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I am sharing this sauna with you. I'll bring the beers. I bought a 1% position. I also bought some JOE and DPZ.

Nobody handed the keys to the government yet, but Zuckerberg has been selling data for more than a decade. So far it's the US that is pioneering hostile controls so far, as Newsom signed the law to require an ID to use any operating system in California. That is truly ridiculous. And he is a possible candidate to become the next president.

Used to be a big Yankee fan, but ever since I moved out of home, never got cable so haven't watched unless it's on over the air TV. Same with Knicks, except I splurged with Sling for the playoffs.

Share buybacks are clearly the dominant use of capital for Fairfax. At 0.9% yield, the dividend is small. But when combined with the buybacks, the total of $2.8 billion over nine months is significant. The interesting thing is this is not the only thing Fairfax is doing on the capital allocation front. Here are a few things from 2026: AGT Foods: converted sponsor notes to equity ($249M) + add to position ($146M) Under Armour: add to position ~$265M? Exit Occidental for proceeds of ~$303M? Foran was taken out by Eldorado Gold Sale of ~50% of Poseidon for proceeds of $1.9B Purchase of Kennedy Wilson for $1.6B Purchase of Peller Estates for $279M Pending: Orla Gold takeout by Equinox Gold: set to close in Q3? Sale of Eurolife's life insurance business: set to close Q3? Fairfax has also been very active with debt issuance (and some cancellation). Of note, the insurance business continues to grow modestly. Bottom line, there is a lot going on under the hood in addition to meaningful stock buybacks.

Surprise, surprise.

I’m eyeing quite a few companies, but Fairfax keeps winning my money. I’m not sure if it’s the constant influx of Fairfax news that’s making me more convinced than I should be. The setup just seems too good to pass up.

Where are you watching the World Cup? Live Sports is the biggest market with the highest viewership that is only growing. Netflix has a very diverse global content catalogue to begin with so I can see them chasing down things like World Cup coverage a positive. You're also seeing leagues like the NFL expand internationally with a more games every year being played abroad. Netflix is a great platform with a global audience to capture that market. https://www.thestreet.com/entertainment/netflix-disney-youtube-bidding-world-cup-streaming

If they think that markets are overvalued, then they are not looking hard enough. Plenty of great businesses at very attractive valuations

Bought some Comcast, the most hated company in America. Much prefer trophy assets. This could go terribly wrong. I’m assuming, as capitalists, they will rationalize their shit. The parks sparkle in the dung heap. I’ll get in the sauna now and sweat it out.

Finally got my first round of CBRS shares, and immediately spiked them into the bid.

Sure Blake, like humans have always been a peaceful species. The reason we have government is to protect us from one another. Humans have always been flawed. You live in la-la land. You sound like a social justice major that will legislate away all human flaws.

More CPRT, JOE, TVK and BLDR. Also mini position in DPZ and CSU.

Have been thinking of hedging portfolio systematically. Gemini gave an idea of using 1-3% of portfolio on 1Y SPY puts (or alternate indexes) at .12 delta. Check monthly, harvest 50% of gains if delta slowly gets to .25 or .35 otherwise leave the hedge alone. During fast crashes, aggressively roll the puts lower (use 4x as the trigger). Similarly, roll the puts higher if delta falls to .05 during recoveries. I believe 3% hedge comes from Nassim Taleb (author of black swan book). Thinking of using Shiller PE as guidance to adjust percentage of hedge between 1-3%. Is this a viable hedge? Are there any other commonly used hedging strategies for small portfolios?

Another excellent move by Canada. It would be advisable for Europe to do the same and get serious about their own continental defense. The British Navy used to be the most powerful in the world for decades.

And what is one of the single most important ingredients necessary for human progress? What is the one thing that has distinguished us the most as a species above all others? Unity. Our ability to come together and solve problems as a collective. Humans excel most when they can successfully find a way to work together. And that is ultimately the reason Trump fails as a leader. His greatest strength is promoting division, both within our country and around the world. We will never prosper having a leader like that in office. Never.

Added some Buzzi and CPRT this week.

It depends on what you get or if you are interested in sports. I am not interested and I know many who are not either. The high cost of sport content is one thing that broke the cable bundle so it makes no sense to bring it back unless it becomes optional add on. I personally would cancel Netflix , if the raise the price by 2x for content that I don’t watch.

