Author Topic: Fairfax India new issue  (Read 179434 times)

bluejoseph

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Re: Fairfax India new issue
« Reply #250 on: September 29, 2018, 04:40:39 PM »
What are those number for Fairfax India holding in July and August? Does it mean company repurchased and cancelled those shares?

Book value targets were met in the previous period and an earned but yet to be paid performance fee was finally paid to FFH in the form of almost 800k new shares in March. Last month the company rebought about a million shares on the open market. So they primarily offset.


ourkid8

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Re: Fairfax India new issue
« Reply #251 on: October 05, 2018, 06:41:52 AM »
Fairfax India recently repurchased and cancelled 21,240 shares.  Let the good times roll...

« Last Edit: October 05, 2018, 04:40:25 PM by ourkid8 »

rohitc99

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Re: Fairfax India new issue
« Reply #252 on: October 05, 2018, 07:27:51 AM »
You may want to keep an eye on what is happening in india. Currency has depreciated by close to 15% YTD. There is some level of liquidity squeeze and also financial firms like IIFL have seen their stock price drop a lot. It may all work out in the long run, but in the short term several headwinds

chrispy

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Re: Fairfax India new issue
« Reply #253 on: October 18, 2018, 06:54:59 AM »
It is startibg to look like it has been oversold.

I need to do some reviewing this weekend but a few back of the envelope numbers that are from MEMORY:

Currency depreciation: -20%
IIFL: 50% drop / 10% of holdings = -10%
I need to review what other percentage of holdings are publicly listed but a lot are private.

Ffxdf is down nearly 60% from high which was probably a bit expensive at the time.

Edit: I'll add that I have not convinced myself to buy more yet... Emerging markets funds seem to plummet and stay down for a while and I did not have the stomach for it back in 2015.
« Last Edit: October 18, 2018, 07:07:07 AM by chrispy »

lessthaniv

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Re: Fairfax India new issue
« Reply #254 on: October 18, 2018, 08:23:30 AM »
Iím a buyer for the long term here..

I think some volatility, in addition to the financial firms as previously mentioned, is being caused by the upcoming election next April...

<IV


alpha

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Re: Fairfax India new issue
« Reply #256 on: October 24, 2018, 07:44:53 PM »
Now down -14% YTD, at this level it's getting close to where OMERS initiated their position in 2017.

I am not sure why it declined another 3% today, most of the public holdings look like they had a green day, and the Rupee didn't decline.

Anyone buying at these levels?

Lakesider

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Re: Fairfax India new issue
« Reply #257 on: October 31, 2018, 03:10:21 PM »
I've added here, I think IIFL issue will blow over and risk is being overstated. Fairfax can offer them a safety net given the size of the investment.

chrispy

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Re: Fairfax India new issue
« Reply #258 on: November 01, 2018, 05:07:24 PM »
"At September 30, 2018 common shareholders' equity was $2,014.4 million, or $13.08 per share, compared to $2,132.5 million, or $14.46 per share, at December 31, 2017, a decrease of 9.5% primarily related to unrealized foreign currency translation losses as a result of the weakening of the Indian rupee relative to the U.S. dollar, partially offset by net earnings in the first nine months of 2018."

A decrease by 10% over the past nine months seems to me to be a win. A benefit to holding private companies

DocSnowball

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Re: Fairfax India new issue
« Reply #259 on: November 20, 2018, 01:25:31 PM »
Started a small position (1% of portfolio) with long timeframe >10 years hopefully.

How does one find out about IIFL possible outcomes, I didn't see much detail in the letter. Wondering how well capitalized/ indebted their other investments are given rising interest rates?