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FFH recent slide

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Any wise thoughts on what may be driving it down?  Had thought summer doldrums but today’s action feels a little more aggressive!

I kind of thought buybacks were driving it up at the close from 700-770.  Here it seems like a reversion where one or two big players are using that price bump to get out.

Or someone knows something.

Or it is random stochastic movement.

Who knows?

Narratives are fun but not useful. I added at 700 today.

4.5M shares traded since March 1, 2018
Looks like they have bought back and canceled approx. 110,000 shares since March 1 2018. 
2.4% of the volume is FFH buying back shares.
$706 is the highest price FFH has paid to buyback.

The last quote that I saw a few minutes ago was US$531.  And Q1 adjusted BV was what, a shade better than US$490?  So, we are at less than 1.1X BV, and taking into account Q2 it might be more like 1.05X.  That's pretty cheap....


No idea what's driving this move. Interesting, though, is that FFH's price is moving inversely to MKL(2018.5.17 - 2018.6.17 MKL was down 2.8% and FFH was up 6%. Since then FFH is down 9% and MKL is up 3%). Something similar happened during Q1 of this year as well.

If FFH moves below US$500 I'll most likely add, else, I'll wait on earnings. We've had a few instances of good earnings and the price moving sharply higher within the week. If earnings come back solid and there's not an immediate move, I may add then as well.



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