All Activity

Your numbers show that the increase in all metrics, net premiums written , investments, investment float and book value, all increased slightly more per share than thety did in absolute terms, so your conclulsion ("Much of the dilution had been offset through organic growth") actually seems understated. It seems to me it should be "All of the dilution, and more, had been offset through growth." Apart from that nitpick, one other point that perhaps bears mentioning is that Fairfax has showed flexibility not only by buying insurance assets when the market was soft, but also by selling insurance assets when the price was very good. The 3 examples that come to mind are Vault Insurance (2021), the big Pethealth sale (2022) and the life insurance business Eurolife (2025). They also bought the 50% of Gulf Insurance they didn't already own in 2024 (40% from Kipco, and 10% in a squeeze-out of minority investors.) In other words, they have been opportunistic about insurance companies, buying a lot when the market was soft, but also selling some when the market was hard, and even buying some (Gulf) when the market was hard but the strategic reasons were good.

https://www.barrons.com/articles/berkshire-weschler-stock-davita-sirius-e9ee54aa DVA & the much maligned SIRI had a great first half of the year, plus Delta up around 50%.

More like Lag 7

I'm in the same boat with some of the same stocks, S&P has been trouncing me lately. But I beat it for several years running prior to that, just got to play the long game and stick to your investing philosophy.

We're just doing the dirty work your country is too cowardly to do. Don't worry CW - we got you covered. You can go back to cheering for the IRGC, Fidel's buddies and China Carney.

Interesting that they waited until a multi year low in broker multiples to IPO. If they'd done it 18 months ago the same results might have received double the value. And doing it at the same time that BWIN is rumored to consider going private again.

My returns have been abysmal lately. My top positions are BTC, JOE, MSTR, and FRFHF in that order. I’m back to where I was at the end of October 2024. I don’t really care about short term results. Lumpy returns are fine. BTC (and MSTR) will recover and continue growing, JOE will eventually break out higher and, of course, Fairfax is going to be just fine long term. Why fret over short term returns?

I don't really give a ____ when i look at my short term returns and they are negative. That doesnt mean i dont look at it regularly and wish that the "thesis" would play out faster. Markets would recognize ADBE is the creative operating system for all enterprises. That Berkowitz would let the sell pressure rise faster for JOE. So the manamgent execution could shine instead of having his black cloud of selling over it. That my otc microcaps could get noticed for how sexy they are. But i know what I own and Im cool with whatever the market wants to rate them at.

I think it’s by design to the extent, it’s what management is compensated on. Forward ROE improves when shares are bought back above book value all else equal. Some pay special dividends which hurts shareholders when the stock trades at a premium to book.

Took the words out of my mouth. When was the last time the US won a war? Iran? Sure the US destroyed Iran's navy, air force, etc. But So far Iran still has its nuclear abilities, still has caves full of missiles, and now, now it seems to have gained control of the SOH, not to mention potentially being awarded billions of dollars from the US. Even Trump hasn't got the balls to actually attempt to invade the country. And Canada is 6 times larger than Iran, and 15 times the size of Afghanistan. And size does matter when it comes to controlling or invading territory Winning a war takes more than the best weapons. Look at the French resistance in WWII and the problems a small group of people caused the mighty German war machine. Look at the failure of Bay of Pigs invasion of Cuba and the futility of the hardships the US has imposed on the Cuban people for nearly 70 years. Look at the embarrassment when the US was forced to flee Saigon. Look at the fiasco that took place when the US fled Afghanistan. And one more thing. There are a lot of Americans that would rather join Canada than fight us.

Am I the only one who's completely indifferent to anything that occurs in such a short time frame?

I'm down 7% YTD, which is pretty terrible particularly considering the index performance. Eats up the last few years of outperformance. On the bright side, I feel good about my current portfolio composition.

You need to be more understanding. Now that MAGA's favorite island is off limits, there's no democrat in the white house to "peacefully protest", and their great white hope has kind of shat the bed in Iran, there is a concerning lack of positive talking points. So when in doubt? Fall back on the tried-and-true: A good old-fashioned and self-administered suppository of 1950s conservative talking points!

I tend to make quite concentrated bets and it causes a lot of volatility in the YoY metrics. Down this year due to being heavily concentrated in ADBE. but i have long strong conviction and in some future period it will have an outsided return. Or who knows a few years from now ill be down 75% and ADBE will be at a PE of < 3 because AI is killing it while revenue continues to grow at 10% and i will continue to cry myself to sleep.

I am using Interactive Brokers and Trade Republic for this one. Worked fine with IBKR; with Trade Republic, I had to file another acceptance instruction after the offer price increase. A colleague of mine did it through Deutsche Bank maxblue, and it was also sufficient to file the acceptance instruction only once. As settlement is generally T+2 in Germany, it should theoretically work until Wednesday, July 1. Usually, brokers have shorter acceptance periods, but you can sometimes extend those by contacting their customer service. I can generally recommend IBKR, as they seem to be the fastest when it comes to notifying you about the offer.

It turns out enduring London will be worth it. I heard back from the Royal Institution today and even though they are closed on July 27, they are letting me and Lyn in to tour the Ri!

I'm having a poor year, up about 6%. The biggest detractor has been software stocks I bought back in December.

Thanks to you all, wise words, but also good to. know there are a bunch of smart people out there in similar situations, and owning similar assets. When you're doing this on your own, even though you know rationally your portfolio is full of good companies, it's still easy to doubt yourself. And this sort of environment irritates me with all the Memory fanboys gloating.

I'm a glutton for punishment so I've been nibbling on some Volkswagen

I mean, yeah, obviously. The problem isn't winning the war. It's the next 50 years with a 5500 mile border, potentially 40 million newly-minted terrorists, largely indistinguishable from Americans, many of who would view the Geneva Conventions as naive suggestions. It is super strange how Americans keep on believing that "winning the war" is the end of things, not the beginning. When was the last time that was true? WW 2 or Korea?

New starter position in HONA (Honeywell Aerospace spin off)

Any ideas for companies in this category? CME has declined enough that, with the special dividend, you’ll probably end up around 6% (maybe a little below 6%). VZ is over 6% now.

down YTD with Fairfax, Stryker, and TCEHY causing most pain

BRK, MKL, and FFH probably make up half of my portfolio, so I am under performing as well. I trimmed some google and boosted mkl and ffh on the big earnings drops which came around the same time Google hit its high. I am definitely lacking positions that add torque to a portfolio.

Absent LQDA I'm up 2%. CPNG is a big detractor for me as it was about 15% of my portfolio. I'm not excited about my portfolio but I go to sleep knowing it's probably sound.