Author Topic: FFH AGM 2020  (Read 6147 times)

investmd

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FFH AGM 2020
« on: April 06, 2020, 07:10:47 PM »
Does anyone know timing of FFH AGM this year? Was originally scheduled for April 16th.  Their website says it will be webcast but no further details as how to sign up or time of event. Would like to block the time off on my calendar.
thanks,


bearprowler6

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Re: FFH AGM 2020
« Reply #1 on: April 07, 2020, 02:22:06 PM »
Does anyone know timing of FFH AGM this year? Was originally scheduled for April 16th.  Their website says it will be webcast but no further details as how to sign up or time of event. Would like to block the time off on my calendar.
thanks,

https://www.fairfax.ca/news/press-releases/press-release-details/2020/FAIRFAX-ANNOUNCES-ANNUAL-MEETING-WEBCAST-DETAILS/default.aspx

wondering

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Re: FFH AGM 2020
« Reply #2 on: April 13, 2020, 10:34:33 AM »
https://www.fairfax.ca/news/press-releases/press-release-details/2020/Fairfax-Donates-US2-Million-for-COVID-19-Relief/default.aspx

Can I assume that since Fairfax has the wherewithal to make a donation, that the company is not going to hell in handbasket as the stock price would indicate ;)

Xerxes

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Re: FFH AGM 2020
« Reply #3 on: April 13, 2020, 11:21:34 AM »
https://www.fairfax.ca/news/press-releases/press-release-details/2020/Fairfax-Donates-US2-Million-for-COVID-19-Relief/default.aspx

Can I assume that since Fairfax has the wherewithal to make a donation, that the company is not going to hell in handbasket as the stock price would indicate ;)

I offer a different perspective on FFH buybacks ...

Notwithstanding their limited financial capacity to do all the things that they want to do, if the market is discounting FFH book value by a large margin, them deciding to prioritize buyback of their own shares ahead of everything else (i.e. other financial obligations), is akin to them averaging down on their current equity portfolio picks indirectly since it is the drop in their equities picks that overwhelm FFH own share price to begin with.

So, the question for FFH management would be … is their current equities picks (larger ones anyways) are worth indirectly "averaging" down (through FFH buyback) given the new market paradigm shift or has there been a permanent loss of intrinsic value on same major names, where the trade-off to do FFH buyback (i.e. averaging down their equity picks across the board indirectly) is no longer worth it,,, and it makes since to average down on specific names or open new position.

I suspect, we all also have the same dilemma in our own portfolio, … given all we know now, do we buyback our own portfolio in its entirety as a lower price, or be opportunistic on key names and new names. So FFH buyback calculus might revolve around the same thing … looking forward to Thursday :-)




Bryggen

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Re: FFH AGM 2020
« Reply #4 on: April 16, 2020, 08:36:21 AM »
Any ways to get the Webcast after the meeting? I missed half of it. It isn't on their website.
Thanks!

petec

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Re: FFH AGM 2020
« Reply #5 on: April 16, 2020, 09:36:40 AM »
Any ways to get the Webcast after the meeting? I missed half of it. It isn't on their website.
Thanks!

There is a link under news -> events and webcasts. I haven’t tried it for Fairfax, but the equivalent link on the Fairfax Africa site gave me a playback this morning.
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investmd

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Re: FFH AGM 2020
« Reply #7 on: April 16, 2020, 11:42:16 AM »
For those not on the call, here is a summary of what I took away from the call:
•   Prem remains very optimistic
•   Fair and Friendly culture are the deep value pillars of FFH that will see it through bumps
•   Lots of focus on results over 34 years of company existence and being part of the 1% to increase share price by >15%/yr
•   Value investing has not done well over past 10 years but over 50+ years it has and will come back in vogue
•   Admitted disappointed at what Covid19 crisis has done to FFH share price
•   Nil to acknowledge 10 & 20 year results below index ( I think Watsa considers these shareholders to be shorter term holders)
•   Insurance business is doing well and has tailwinds
•   Equity portfolio will perform better going forward than when Watsa managed it
•   Due to large spread, have sold treasuries to buy high quality corp bonds yielding on average 4% with duration of 4 years
•   Buy backs: FFH is undervalued and buy backs are good but to me it appeared that Watsa suggested they were a 3rd level priority after ensuring the financial position was solid and taking advantage of opportunities in insurance markets. He did say they do buybacks and will continue to do so but are not going to telegraph when.
•   Insurance is the crown jewel in the holding company
•   During Covid19 downturn, FFH bought some XOM at a dividend yield of 10% and bought Alphabet

steph

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Re: FFH AGM 2020
« Reply #8 on: April 16, 2020, 12:17:01 PM »
First time I heard Prem acknowledge that he had made bad stock selections, which is very positive.  Stock portfolio is now divided between different persons, which will lead to a more diversified and probably more large cap portfolio. 
They were very bullish about the hard market in insurance. Especially bullish about Allied World.

petec

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Re: FFH AGM 2020
« Reply #9 on: April 16, 2020, 12:38:36 PM »
First time I heard Prem acknowledge that he had made bad stock selections, which is very positive.  Stock portfolio is now divided between different persons, which will lead to a more diversified and probably more large cap portfolio. 
They were very bullish about the hard market in insurance. Especially bullish about Allied World.

They also said premiums wouldn’t grow for a few quarters. I found that a bit contradictory. But overall it was positive.
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