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While I do subscribe to Claude and Perplexity, they can not access the website - guess I tried using simple prompting as opposed to coding...hmmm...

Sounds like you are saying data centers?

Spot on from the MD&A: “On June 15, 2026, the Company entered into a definitive arrangement agreement with 18013632 Canada Inc., a newly- formed and wholly-owned subsidiary of Fairfax Financial Holdings Limited, and Fairfax Financial Holdings Limited, in respect of a transaction whereby all of the issued and outstanding Class A Non-Voting shares and Class B Voting shares of the Company will be acquired by 18013632 Canada Inc. pursuant to a plan of arrangement under the Canada Business Corporations Act (the “Arrangement”). Completion of the Arrangement is subject to customary conditions, including, among others, court approval, regulatory approvals, and the requisite shareholder approvals.” A first pass I had a brief look at this and I am still not sure how this deal clears a 15% IRR hurdle on the stand-alone numbers. At roughly 8x FY2026 EBITA and a mid-single-digit earnings yield on the equity value, it does not scream “fat pitch”. The base case still feels more like a mature Canadian consumer business than a “classic” Fairfax opportunity. But the deal starts to look more interesting if Port Moody is monetized well ($20-$30m?), margins continue to rebase higher, and Peller becomes a platform for smaller wine, craft beverage, import-agency and succession-driven family assets. I was bracketing around the following crude return estimates and the benefits of Fairfax Ownership Case Return feel before credit benefit Credit-rating benefit/Balance Sheet No real estate monetization 9-10% Minor Port Moody monetized well 10-12% Helpful but secondary Port Moody + margin expansion 13-14% Adds some bridge Port Moody + platform roll-up 15% possible Most valuable here Arguably the more important signal is that John Peller is rolling over rather than just selling out. He knows the assets better than anyone, has already stepped back from operating leadership, and could presumably have taken cash. Instead, he appears to be choosing Fairfax as a long-term home for the family legacy and a partner with patient capital, better credit support, and a willingness to let the business compound outside the public market. That says something. In fact it made me think about Buffett’s old pitch to appeal to family businesses: Berkshire as a permanent gallery rather than a trader of assets. Fairfax may be offering a Canadian version of that bargain, liquidity for public shareholders, continuity for the family name, and a permanent-capital owner that can back the next phase. I would not call it obviously great yet, but I think I can see how it moves from “single-digit winery deal” toward “asset-backed platform with a credible path to low-teens, maybe 15% if execution is good.” My concern is always “are they lowering the bar”? So hopefully there is more to it than a superficial first pass reveals. In this regard I would definitely give Fairfax the benefit of the doubt.

You mean to suggest this activism for our favorite India fund, or adopt similar tactics?

We do a bit of pair trading as well, with each 'pair' being a different asset class (BTC/Oil), (CPG/Oil), etc. Sell the expensive and buy the cheap. Some of it is relative near term prospects, but it adds time frame to the risk; the expected 3-4 months often doubling to 8-9 months. Two sets of stars need to align .... if/when they do, you do very well. Key, is comfort with open exposure .... not for everyone. Some of it is seasonal. Sell the CAD drillers in May to buy CAD beer; reverse around Thanksgiving. Capture the busiest times of the year for each industry. Key is honest and accurate forecasting ... not the what you hope might happen. Not for everyone. Used to do pair trades within the different sectors of o/g itself, but it just wasn't worth tying up the portfolio. Were we to accept the restriction, we could do a lot better on the risk/return. Differeng strokes. SD

So sad - this is a huge negative for Netjets! Even still they have world-class safety

IDBI up 19% today. Seems like we may be getting closer to a deal.

Same! Happy memories.

I don't understand why anyone would ever be an 'oil bull' or 'oil bear'. Unless you're trading the commodity, there are ways to be involved that aren't just beta. That seems to be overlooked by both sides.

