire board members plan a trip to meet Buffet like the schools?
Partner24   12/3/2008   

Guys,   Can we just stop this by agreeing with the ...

show/hide message

Guys,   Can we just stop this by agreeing with the following?   - Everybody was in good faith. Those who were for the idea were. Those who were against the idea were.   - No one has to feel personally involved, accused, shameful or anything else. It was an idea that some in this group supported and some didn't. No offense to anybody.

show/hide message

Fairfax Removes Hedges on Equity Portfolio
Partner24   11/20/2008   

As value investors, we are finding an incredible number of ...

show/hide message

As value investors, we are finding an incredible number of investment opportunities across the world.   Terrific. We're now in phase 2. Redeploy that cash at desesperate selling prices.   I mean, the decisions they are taking now (I guess) will shape Fairfax destiny for years to come! I really wonder what kind of overall things they are buying.   Cheers!

show/hide message

Berkshire - Anyone buying here?
Partner24   11/19/2008   

Pretty tempting indeed. Cheap and safe.   That bein...

show/hide message

Pretty tempting indeed. Cheap and safe.   That being said, I like the idea of holding stocks for at least a decade. More is better.   Let's say that Berkshire:   - will be able to double it's intrinsic value per share over the next 10 years - is actually trading at 50% of it's full intrinsic value - will trade at par with it's intrinsic value in 10 years   That would give you a 15% CAGR after tax and expenses (no need to trade for 10 years).   I like the idea, but the problem is the other options left! What would you prefer to buy actually? Berkshire or Fairfax?

show/hide message

FFH, The Brick, and my rant.....
Partner24   11/11/2008   

Crip,   My portfolio holdings are jockey stock...

show/hide message

Crip,   My portfolio holdings are jockey stocks only. That being said, I manage a family's portfolio, and while it's still mainly the same stocks, just as you there is also few great businesses stock....and guess what? JNJ is one of them.   I guess that you must be the person that has the most similar portfolio of mine out there.

show/hide message

FFH, The Brick, and my rant.....
Partner24   11/10/2008   

Zorrofan,   I'm more with the "buy great and fairly...

show/hide message

Zorrofan,   I'm more with the "buy great and fairly cheap companies to hold for a decade", so I'm not buying directly the same kind of stuff that FFH buy directly.   That being said, like I often say, there is not just one path to wealth. FFH people are terrific at what they do and while they sometimes buy cigar butt, their scorecard speaks for itself and they certainly stay in the value investing way so I globally understand what they do.   I also see that they are moving more to "cheap yes, but decent quality too" since a few years.   Cheers!

show/hide message

After GM Chrysler merge - bankruptcy protection?
Partner24   11/5/2008   

Guess what? It might well be exactly that.   http:...

show/hide message

Guess what? It might well be exactly that.   http://www.bloomberg.com/apps/news?pid=20601109&sid=a3VYXICU5_MM&am

show/hide message

How's lunch, Sanjeev?
Partner24   10/31/2008   

Well, I'm looking forward for you and Alnesh to go lunch ...

show/hide message

Well, I'm looking forward for you and Alnesh to go lunch   Forget value investing, here comes lunch investing!

show/hide message

Fairfax Conference Call!
Partner24   10/31/2008   

It was a very interesting conference call. Some questions we...

show/hide message

It was a very interesting conference call. Some questions were quite good (and the answers as well).   If I've heard well, they are deploying some of the cash into municipal bonds and equities.   On big acquisitions, never at the expense of a sound balance sheet and while compare that to the opportunity of buying back their own stock.   In M&A, no strategy, it has to make sense on the financial (return) point of view.   I'm lucky that the conference call is on a silent mode. You would have heard some "Oh yes!" "Yes sir!" and stuff like that from me!

show/hide message

FFH results are out
Partner24   10/31/2008   

Well, that's a complex financial statement, but here are my ...

show/hide message

Well, that's a complex financial statement, but here are my preliminary observations:   - Overall results are great  I mean, who can claim to have preserved their book value per share since the beginning of 2008. AIG is worth less than FFH now!   - Underwriting results are bad. Oh, I know that "if hurricanes haven't happened, our results would have been", but hurricanes are real and happened sometimes since I'm a shareholder of the business, so these are not that much exceptional loss items. No head in the sand please. This is not great.   - CDS gains are stellar. Thank you very much for those at Fairfax who are behind this!   - Some debt have been eliminated and our balance sheet is improving. Oh, that is so much a relief! I will never forget our lean years and an improving balance sheet is like music in my ears!   - Share repurchases. I think it was well balanced with the first priority that we have as to have a forever balance sheet.   Cheers!

show/hide message

Greenspan comments....
Partner24   10/24/2008   

I may sound rude, but the problem is big enough to deserve t...

show/hide message

I may sound rude, but the problem is big enough to deserve that.   Maybe they should hire Charlie Munger on a special advisory board. Some a**** need to get kicked.

show/hide message

LUK
Partner24   10/23/2008   

I find myself not knowing wich bargain to buy. Every si...

show/hide message

I find myself not knowing wich bargain to buy. Every single business that I admire and want to own is selling at a very satisfying discount.   I would prefer cheapness being more cyclical (one business cheap in a given year, another the year after, etc.).

show/hide message

LUK
Partner24   10/23/2008   

They've called me back and there is no news or event to repo...

show/hide message

They've called me back and there is no news or event to report. It's then something more directly related to marketplace.   I would guess a fund that just want to sell because of liquidity needs, fear about the LUK's prospects or they just found something that they think present a better investment opportunity than LUK.   Cheers!

show/hide message