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Don't forget the whole event was exclusively televised by Paramount, owned by his buddy and donor Ellison. It turns out that you can just do stuff here. The other side of the American exceptionalism coin.

I go on vacation ... and the bottom falls out of the market! Enjoy .... but keep in mind that just as the market temporarily overshot upwards, it will also overshoot downward. WTI sub USD 80, is a trading opportunity, not an investment. The war isn't over yet, all goes as planned it is just on pause .... if Israel and Hezbollah actually stop fighting. Bibi is up for election and needs the fighting to continue. Hezbollah isn't about to stop until Israel pulls back. All benefit from higher oil prices if the rockets continue to fly. Enough randoms to reasonably ensure continued price spikes, and ongoing trade opportunities. Not quite the message being sold. SD

https://www.zerohedge.com/markets/spacex-erupts-after-hours-trading-soaring-above-210-and-surpassing-apples-market-cap Seems a tad bubbly and this is coming from somebody who has drunk the Musk Kool-aid . No position in spacex but just enjoying the show.

Seriously, @thowed, The Royal House of the United Kingdom have over time [decades] been given a lot of coverage here in Denmark, and the ascent of Charles to King has changed a lot, mirroring what you have posted. Poundbury mentioned, i.e.

I own a chunk of RWWI - you guys should look at again - if you know/remember it's basically a Royalty on ADSK. And dirt cheap at moment. Seems like retiring Directors have been selling & is so illiquid it has suppressed price. And still residucal concerns that ADSK might shake things up. But feels like RWWI too big for them to want to piss off. And the cash flow is looking good. Separately - it's so wild that people here are buying ADBE, ADSK, INTU - can you imagine that 5 years ago?!

Ha, funny you know about that guy - I think of here and the arrogant know-it-alls on X as being completely walled off from each other. I hate X, full of idiots, but I do still find it useful for researching small-caps - there are a handful of great people you can exchange ideas with. Otherwise it makes me appreciate this place even more for how civilised and decent it is (excluding Politics thread!).

Fair enough. Feels like this is a Narrative drives Price thing atm, not you, but generally. It was untouchable for so long, but now the price has corrected, everyone feels more nervous (myself included!). It's crazy it's just been at the Nov 21 peak price. For me, the main issue is size - how much bigger can they get? Can Elephants gallop? But then, given the prices, the volumes probably can get bigger. Meanwhile you have an Outstanding family-led management team who execute so well. I guess the turnaround is predominantly China/Asia recovery - though I imagine all the IPO money might help a bit too! (Or will that go more to Ferrari...). I also hope it is inflation-proof.

@WayWardCloud, That reads... hmm ... <searching, searching!> ... semi-kinky!

Tampons aren't unmentionable! What is this, the Dark Ages?! Camilla is great, real shame they weren't allowed to marry at the beginning. Diana looked great, but was young, and not right for the job. And Charles probably didn't behave brilliantly either. He's done great stuff in his time, though, and after being a joke, people are realising he was ahead of his time in some respects.

Awesome! My family consumes a lot of their brands. They own one of my favorite wine brands...Black Hills Estate...their Nota Bene is one of the best wines for the money you will drink. Also love the new Wayne Gretzky liqueurs during the winter months. Cheers!

During the presidential last election, Macron ran up against Marine le Pen who had taken the helm at the Front National party by evicting her own father who founded it. So the joke in France was that we were having a freudian oedipal election between a woman who killed her father and a man who married his mother

Friggin' great 'bubble talk' in this topic within the last 12 hours in this topic! [Gossip, dirty talk, sultry and sleazy, - the more the better!- Just awesome! ]

Q : Managing a Concentrated Portfolio - How do you do it? A : You buy more of less.

Things that made me go "hmmm" from this weekend in Washington: How did the Secret Service secure the UFC arena and fight on the White House lawn without a billion dollar ballroom? Was that the first time athletes warmed up in every room of the White House, including the Oval Office? I'm guessing the UFC shorts all of the fighters were wearing when they met the President was more formal than Zelensky's camouflage t-shirt ensemble! Did Dana White get the unredacted version of the Trump-Epstein files while at the White House? When of the color guys called "Melania"..."the first lady Ivanka Trump"...hmmmm!!! I do see a resemblance! Cheers!

https://ir.andrewpeller.com/news/news-details/2026/Andrew-Peller-Enters-into-Definitive-Agreement-to-be-Acquired-by-Fairfax/default.aspx

"The gains from CDS aren't unlimited whereas the losses from equity hedges are unlimited, right?" @Buffett_Groupie, I have added this to my article (to my original, as I can't edit the articles after they are posted to the board - likely because they are so long). I think it explains the assymetic difference in the CDS position and the equity hedge position. Thank you!

I am still very bullish - i just maintain the possibility that I am wrong so i took half the position off. And honestly i couldnt sleep well with the position sizing. At 5% i am more comfortable.

My brothers from Team Melli representing with pride at the World Cup — a hard-fought 1-1 draw that showed real character. Respect to the team for staying focused and delivering a solid result despite the disappointing treatment and unnecessary obstacles from the host. - very low class. Huge respect to the fans who represented with class and remembered the 168 martyrs of the Minab school tragedy! https://x.com/ShaykhSulaiman/status/2066716577274188284/video/1?s=46

Not just that but it's an asymmetric bet. Most one can gain is the stock price, the downside unlimited. Also the adage the market can remain irrational longer than you can remain solvent comes into play. Stocks can stay irrationally priced for a very very long time. Especially in these times of inflated markets, fast moving technologies and central banks debasing currencies and pumping liquidity, it's quite simply a fools errand.

The old lady part was a joke. Yes aware they’re the same age but she looks so much older and that’s fine.

And still they somehow managed to only settle so far for an MOU and future negotiations. It's neither a win, nor loss...and considering all of the above, it's astounding that this isn't a huge loss for Trump. The only thing...the ONLY thing...that will make this at all a win for Trump will be to get nuclear material out of Iran's hands. Period! You can spin it any way you want...but Ourkid8 can gloat all the way to the Iranian government-controlled bank with this reparation and sanction money, unless nuclear weapons are 100% out of Iran's hands. Otherwise, this was a completely ego-driven, waste of time, money and life exercise to try and prove Obama's deal wasn't good! It would be a bigger loss than the Spurs 29 point collapse to the Knicks! Cheers!

Did not know that. Cheers!

US was also lucky to have a significant SPR otherwise it could have gotten ugly. The U.S. Strategic Petroleum Reserve (SPR) is the world's largest emergency supply of crude oil, managed by the Department of Energy. As of mid-2026, SPR stocks are hovering near 42-year lows at approximately 340 million barrels (before the war it was at 413), following significant releases to stabilize energy markets during recent geopolitical events.

I don’t think they appreciated how the market structure was changing. Absolute return investors were losing their mandates to relative return and quality (at ant price) investors. Mean reversion used to work because there were enough absolute return investors to make it work but the value factor was losing relevancy. It’s easy to judge in hindsight but contemporaneously investors loved it. Fairfax had a higher multiple at many points throughout that period than it does now. It’s a much better company now with structurally higher ROE but the value factor has never mattered less.

I think there's still room to go higher, but it's less easy money at this share price.