Corner of Berkshire & Fairfax Message Board

General Category => Fairfax Financial => Topic started by: oec2000 on March 06, 2009, 05:06:22 PM

Title: Annual Report is out.
Post by: oec2000 on March 06, 2009, 05:06:22 PM
http://www.fairfax.ca/Assets/Downloads/AR2008.pdf

I get a nice warm and fuzzy feeling reading it! ;D

Makes me want to go out and buy more LEAPs - oops, too late, markets are closed for the week.
Title: Re: Annual Report is out.
Post by: vinod1 on March 06, 2009, 06:59:34 PM
Anyone know why printing the AR is not being allowed from Adobe?
Title: Re: Annual Report is out.
Post by: ericopoly on March 06, 2009, 07:34:49 PM
They paid $21.93 for their Wells Fargo shares. 

Still no mention of their total portfolio yield (unless I missed it).
Title: Re: Annual Report is out.
Post by: nodnub on March 06, 2009, 08:00:40 PM
Vinod,

It won't print because the document security settings has been set to forbid printing or copying content from the report.

It may not be intentional.  I am not sure why they would do that intentionally.

Title: Re: Annual Report is out.
Post by: oec2000 on March 06, 2009, 08:41:23 PM
Anyone know why printing the AR is not being allowed from Adobe?

Time for you to get the kindle - then you don't need to print out.

No, I am not long AMZN. ;)
Title: Re: Annual Report is out.
Post by: omagh on March 07, 2009, 04:21:43 AM
Anyone know why printing the AR is not being allowed from Adobe?

Hi Vinod,

You can print this version filed with the SEC...
http://www.sec.gov/Archives/edgar/data/915191/000090956709000229/o54015aexv1.htm

http://www.sec.gov/Archives/edgar/data/915191/000090956709000229/0000909567-09-000229-index.htm

http://www.sec.gov/Archives/edgar/data/915191/000090956709000228/0000909567-09-000228-index.htm

-O
Title: Re: Annual Report is out.
Post by: vinod1 on March 07, 2009, 06:01:44 AM
Omagh - Thanks!

Nodnub -  I wonder if this is FFH's attempt at going green  :)

oec2000 - Can we read other documents besides books on Kindle? If I can read annual reports, I am going to buy one.

Vinod

Title: Re: Annual Report is out.
Post by: rmitz on March 07, 2009, 07:09:47 AM
In my opinion, the screen on the kindle is too small to display a whole 8.5x11" page legibly.  I am still waiting for an eink based reader which has a physical size of at least A4 for the screen.
Title: Re: Annual Report is out.
Post by: StubbleJumper on March 07, 2009, 07:20:24 AM
I've perused the AR.  A very complete document, as always.  I really feel better about the company when I look at the accident year loss triangles and see the performance of the past 5 or 6 years at C&F!

I am completely baffled about why this company was trading at US$220 over the past week.

The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

SJ
Title: Re: Annual Report is out.
Post by: rogermunibond on March 07, 2009, 07:21:57 AM
There already is such a creature...

https://www.irexshop.com/product_info.php?cPath=22_35&products_id=69&osCsid=da8958780eeee3476978a3f5a6055df7

Plus, there's Plastic Logic's product due out in 2010.  That's the game changer IMO.

http://www.plasticlogic.com/product.html
Title: Re: Annual Report is out.
Post by: ericopoly on March 07, 2009, 08:35:11 AM

The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

SJ


Don't forget the $1.5B is the amount they have before they pay for NB.
Title: Re: Annual Report is out.
Post by: rmitz on March 07, 2009, 09:12:08 AM
There already is such a creature...

https://www.irexshop.com/product_info.php?cPath=22_35&products_id=69&osCsid=da8958780eeee3476978a3f5a6055df7

Plus, there's Plastic Logic's product due out in 2010.  That's the game changer IMO.

http://www.plasticlogic.com/product.html

Actually, I had an iRex a couple years ago (tested it out for work).  Still not big enough for me, and frankly the construction was clunky and rather difficult to use overall.  But I am looking forward to the latter product!  That's essentially what I've been waiting for.
Title: Re: Annual Report is out.
Post by: berkshiremystery on March 07, 2009, 10:48:24 AM
Anyone know why printing the AR is not being allowed from Adobe?

vinod,...
i just wanted to let you know, that i could print a test page very well (PDF page 6/=AR page 4) with Adobe.
just don't want to waste my ink  ;)

maybe they have corrected the printing/settings error.
Title: Re: Annual Report is out.
Post by: StubbleJumper on March 07, 2009, 02:38:44 PM

The $1.5B in holding company cash is a wonderful wild card.  It is entirely conceivable that a portion of this could be used to repurchase a couple million shares at current prices, with no meaningful effect on holdco strength.  A gift from Mr. Market?

SJ


Don't forget the $1.5B is the amount they have before they pay for NB.



Good point.  I guess they can "only" re-purchase a couple million shares before going below Prem's $500m threshold for holding company cash.  ;)  :P

SJ
Title: Re: Annual Report is out.
Post by: Viking on March 07, 2009, 04:32:42 PM
Regarding hold co cash, yes NB needs to be paid for. Fortunately, they also should have decent capacity at the subs and runoff to pay another round of healthy dividends this year (based on earning last year). Lots of flexibility and lots of good options...

I wonder if FFH was in a blackout period prior to the annual being released?
Title: Re: Annual Report is out.
Post by: oec2000 on March 07, 2009, 06:56:04 PM
Also, once NB is wholly-owned, they have more flexibility in "dividending" out surplus capital to holdco. The net impact on holdco cash will likely be somewhat less than the cash required for the buy out.
Title: Re: Annual Report is out.
Post by: ericopoly on March 08, 2009, 05:06:15 PM
They list their big three investments to possibly hold for the long term:
Johnson & Johnson
Kraft
Wells Fargo

Notice GE isn't on that list?  Strange since GE was a bigger holding on Dec 31st than either Kraft or Wells Fargo.

So, GE is either:
1) to be sold after a satisfying pop
2) already sold (I would find that unlikely)

I should also think that they've bought a ton more Wells Fargo.  I mean, you don't dress it up as a beauty queen in your annual report if you plan on it being just 3% of your book value as it was on December 31st.  So this ought to be a not-too-subtle hint that they now own a lot more.


Title: Re: Annual Report is out.
Post by: Viking on March 08, 2009, 10:42:25 PM
It was interesting to see the overlap in holdings with BRK. I must admit to being a little surprised by this given all the choices out there and Hamblin Watsa's historic record.