E-L financial active on the NCIB in May as high at $17.493. 149,500 total. Small dent in the public float of ~146MM but nice % of daily trade volume $ELF.TO
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Here are links to yesterday's @East72Dynasty presentation on 4 stocks as examples within or core portfolio $VIL.PA $AKERBP.OL $ELF.TO and $HAL.AS
$VIL.PA $AKERBP.OL $ELF.TO $HAL.AS Here are the slides east72.com.au/wp-content/upl… from our "Portfolio Exemplars" presentation yesterday. There is also a video at east72.com.au/dynasty-trust/… lasting 44 minutes
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$VIL.PA $AKERBP.OL $ELF.TO $HAL.AS Here are the slides east72.com.au/wp-content/upl… from our "Portfolio Exemplars" presentation yesterday. There is also a video at east72.com.au/dynasty-trust/… lasting 44 minutes
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May 27
$ELF.TO trimmed ~14% of its $VOO position last quarter which probably paid for the recent special dividend. It will be interesting to see if they keep selling.
10 Aug 2025
$ELF.TO is worth taking a look at too. It’s an insurance holding company that controls Empire Life (top 10 Canadian life insurer) but the vast majority of the portfolio is in $VOO $EVT.TO $UNC.TO and other holding companies that also own ELF. Trades at a ~40% discount to IV.
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May 19
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Apr 18
Lucky to count Saurabh as a friend and to have discussed Fairfax with him and William Thorndike. My positions run by Outsider‑style executives include $FFH.TO, $FIH.U, $MAKO, $FISH.V, $GFR, $SCR.TO, $ELF.TO and represent nearly 100% of my net assets.
Apr 17
William Thorndike almost never speaks. When he does, you listen.
A decade ago, in 68 seconds, he named 10 current Outsider CEOs. Mark Leonard at $CSU. Mike Pearson at Valeant. Eight more.
Leonard compounded 10x. Pearson cratered 95%.
Now ask yourself: who would you put on the list today?
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Added 71 new stock write-ups to the site (pt 4):
@jszhang0912 - $GRVY, $0777.HK, $NTES
@that_stocks_guy (updates) - $AMRQ.L, $SWT.L
@stpioc - $IRIX
@globalvalue_ai - $FDS
@cdnvaluestocks - $ELF.TO
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Apr 7
Nice write up on $ELF.TO by @cdnvaluestocks.
It’s a ~7% position for me and I first bought shares in 2015. I think it’s a much better option than owning $XEQT.TO given the margin of safety.
open.substack.com/pub/canadi…
Apr 4
I don’t like cash net nets b/c the cash doesn’t earn much w/o leverage. I prefer productive assets and smart capital allocation. In a way, $FFH.TO $ELF.TO and $FIH.U are all net nets selling below liquidation value, growing and returning capital.
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Apr 4
I don’t like cash net nets b/c the cash doesn’t earn much w/o leverage. I prefer productive assets and smart capital allocation. In a way, $FFH.TO $ELF.TO and $FIH.U are all net nets selling below liquidation value, growing and returning capital.
Apr 4
Deep value investor starter pack: a guy who proudly owns 14 stocks trading below net cash, all somehow down 70% with zero volume, and he calls that “margin of safety” instead of a cry for help. He spends his weekends reading 200-page annual reports from 2009 like it’s beach reading, gets excited about a company whose headquarters might be a mailbox, and keeps saying “no one is looking at this” as if that’s not the entire problem. His portfolio is a graveyard of microcaps from countries he’s never been to, each with “hidden assets” that have been hidden for a reason. Time horizon is “yes,” catalysts are “eventually,” and management is always “aligned” despite not speaking to shareholders since the Obama administration. Every 30% drawdown is “even cheaper now,” every red flag is “mispriced risk,” and the only real exit strategy is death or the miraculous day it limps back to 1.0x book value.
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Mar 6
$ELF.TO NEV is $24.40 at year end adjusting for the $1.05 special. The discount is ~35% on stated NEV and closer to ~45% on liquidation.
Jan 15
$ELF.TO with another special dividend. This will make ~60% of the starting share price in dividends since they started the journey of closing the discount since March 2020. The discount is still around 35% but the returns have been excellent.
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