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@RichardGibbons Nuff said

Wall Street Journal - Business [June 29th 2026] : Warren Buffett Skips Midyear Donation to Gates Foundation as He Awaits Epstein Review Subtitle : Billionaire expected to delay decision on his ‘lifetime’ pledge to see results of Gates Foundation’s review. - - - o 0 o - - - Please make up your own mind and opinion about WSJ sources here. Last year, the donation press release was on the Berkshire website from Warren Buffett 27th June 2025. I have checked up on EDGAR just before posting this.

+1

People hold bullion and BTC as a store of value against the possibility of catastrophic disaster; war, starvation, entrapment within a hostile state, etc. The something that you can reliably still sell, for proceeds to live on, when the sh1te hits the fan. If one thinks that this will never happen to you (US bias), one attaches very little value to it; whereas, in other locations (Middle East, India, Eastern Europe, South America, Africa), the assessment is quite different. Time frame has little to do with it, other that informing how large a stash is prudent for current/developing conditions. More germane is the purpose and composition of the stack; BTC offers improved portability, a BTC-ETF offers less. Of course, the price of the asset (Bullion/BTC) depends upon prevailing supply/demand. It is only when one chooses to speculate on that price, that timeframe (investment horizon) becomes a thing; ideally resulting in a profit that funds the desired Bullion/BTC stack via house money. SD

Just to keep facts straight, the [real] Greek Freak [Giannis Antetokounmpo] will now be delivering those MVP skills for the benefit of the Miami Heat ... now longer in Milwaukee!

I’d put it on a spectrum, with most of my wealth I am like you said growing wealth through productive assets like stocks, but that doesn’t mean you can’t decide to hold some portion of your wealth in something outside the system. Some sort of insurance policy if you will. While having all of your wealth stored at various counterparties (your bank, broker, etc) will likely work out 99% of the time. There is always that minuscule chance that something happens, maybe your account gets hacked and drained, maybe some new government comes into power that decides to confiscate 10% of all wealth for some emergency situation, maybe a socialist government gets into power and decides to levy all kinds of new taxes/levy’s on people with large account balances. Unlikely yes, but in that circumstance it would be quite nice to have some portion of your wealth in an asset that they can’t confiscate, could be taken across borders simply through a plane flight, or could be sent to any person globally at the click of a mouse.

I really like the push into home building. Wouldn't mind seeing them start buying developable real estate.

https://www.housingwire.com/homebuilder-rankings/for-sale-units/ There are a lot of homebuilders that Berkshire can buy out on this list.

It was widely reported and discussed on this forum when announced but I don't think Fairfax put out a specific press release of their own.

Hi Was this news disclosed by FFH? Or it's just me that don't remember about it?

Looks like the degens have been at work last night in Korea. I see some ~10% moves in semi related stocks and not just Hynix. Smells like opportunity at some point.

If one considers the definition of "store" as in the term "store value" it means retain. When you have to qualify a time frame for storing value it simply doesn't work. The bubble period is over. That was not a store of value. Neither is the recent period when perhaps reasonable folks determined that BTC is not useful for its intended purpose and may well never be. In any event, can anyone please explain why we want, need or care about a "store of value"? Most of us are here because we want something more. If someone's investment objectives are merely to store value, why are you here?

Epic turnaround story. Congrats. I wish the German team had showed similar fighting spirit. They looked like a bunch of chess players playing soccer.

I am old enough to remember Perplexity - RIP:

Can’t we all just get along. Bitcoin (self custody, held on hardware wallet) has one use case for me, a fixed supply, non sovereign asset, with zero counterparty risk. Same as physical gold without the hassle/risk of having to store it in a safe, large bid ask spreads, and possible risk of it not being pure gold. The large growth in price since I bought is a welcome side effect rather than the specific reason I hold it.

A general question for board members… Given how important float and investment leverage is to the business model of companies following in Buffett’s/Berkshire Hathaway’s footsteps is there a reason Markel doesn’t mention it? I have always found that peculiar.

@sholland and @patterson, thanks for the comments. I am rewriting the chapter on leverage (taking it from two to one). My plan is to include Buffett’s comments comparing float to equity there. Should be done in a couple of weeks.

Yes, I would agree on the two favorites right now. I think Norway could be a dark horse, same with Brazil. You can see that the parity between teams has become much closer no matter which country and which continent. Football development is certainly global and succeeding in creating quality players and competitive teams around the world! First time in many World Cups where I've watched almost every game. TSN in Canada fortunately is showing every single game, so I've been witnessing some terrific football. The drama has been feverish! Cheers!

What exactly I'm missing? I just wrote a lot of text about that. I checked this: https://www.theguardian.com/world/2026/mar/26/finnish-mp-paivi-rasanen-convicted-homosexuality-developmental-disorder That's what I'm talking about. There is a long standing law in question, and "the US-based conservative legal advocacy group Alliance Defending Freedom, which has tried to use her case as an example of censorship in Europe" is upset about something happening in another country with different rules.

Yes, I believe you. You are no Thomas Gresham.

You are missing my point, in Europe free speech is limited, in the US, not really. Check out Paivi Rasanen case in Finland. Oh, and it's bullshit that you cannot say kniga in the US. It is a not a crime. I say it all the time in public to my kids. You were told not to say it because blacks might not hear the first letter and get offended. That's different from the government punishing you for it.

Nothing? In Germany, some people who say this are literally in the parliament. Btw, who promised free speech in the first place? In Germany it is clearly limited by federal laws. For example, insulting somebody is a crime, as it in the law for long time already. Quoting the Nazis is also a crime. Just don't do crime and get familiar with local laws before you enter a country. But the courts are quite relaxed, and they usually allow of some insults to politicians, because it's part of politicians' job to have a thick skin. When I visited the US, I had to prepare and learn many things: what to say to the border control, that if I'm stopped by road police I better keep my hands on the wheel and visible, that I must keep alcohol bottles in trunk when driving, and cover a bottle with a paper bag if drinking in public. That I must not say the Russian word "книга"("book") in public. Those feel ridiculous, but I accepted and prepared as a guest. Same with Germany. The American populists, including the current ruling class, love to compare rules like that with other countries and imply that it is something bad.

Lol @ interest in the bank How much has that paid over the last 15-years compounded? I'd love for you to do the math. Meanwhile, good money vs bad money in pictures 2018 drop felt large. It barely registers on the graph. 2022 felt large - now looks rather small. 2026 feels large - and in 10-years will look like 2018. The lack of any sort of intellectual rigor or honesty here to simply set up straw men arguments is absurd Fiat is "bad" money by most any monetary definition of the things that define what makes money. 1) Acceptability/Fungibility? Take a look at global reserve. Becoming less and less acceptable by the year for the last 20-30 years. 2) Divisibility? Had to convert to digital to be competitive. 3) Durability? Paper money wastes away. Digital money transactions can be reversed/deleted/cancelled. 4) portability? You ever tried to carry 50-100k of cash? Again, have to convert to digital and still get bank limits, fees, permission/censorship, and delays in processing as a result. 5) scarcity? Don't hold your breathe. They print billions daily out of thin air. I'll take the non-inflationary, permissionless,fast, cheap, self-custodied real deal all day.

Thanks for sharing. As with the Taylor Morrison acquisition I like this because these cyclical businesses that generate solid free cash flow on average through cycles make a lot of sense under the Berkshire umbrella. At the same time they’re building scale and can exploit cost synergies at the parent level.