I’m sure AI has the capacity to do amazing things, and it reflects exactly how I feel about human beings in general. Humans are exceptional creatures with seemingly infinite potential. In the past, our species has multiple-times displayed great levels of strength, intelligence, adaptability, all in order to overcome enormous obstacles. I’m sure that with current technology we could do similar things squared in the future. However, many of the things that I see today: the enormous asset bubbles, broken politics, huge global imbalances and debt levels, stupid behavior being encouraged, will all have to revert before we can get to that point. It will be extremely painful, so painful that I often fear it may drive people completely crazy. And we’re already acting quite coo-coo. Humans have done some stupid stuff getting us here.

https://www.engadget.com/2212152/meta-facebook-instagram-eu-addictive-design-finding/ https://www.cnbc.com/2026/07/10/meta-instagram-facebook-addictive-design-breach-eu-laws.html Seriously, Europeans--this is what your leaders are focusing on???

It appears Fairfax has been very busy on the share buyback front over the past 9 months (Q4-2025 + Q1 + EQ2-2026). We will get confirmation on Q2 amounts when Fairfax reports results. Shares repurchased: 1.5M, for $2.48B, or ~$1,637/share Diluted share count reduced: 6.6% Total capital returned to shareholders (including dividend): $2.81B Clearly, Fairfax feels their shares are trading at a very attractive valuation. And they are acting with conviction. ---------- Shareholder Friendly Management It is counterintuitive, but for long-term shareholders a low share price can actually be a gift — if the company is aggressively repurchasing shares. This is especially true when the discount persists for years. Buffett highlighted two major benefits. 1. Higher Per-Share Intrinsic Value This is straightforward arithmetic. When a company repurchases undervalued shares, the ownership stake of remaining shareholders increases. Intrinsic value per share rises immediately. 2. A Signal of Shareholder-Friendly Management This second benefit is more subtle — and often underappreciated. When management consistently repurchases stock below intrinsic value, it signals disciplined, shareholder-oriented capital allocation rather than empire building. Over time, investors reward this behavior with a higher valuation multiple. Buffett explained it this way in Berkshire Hathaway’s 1984 Annual Report: “The companies in which we have our largest investments have all engaged in significant stock repurchases at times when wide discrepancies existed between price and value. As shareholders, we find this encouraging and rewarding for two important reasons - one that is obvious, and one that is subtle and not always understood. The obvious point involves basic arithmetic: major repurchases at prices well below per-share intrinsic business value immediately increase, in a highly significant way, that value. When companies purchase their own stock, they often find it easy to get $2 of present value for $1. Corporate acquisition programs almost never do as well and, in a discouragingly large number of cases, fail to get anything close to $1 of value for each $1 expended. “The other benefit of repurchases is less subject to precise measurement but can be fully as important over time. By making repurchases when a company’s market value is well below its business value, management clearly demonstrates that it is given to actions that enhance the wealth of shareholders, rather than to actions that expand management’s domain but that do nothing for (or even harm) shareholders. Seeing this, shareholders and potential shareholders increase their estimates of future returns from the business. “This upward revision, in turn, produces market prices more in line with intrinsic business value. These prices are entirely rational. Investors should pay more for a business that is lodged in the hands of a manager with demonstrated pro-shareholder leanings than for one in the hands of a self-interested manager marching to a different drummer...” Warren Buffett – Berkshire Hathaway 1984AR

Totally. Bundles with live TV are now just as, if not more expensive than most cable packages were

Why would they cancel? YouTube TV is $65 and $85/m respectively. If Netflix charged me $40/m and it included current content and sports I would drop YouTube TV in a minute.

For the remaining purchase capacity I believe you would also need to include the shares purchased for Treasury. There were 25k shares purchased in Q4 and 52k shares purchased in Q1. I am not sure what was purchased for Treasury in Q2.

I believe they’re opportunistic with even the shares purchased for comp so it has some lumpiness

I noticed that total dollar value of Shares Purchased for Treasury dropped from $240M in 2024 to $189M in 2025. I am not sure of the reason for this drop as I would expect the total dollar amount to gradually grow over time as the number of employees increase. So the total dollar amount that is purchased for treasury in 2026 could vary as well.