Fairfax Financial (FFH-T)

Insurance doing exceptionally well. Recently bought ZZZ. Things are chugging along well. Dividend raised from $10 to $15, significant increase. Still at a discount on price to book. In client TFSAs. Very keen on it.

Just as with BRK, its insurance business takes in premiums, which get invested in other side businesses. So it's an insurance business with other assets on the side.

The #1 position in his firm. Really well managed, great job growing book value. Catastrophic events over last couple of years, so they've been able to raise policy prices. That trend is unlikely to change. Up a ton, but still trades at a discount to US peers. Not a lot of volatility. Continue to buy.

In financials, his biggest weight is insurance. His #1 position is FFH in P&C, but MFC is a significant position as well. He also has IFC. This group is behaving well. 

Big fan. Valuation has reset higher, but capital discipline intact. His #1 choice over MFC and SLF, acknowledging that FFH is not like the other two.

Founder led/owned, but doesn't own shares. Company founder takes a lot of big/risky "swings". Difficult to determine earnings outlook. Interest rates also weigh heavily on insurance style business. Would recommend holding. 

BRK.B is a big ship, needs big decisions to steer it. He owns a bit. Dragging a lot of cash; he thinks it's set aside for a potential leadership transition, not because it's expecting some horrible haircut to the market.

FFH is the biggest holding at his firm; you're buying its investment capacity, and we're in a very good cycle. Dynamite investment team. Beyond the claims, investors get returns on the investments. More nimble than BRK, and younger leadership. 

Both great companies, but this one gets the nod.

Bellwether stock. Good time to buy as a core holding when it pulls back. Decades of execution, and that will continue. Yield is 1.4%.

Remains very highly ranked within the Canadian universe on RSI, even with recent correction. Pulled back below $1500, retesting support around $1450. More support around $1350. Right now, he's holding and keeping an eye.

Higher rates are actually good for insurance companies.

Company performing very well. Excellent management team. Value oriented business that executes very well. Business under pinned by insurance operations. Company stock price is high, but will be ok for long term investors. Expecting a higher share price 5-10 years from now. 

An outlier in the Canadian market, as it's performed well for quite some time. Like a Brookfield Lite. Nice chart, solid holding. Have to be careful, as it's done so well. Typically, you want to buy winners (and sell losers). Expensive, but for a reason.

Don't chase on the recent runup. Better value to be had out there. But overall, a good name.

A shoer-seller's report in February created volatility, but they are a quality insurer operating globally. Their underwriting profits continue to grow, which they invest to benefit from higher rates. He continues to add to this and has owned it for a long time.

Company performing very well. Latest quarterly results very strong. ROE is very high. Selling at modest premium to book value. Good long term investment. Excellent management team with Prem Watsa. 

Great company. Hard to argue with an uptrend. Again, it's arced up above trendline. Wouldn't be surprised by a pullback. If it gets closer to trendline, he'd be all over it. But if breaks down below the last low, probably means the uptrend is over and he's out.

There was some discussion about the Muddy Waters claims, including accounting irregularities, and shorting of the stock. This is not a real worry to him and in fact he may buy more. We'll hear from management this week.