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Trevor Scott Profile picture
Trevor Scott
@TidefallCapital
No Management Fee. No Closet Indexing. Just Investing. Tweets are not investment advice.
Feb 8 • 12 tweets • 4 min read
Love MW but this short report against $FFH.to is empty.
The argument rests on a hit of 18% to book value. Even if BV was hit it would still be the one of cheapest P&Cs out there. Fairfax is cheap due to earnings primarily from government bonds and strong underwriting not BV. The two biggest components of the BV change are IFRS 17 and the GoDigit write up.
IFRS 17 was a required change that discounted their insurance liabilities and offset it by a risk margin. Fairfax has historically been very strongly on reserving, this change forced BV higher.
Sep 29, 2022 • 7 tweets • 1 min read
“Every crisis we have is always the worst crisis we’ve ever had. If you have a long term plan, these things come and go. You can capitalize on these situations.” - Bruce Flatt $BAM Image “We’re going to have the recession we never had in 2020.” - Flatt