Charles Frischer and Asheef Lalani stop by The Business Brew to discuss why they like Fairfax as an investment. Quick reminder to do your own work!!!
Asheef Lalani as an independent director to the board of Sailfish Royalty Corp. Mr. Lalani graduated from the University of Waterloo with a Bachelor of Mathematics and Masters of Accounting, earned the CA/CPA designation in 2002 and is a CFA charterholder since 2003. Asheef first started his career with PricewaterhouseCoopers in 1998 and went on to become a portfolio manager at UBS Securities. Currently, Mr. Lalani is the Chief Investment Officer at Berczy Park Capital – a private family office in Toronto, Canada.
Charles Frischer is General Partner of LFF Partners, a family office based in Seattle. Mr. Frischer was a multi-family loan underwriter and originator at Capri Capital for 10 years. As a Principal at Zephyr for 4 years, he was responsible for the asset management of more than 5,000 multi-family units and all related financings of the portfolio. Frischer sits on the Board of Kingsway Financial and Altisource Asset Management. He attended his first Berkshire annual meeting in 1998, his first Market annual meeting in 1999 and his first Fairfax annual meeting in 2010. He holds an B.A. in Government from the College of Arts and Sciences from Cornell University.
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Detailed Show Notes
4:24 - Backgrounds
9:01 - Fairfax gets interesting in Asheef's mind
11:43 - Pushback to the thesis
13:00 - Does Fairfax underwrite well?
17:00 - Why insurance companies shouldn't under reserve
25:00 - How good is Fairfax at investing in equities?
30:00 - The potential upside India brings to Fairfax
34:20 - Fairfax India background
42:55 - What people might not like about Fairfax India
45:40 - Fairfax's advantages
56:40 - What is the catalyst here?
62:00 - Does this pitch even need a catalyst?
64:00 - What does a bad outcome look like?
