H/T to my friend David
Prem Watsa, CEO of Fairfax Financial spoke on February 16, 2011 at the Ben Graham Center for Value Investing at the Richard Ivey School of Business. The video presentation was just posted recently.
His predictions seem even more accurate six months later.
Marathon Partners Equity Management, the equity long/short hedge fund founded in 1997, added 8.03% in the second quarter of 2021. Q2 2021 hedge fund letters, conferences and more According to a copy of the hedge fund's second-quarter investor update, which ValueWalk has been able to review, the firm returned 3.24% net in April, 0.12% in Read More
Basically, Prem Watsa looking for a Japan-type recession or slow growth until debt is worked off. Scary.
Talked about the property bubble in the US and how it was obvious how it was going to end.
Made an observation about the property bubble going on now in China. Sounded a lot like Florida
in 2007 – prices jumping and how a secretary he spoke with owned 4 apartments. Prices going
up 100% per year. Not likely to end well.
He wouldn’t really talk about stocks in his current portfolio.
Talked about JNJ and the idea that returns come from both earnings growth and PE expansion.
JNJ is trading at lowest PE in a very long time and earnings are still growing.
Full link below (no embed code):