Food for thought, @Blake Hampton! As someone who loves reading, I’d like to think that you’re not altogether wrong in pointing out the challenges with the apparent disinterest in it on the part of either the average American or many of our leaders. And a love of reading and lifelong learning can probably be connected somewhat to an above average level of personal intelligence while not being a reader might be correlated with a below average level of intelligence. But I’m also reminded of Buffett’s comments about what characteristics he looks for in an ideal employee: energy, integrity and intelligence. And if a candidate is missing one characteristic in particular (integrity) he really didn’t want him (or her) to have either of the other two. I guess what I’m saying is, given his lack of personal integrity, I’m not terribly upset that the President lacks an interest in reading. I do wish, however, that our dear leader would spend much more of his time sleeping or playing golf than he already does….

Video of today's Netjets crash, I believe it was the company's first fatality. https://www.cnn.com/2026/06/17/us/plane-crash-laredo-texas-highway-hnk

This oil trade might be the greatest rug pull of all time. The oil bulls are absolutely out of their minds. Cushing has now reached tank bottoms and meanwhile oil sinks like a stone. It really is hilarious (as long as you have no position). I happen to think this is not over. Real oil inventory does matter at some point and a billion barrels can't be taken off the market / Iran given control of global oil supply without the price reflecting that sea change. But for right now the "lol nothing matters" crowd is winning.

I bought it around 1550 blended, so while i would love to say i am so in love with the stock that at 1400 i would make it a 20% position, thats obviously not true. For me I question where next leg up in growth is coming from and that is what gave me concern and caused me to sell a bit. Exactly my concern, and why even though in the heat of the moment I was really super excited to have it at 10% of my portfolio, I am concerned about the growth. And I think if they increase volumes too much then the exclusivity disappears and pop goes the balloon (a la LV). At 5% it is sufficiently large for me to enjoy the gains and sufficiently small for me not to over worry myself.

Messi's hattrick today was quite impressive. The pressure is on Ronaldo now...

Thanks. I love the business and have a tiny starter position but would love to own it at lower prices.

Cuba should declare war with the US. They definitely need the money.

Thats a whole different topic which will eventually lead to their downfall but the bigger issue right now is foreign interference in US politics. Do you agree? I know you got the point of my message

Awesome! Hope you have a great time! Feel free to ping me directly on restaurant, hotel, brewery and/or other recommendations.

sold some January puts on Venture Global at $10 and bought some calls at $12.50.

We're headed to the Algeria Austria game! Looking forward to it! Just picked the KC match with the cheapest tickets since we aren't big soccer fans.

Today’s games are on FOX over the air. Interesting that they’re on Peacock too. KC is presently really excited and busy with Argentina and Algeria both playing and practicing here as their home base (England & The Netherlands too). Seems like all have great fan bases. I didn’t know what to expect, but wow!

One of the things that used to frustrate me about Prem was how generously he praised some of the CEOs running Fairfax's investments. He has always been loyal and people-focused, but the praise sometimes felt disconnected from the results being delivered by some. Today, it feels different. Prem has toned it down, and the calibre of the people running Fairfax's equities is noticeably higher. More importantly, the results are there to support the praise. In many ways, it reflects Fairfax's evolution since 2018: better businesses, better management teams, and better outcomes for shareholders.

I don't know about you, but I am not invested in Fairfax because I have some great conviction that they will beat the index. In fact purely based on their equity investments over the last 17 years that I have been observing the company I would have to say my confidence is pretty measured in this regard. 50/50 at best. My reason for being invested is that I believe in the integrity of its leadership and love the way the company is structured. I believe the quality of their Insurance side is now underrated, I like the leverage that a float of that size gives them, I think their bond team is stellar, and I like their international exposure. As long as they don't completely suck on the equity side, we should do reasonably well. As you saw in one of the earlier posts by Viking about the lost decade, they still managed annual returns of 4% despite crappy equity investing and low interest rates. If that's the extent of the downside scenario, sign me up.

I am salivating at backing up the truck on this lower. Hamblin Watsa are probably putting restraints on Prem to keep him from hedging/shorting this stupid market. He is buying shares back instead that’s what you do at Fairfax 3.0