Vincent Desiano

Founder of The Insiders | A Focused Community For Serious Traders | My LVLS 👉@getlvls

[Vincent Desiano @Desi__Trqde]

Please check out @DutchInvestors substack. In the article they discuss $FFH.TO and in the audio, I join the host of their podcast to discuss Fairfax in more detail.

https://t.co/bwUvqRf2TB…

[Vincent Desiano @Desi__Trqde]

This is what makes a market. I think $FFH.TO ‘s governance and capital structure are key attributes. It lets FFH do things most companies can’t do as the CEO isn’t worried about his job or his bonus. That optionality is valuable and is more than free due to other perspectives.

[Vincent Desiano @Desi__Trqde]

This is what makes a market. I think $FFH.TO ‘s governance and capital structure are key attributes. It lets FFH do things most companies can’t do as the CEO isn’t worried about his job or his bonus. That optionality is valuable and is more than free due to other perspectives.

[Sundered Seas @Schwerepunkt]

@BrownMarubozu I just can’t bring myself to own a company with FFH’s governance issues related to capital structure and conflicts of interest/affiliated entities.

[Vincent Desiano @Desi__Trqde]

An alternative framing for $FFH.TO is a global balanced fund that shareholders get paid to own. It’s a brilliant mousetrap and hard to beat from a risk/reward perspective.

[Viking Vancouver @VikingVan100]

Bonds are boring—until they aren’t. With interest rates spiking, everyone is talking about bonds. What does it mean for Fairfax? Once again, $FFH.TO is positioned exceptionally well. We take a deep dive. Click the link to read more. $FRFHF $MKL $CB $WRB
https://t.co/j6TLYtng5V

[Vincent Desiano @Desi__Trqde]

The Dutch Investors podcast I was on recently to discuss $FFH.TO has made it to Apple Podcasts which might make it easier to listen to on the go!

Any feedback is appreciated as always.
https://t.co/igN1WcfZB0

[Vincent Desiano @Desi__Trqde]

Is that a record high as a percentage of US treasuries outstanding?

[Daniel Lacalle Official Account @dlacalle_IA]

The "news": China holdings of US treasuries fall to the lowest since 2008.

The facts: foreign holdings of U.S. Treasuries are at a record high.

via Bloomberg

[Vincent Desiano @Desi__Trqde]

Thank the US Administration for giving political cover to transition to common sense policies. Hopefully entitlement reform and personal income tax cuts make the agenda soon.

[Kevin A. Bryan @Afinetheorem]

Carney still fascinating. Cuts net immigration to zero, announces 10% reduction in federal civil service, 1.2GW data center, cuts to cap gains and corporate tax, privatize airports, govt rapid support of fossil fuel extraction. Result: *massive* popularity incl. amomg left! 1/2

[Vincent Desiano @Desi__Trqde]

$FISH.V

[Akiba Leisman @AkibaLeisman]

$MAKO $mko.v

Mako will be getting 70m shares of Sailfish, approximately 49%.

Sailfish will get this 20 year gold loan below and change its dividend policy — for every 18k shares you get 1oz Au per year. At today’s price that’s about US 0.24/sh. At 18000 gold that’s US$1/sh!!

[Vincent Desiano @Desi__Trqde]

A man can simply buy $FFH.TO and keep collecting a paycheque.

[Vincent Desiano @Desi__Trqde]

$FFH.TO meets this Buffett test quite easily. They have made ~$20b in the last 5 years on an accounting basis and probably closer to $30b on an economic basis and it’s available for $32b. Despite these returns people are telling me it’s expensive.

[Vincent Desiano @Desi__Trqde]

$MBX.TO filed its buybacks and a super tiny insider buy from the CEO. It seems with their latest press release they are trying to signal business might tick up.

[Vincent Desiano @Desi__Trqde]

Went from selling $35 calls on $CNXC to selling $25 puts (<2.5x adjusted FCF) within a few days. $TEP.PA is apparently not as impacted by quants likely b/c it’s not listed in the US.

[Vincent Desiano @Desi__Trqde]

Key comp for BIAL, Adani Airports, is raising capital north of 35x EBITDA. $FIH.U has it marked at ~10x EBITDA suggesting a bigger discount to intrinsic value than most investors are factoring in. BIAL represents about 90% of the share price at the current mark. $FFH.TO

[Vincent Desiano @Desi__Trqde]

$FFH.TO first reached this price level in May 2025. Since then the P/B multiple is down ~20%, the share count is down ~8% and fair value over carrying value up 3x+ to over $220/sh. Said another way over 5 quarters adjusted BVPS is up 33% and the stock is flat.

[Vincent Desiano @Desi__Trqde]

$FFH.TO $FIH.U deal details on the purchase of a majority stake in IDBI continue to leak out. The 81 price has been in the press for a while. Other reports this weekend suggested they will merge IIFL Capital and CSB Bank in while divesting IIFL Finance.

[NDTV Profit News @NDTVProfit]

#NDTVProfitExclusive | IDBI Bank-Fairfax deal may be delayed: Top-level meeting held at Finance Ministry today on IDBI Bank stake sale, sources told @shrimichoudhary

[Vincent Desiano @Desi__Trqde]

Under appreciated tailwind for Greek banks like $FFH.TO ‘s biggest holding $EUROB.

[Bloomberg @business]

Hedge fund titan Chris Rokos is set to leave the UK, the latest high profile billionaire to exit the country. The Rokos Capital Management founder is switching his residency to Greece. Tap the link for our exclusive story: https://t.co/Jaoo9aosQS

📷️: Kristen Vallejo

[Vincent Desiano @Desi__Trqde]

Most of my debt is in CAD against mostly real assets. I’m comfortable for now but will likely reduce leverage in the next 6-12 months.

[Rock Bottom Entries @RockBtmEntries]

Who’s ready for CAD/USD back at par?

By the end of this hard-asset bull, Canadian commodity barons will be scooping up Florida real estate on the cheap.

[Vincent Desiano @Desi__Trqde]

USDINR is essentially flat QTD for the first time in a while. Speculation on rate increases may help keep it that way which would remove a headwind for BVPS at both $FIH.U and $FFH.TO.

[Vincent Desiano @Desi__Trqde]

Sold $35 calls (<3.5x adjusted FCF guidance) on 13% of my position this week as $CNXC attempts to play catch up to industry leader $TEP.PA after pretty significant underperformance. Short interest continues to be elevated but is off the highs. May all the sales be bad sales.

[Vincent Desiano @Desi__Trqde]

$EUROB hits a new high today on the back of Deutsche Bank boosting its target price. Trading at 10x FTM EPS and 1.6x BV, it still looks cheap. Meanwhile, the yawning gap between $FFH.TO and its largest equity position keeps growing.