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Updated 2025–2026 NCIB Running Ledger TSX Approved Program Maximum: 2,187,316 shares Absorbed in Q4 2025 (Corrected): 464,742 shares Absorbed in Q1 2026: 374,883 shares Absorbed in April 2026: 17,100 shares Absorbed in May 2026 (via SEDI): 170,000 shares Absorbed in June 2026 (via SEDI): 499,413 shares Total Program Shares Cancelled to Date: 1,526,138 shares Remaining NCIB Runway Remaining Purchase Capacity: 661,178 shares (valid through September 29, 2026)

No one is talking about NFTs anymore and Crypto is still mentioned, but not as much since the new thing to hype to retail investors is AI. I always remain skeptical of fads, whether it's cannabis stocks or offshore wind. Two of the areas of Crytpo that are still getting mentioned are perpetuals and Tokenization because the new SEC chairman and CFTC chairman seem a lot more friendly towards it than Gary Gensler. It's hard to tell what's real and what's hype because almost all of these companies are not listed and like OpenAI, you won't see the real numbers until they try to go public. I did notice that the largest tokenization company went public via a SPAC. So N=1 but it's the biggest player and the numbers were interesting to say the least. They lose money but are profitable on gross basis. They need more business to get to profitability on a net basis. What's even more interesting is that tokenization revenues were down 1% year over year. The less sexy, cookie-cutter back office operations grew 200% YOY though. So if the big dog is not growing, what are second bananas doing? BUIDL, by Blackrock was responsible for more than half of their AUM. If you take their other $2 billion in AUM and divide it by the 625 assets they claim to have tokenized, it's not a huge amount per customer. Does anyone know of stocks (not hedge funds or private equity) that tokenized their stocks? If so, why would anyone buy it that way? If you use your broker, you have $600k in SIPC in the US. if you buy a token and self custody it in your wallet, then you don't have SIPC protection and if you lose your password then: not your keys, not your cash. Has anyone here ever bought or sold anything that is tokenized?

I think you can add Rich Santulli to this list who was see as is successor at one point

Tks. Makes sense - thesis plus the wdc vs stx differentiation.

Sold my BBY and the remaining half of my IVZ position

During Q4 2025 I believe we absorbed 464,742 shares (YE-1,006,535 shares purchased minus Q3-541,794 shares purchased). The Q1/Q2 purchases look to be correct. Q3 Results "in the first nine months of 2025, partially offset by the payment of common share dividends of $343.6 million and purchases of 541,794 subordinate voting shares for cancellation at an aggregate cost of $856.8 million)." Year End Results “During the year we purchased 1,006,535 subordinate voting shares for cancellation for cash consideration of $1.6 billion, or $1,615 per share”, said Prem Watsa, Chairman and Chief Executive Officer.

It's really clear what's happening here, isn't it? America's Democracy ranking fell in 2016 because people elected Trump and the people who make these rankings don't like Trump. It's ironic because the people making the rankings are objecting to the Will of the American People--literally what a democracy is supposed to do. I just summarized the whole thesis for all these people who rank democracies: "The People elected someone we do not like, so now they drop a few notches on the "democracy rankings" that we publish". As with European leaders, "Democracy" is only valid when the electorate makes the "correct" choice. When they make the "wrong" choice, they are "far right", "dangerous", and should be censored and elections cancelled. That's basically European "democracy" in a nutshell which is why you had them slam Chat Control through despite overwhelming public opposition. "Ignorance is Strength" "War is Peace" And "It's only 'democracy' if you agree with us"

Yep and she was the darling of The Economist.

That's pretty funny. Ai has as much credibility as Angela Merkel who destroyed borders, energy independence, berated countries for any immigration control - and generally wrecked Germany's industrial & economic leadership (along with Europe's)

Don’t trust Wikipedia Charlie. See the talk section on that article: https://en.wikipedia.org/wiki/Talk:Democratic_backsliding_in_the_United_States Wikipedia cannot be neutral which their editors are biased. I used to contribute to some articles on Wikipedia but stopped because the editors wouldn’t allow some facts they didn’t like to be included in the article.

I am tracking the repurchases as follow (with AI, so not guaranteeing the accuracy): Updated 2025–2026 NCIB Running Ledger TSX Approved Program Maximum: 2,187,316 shares Absorbed in Q4 2025: 151,029 shares Absorbed in Q1 2026: 374,883 shares Absorbed in April 2026: 17,100 shares Absorbed in May 2026 (via SEDI): 170,000 shares Absorbed in June 2026 (via SEDI): 499,413 shares Total Program Shares Cancelled to Date: 1,212,425 shares Remaining NCIB Runway Remaining Purchase Capacity: 974,891 shares (valid through September 29, 2026)

I followed the forum and added a few shares June 1.

So YTD we are at 5% of outstanding shares?

I think the multiple is interesting because of margin of safety and the impact to total returns if it expands. It’s easy to buy at the low end of the range when the company is also buying. I’ll let the momentum buyers pay much higher multiples when they inevitably return.

Repurchases yes, whether they are related to TRS or not, we won’t officially know until they report Q2.

300k more in Q2 vs Q1. 675k shares total in Q2 including the 500k in June.

You poor guys. The Democratic Party is in a shambles and a joke. Europe is an economic, military and cultural disaster and is even more of a joke. But all you can do is think about Trump.

This is especially for you, Blake [ @Blake Hampton ], [I simplly coulden't help it!] Danish, translates to English by 'When the clown meets the comedian.'

So its confirmed the big block trades we've seen are repurchases?

Maybe we can find a way to create a car that runs on Bitcoin:

^ 9 out of the 14 unique states above have total Republican control (holding the governor’s office and both legislative chambers), and 11 of them have Republicans controlling both chambers of the legislature. How can Republicans be so rational at the state level while operating as a complete, on-fire clown show at the national level? It's ironic.

CNBC: America’s Top States for Business Area Development: Top States for Business Chief Executive: Best and Worst States for Business

He's a national embarrassment.

I presume your Q2 300k share buybacks does not include June, as it looks like they bought back ~500k that month.