Author Topic: Fairfax 2018  (Read 137917 times)

StubbleJumper

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Re: Fairfax 2018
« Reply #370 on: April 29, 2018, 08:49:28 AM »


SJ,

The only thing not balanced is my investment account its asset rich!! Prem has made me buckets of cash! And only pays himself $600k a year to run, live and breath Fairfax and 95% of his net worth is  in the company what the hell else do I Want?

Dazel


Well, I guess that's one perspective.  "I don't care if my business partner has integrity as long as I'm making money."  Hopefully that perspective will work out well for you.

More broadly, it's interesting that someone should say that they are making buckets of money on ffh.  I guess if you have specific entry and exit points that are particularly favourable a guy could be beating the market by holding ffh.  On the other hand, some of the decisions that we've spoken of at length on this board have driven a pretty ugly three-year and five-year chart (the ten year chart isn't much better).  I'm optimistic about the next one to five years, but the past five have been forgettable.


Sj


Dazel

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Re: Fairfax 2018
« Reply #371 on: April 29, 2018, 02:52:15 PM »


Your welcome SJ.


gfp

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ABM

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Re: Fairfax 2018
« Reply #373 on: May 03, 2018, 02:31:03 PM »
appears to be solid print across many fronts. my big concern was allied reserve developments and it looks like small redundancy and 94% CR for Q.  At $560/share implies 1.2x Q1 BVPS so needs strong results to support valuation but not very demanding compared to peers imo   

FairFacts

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Re: Fairfax 2018
« Reply #374 on: May 03, 2018, 02:42:11 PM »
appears to be solid print across many fronts. my big concern was allied reserve developments and it looks like small redundancy and 94% CR for Q.  At $560/share implies 1.2x Q1 BVPS so needs strong results to support valuation but not very demanding compared to peers imo

I read CR of 96% per the press release?


TwoCitiesCapital

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Re: Fairfax 2018
« Reply #375 on: May 03, 2018, 02:58:24 PM »
appears to be solid print across many fronts. my big concern was allied reserve developments and it looks like small redundancy and 94% CR for Q.  At $560/share implies 1.2x Q1 BVPS so needs strong results to support valuation but not very demanding compared to peers imo

Closer to 1.1x when accounting for the $800 million in gains from fare value adjustments to investments in associates. Maybe even a little less when considering unrealized gains in investment portfolio since end of March - probably in the ballpark of $150-200M overall.

ABM

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Re: Fairfax 2018
« Reply #376 on: May 03, 2018, 03:28:42 PM »
appears to be solid print across many fronts. my big concern was allied reserve developments and it looks like small redundancy and 94% CR for Q.  At $560/share implies 1.2x Q1 BVPS so needs strong results to support valuation but not very demanding compared to peers imo

Closer to 1.1x when accounting for the $800 million in gains from fare value adjustments to investments in associates. Maybe even a little less when considering unrealized gains in investment portfolio since end of March - probably in the ballpark of $150-200M overall.

Yeah I can definitely appreciate that adjustment but I can see an argument to also adjust for the goodwill & intangibles which represent ~45% of common equity. I found FFH has a relative high level of these intangible assets. On a P/TBV FFH aint that cheap compared to peers. 

@ fairfacts you are correct about the Allied CR
« Last Edit: May 03, 2018, 03:30:19 PM by ABM »

FairFacts

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Re: Fairfax 2018
« Reply #377 on: May 03, 2018, 04:03:47 PM »
ABM, I may have jumped the gun, I was pointing out consolidated CR at 96% (not Allied).



Dazel

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Re: Fairfax 2018
« Reply #378 on: May 03, 2018, 05:04:19 PM »
 
Fairfax is looking like some of us thought....strong. Congrats Fairfax team!

Buybacks at almost $300m since quarter 4..not that disappointed they were buying just not cancelling.
India investments showing their real value
Bradstreet buying Treasuries yield rising
$125m unrealized bond losses is exceptional for the rate rise first quarter.
Allied looked OK
96% not bad for jnsurance...

mcliu

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Re: Fairfax 2018
« Reply #379 on: May 03, 2018, 06:29:09 PM »
If you back-out the one-time Quess gain, equity returns are still quite weak..