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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (58457)	11/15/2016 9:44:38 PM
From: Paul Senior	Read Replies (2) of 78919

I'll pass on NN.AS (can't find metric info I like), and also FRFHF. I don't understand the case for FRFHF. If it's supposed to be the Berkshire of Canada or if P. Watsa is the Buffett of Canada, I don't see it from the metrics. I was surprised when I looked now: stated bv growth is anemic (which I don't like for an insurance company). Price/stated bv of 1.2 isn't exceptionally low for this company - it's traded there or lower over many years. In reviewing some of the FRFHF posts here, I see a 2013 post from Jurgis Bekepuris saying he was amazed by some of the metrics he saw in reading the company's 2013 letter --- high combined ratio,choppy results. I guess the positives now as then are that Mr. Watsa is hedged and prepared for big macro declines (USA recession, China faltering, etc.) Ok, if that's protection or hedging that investors want from this company. For me, I'm not willing to endure this kind of performance (FRFHF business results) while waiting for the world to come apart. (Although many people believe this may happen sooner than later with our new USA government administration. -g-)

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