Benji Graham

[Benji Graham @BenjiGraham33]

@cfrischer1 Appreciate it. Looking forward to comparing notes. This is again immaterial especially considering these valuations are all changing ranges, but selfishly for my own eventual tracking, what's the source for 69% BIAL ownership? Seeing 74% on pg. 19 of the 2025 FFH AR. Thanks!

[Benji Graham @BenjiGraham33]

@cfrischer1 Hi @cfrischer1, thanks for sharing. For what you're trying to view, would you intend to remove Fairfax's Poseidon-related adjustment of $.6B from the total $3.1B FV over CV to avoid double-adjusting Poseidon? This would give you ~$1,460 BV vs 1,482 (immaterial change). Thanks!

[Benji Graham @BenjiGraham33]

Resharing this to commemorate Charlie Munger a year after his passing, as the Coca-Cola bottler is now cheaper when posted: https://t.co/49XMuHfwSQ

[David Park @investingdpark]

Pairs well with @BenjiGraham33’s well thought out analysis:

https://t.co/4cXagb1Hls

Benji writes about the acquisition of the underperforming bottler in Uzbekistan as well as activity in Pakistan, India, and Bangladesh.

Benji also brings up the comparison to Varun beverages (India’s Pepsi bottler) to point out the relative cheapness in comparable environments.

He comes to a similar conclusion of ~15%+ growth over 10+ years.

We have ourselves a shameless cloner @MohnishPabrai

Interestingly, the activity at CCI reminds me of TAV and its high potential acquisition Almaty airport in Kazakhstan ✈️.

[Benji Graham @BenjiGraham33]

@investingdpark Haha, too kind. Enjoying the journey. Cheers.

[Benji Graham @BenjiGraham33]

@LunchInvesting Glad you found them useful!

[Benji Graham @BenjiGraham33]

I wrote about CCI, the undervalued Coca-Cola bottler in Turkey: https://t.co/49XMuHfwSQ

[Benji Graham @BenjiGraham33]

Answers!

[Benji Graham @BenjiGraham33]

These are real companies. They operate in the same business line, in varying and exclusive geographies. Can you guess the market caps?

[Benji Graham @BenjiGraham33]

Ballpark range works, since little info is given. Reveal tomorrow

[Benji Graham @BenjiGraham33]

Updated write-up here https://t.co/0yLWUOndhi

[Benji Graham @BenjiGraham33]

Reysas REIT write-up. https://t.co/cp3mUzSXg3

[Benji Graham @BenjiGraham33]

Improved Reysas REIT write-up https://t.co/WAg0k8WbOZ