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This is where Benjamin Graham’s great aphorism is very relevant: « The market is your servant, not your master. »

England- France was like a for show or all star game. It wasn’t good soccer in tactical sense. On another note, the fact that the best team may not win a soccer game is not a bug. A game would be boring if the best team were highly certain to win. It’s a feature not a bug that almost anything can happen in soccer in short period of time and that is what makes the game interesting.

It’s nice they got the ticker wrong and made the same mistake @djokovic1pointed out in their intrinsic value analysis. There is no attempt to figure out what the business is worth. Instead there is an inherent assumption that markets are efficient so (recent) historical valuation is reflective of fair valuation. That’s the risk management tool when valuation really doesn’t matter in the decision. CIBC did the same thing in their initiation report. The move in interest rates alone was worth 8 ROE points. Surely that deserves a higher multiple.

Plus a stock market that never goes down and an economy that never has a recession. Recessions cull the stupid and overly risk taking rich while at the same time provide opportunities for those that are wise and frugal from below to move up. You can’t have real capitalism without recessions.

Holcim timed it well. Agree with your thoughts above. Holding out for $13

Indeed fundamentals do matter in the long term but anything can happen in the near term. Take the last 12 months for example. At 2025 Q2 end, Fairfax had $25.77b of shareholder equity, and shares traded at $1807. We will know about end of Q2 2026 shortly, but it's likely atleast a $1B higher. In addition they likely reduced share count by around 1.8M in the year ending Q2 2026. Underwriting has been strong and in the range of 92-93% CR, and net written premiums have continued to grow in the collective albeit much more modestly. Interest rates(proxy 10yr tbill) are another 0.3% higher. And their net excess of market value over carrying value went from $2.4B-->$4.2B. Additionally they have added to their wholly owned subsidiaries eg Kennedy Wilson, MW Eats, while Andrew Peller and Sleep number(via Sleep country) are in the works and perhaps IDBI is coming soon. Lastly they paid around $350M in dividends. They earned and allocated over $210 in eps during this time and probably accrued easily another $70-80 in value in ownership stakes that they held over this time. The S&P has gone roughly 6200->7500 during this time. None of these seem to be negatives to me! And yet the stock closed at $1624 today, over 10% lower than end Q2 2025. By my estimates BV per share is about $150 higher, and IV is about 20% higher over 12mths, even as the share price is 10% lower. No wonder they keep buying. Let's keep this streak alive. One more year like this please.

Even Rabiot thought that first half was shameful:

https://www.theinvestorspodcast.com/episodes/fairfax-financial-ffo-to-the-berkshire-of-the-north-tip/

lol everything I've read has people thinking it sucked so.. I guess it depends on what you're reading? Also I have eyes and a brain and watched that first half.. what's so exciting about low effort?

Probably too soon for AI. It's only been out for 2 years, not even at the dial-up internet equivalent stage yet. I think the current divergence in wealth is more likely from globalization. The top performers have a larger market while the bottom performers to compete against a far larger labour pool.

Everything I've read.has people thinking it was the best game of the tournament. Maybe (probably) because there was little defense. If that was distasteful I think a lot of fans would want there to be more distasteful games. Theyre exciting.

I found that England-France game to be distasteful. Zero effort on both sides, especially the French. They're playing like it was an exhibition or all-star game, rather disrespectful to their fans.

Well, I think the vote might be split there...quality versus quantity. Do you have sex with your girlfriend like a rabbit and each time is more tiring and less exciting, or do you make love to your wife once and you feel a singular euphoria? I think the Europeans and South Americans will disagree with each other! Cheers!

This stuff certainly happens, and always will happen...people will always try and find a way to game the system. But in terms of fair/equitable elections, I don't think the proof of fraud has been substantial enough to change the legitimacy of the results...certainly not in the last three elections which have been heavily scrutinized! It happens, tighten the rules, but forget the bullshit fear-mongering, conspiracy shit that undermines the elections. You are not some banana republic! Cheers!

Yea, I mean like some of the guys defending soccer....I played hockey and loved it as it was...but as far as the health of the sport goes, you need to sometimes step back as a purist and accept some things need to change if the game is going to grow. The best games of the WC were the England France and Croatia Portugal games where things were back and forth and there were plenty of scoring chances and goals(even though the refs stole a bunch)...the 1-0 yawners are only fun for purists and folks at the pub.

Again, one commit suicide and the other was crazy to begin with! Concussions, brain trauma, multiple surgeries, arthritic bones...it's a tough life when you retire. Cheers!

It was fun to watch, but ALOT of concussion PTSD for these players...even ones that didn't fight and just got clobbered by open ice, full-speed hits, boarding hits, etc. We didn't understand the mental health issues these athletes were experiencing because fans were thoroughly entertained. The sport today is much safer for these athletes. Cheers!

Yea, so much like the "government waste" subject....can these deranged libs stop protesting it and claiming it doesnt exist or doesnt matter lol?

You are probably right there. Although the clutching, grabbing and diving was just as bad 20 years ago in soccer. At least with VAR you can now punish people for faking it or cheating. You get rid of the clutching and grabbing in hockey, add a few minor changes to keep the flow going and reduce goalie pad sizes, and you increased scoring dramatically and made the game exciting again. Few people enjoy a technically sound game or boxing match (defensive)...they want action and thrills! Cheers!

Not saying that's a good thing, but it happens in every state: Fact check: Have non-citizens voted in recent Florida elections? - Ballotpedia 2,724 'potential noncitizens' registered to vote in Texas; review finds 33 may have voted in 2024

Like Trump, I think many MAGA supporters think most of the world has no issues with Trump or his policies. How can you be mad at such a loveable leader?! Cheers!

He covers Trump less than John Oliver, Stephen Colbert or Jimmy Kimmel, but I would say about half his stuff is Trump-related...current administration-related. That being said, he takes the Democrats equally to task, and was completely non-partisan when pushing all Congressmen to pass a bill extending full health coverage to 9/11 veterans suffering from radiation exposure and other risks as first responders. Cheers!

Thank you!

Of course, as you may know I agree with all of this. My only response would be from these four levers, the only lever not fully in their control is interest rates. And my point was if you take the others as given i.e great capital allocation and alignment, the variable macro i.e interest rates is also in a great spot i.e 5% locked in for ~3years with rates likely to stay there or higher rather than going lower. So the downside risk today is very low.

My aim is next 6-12 Qs. I think SNDK will do $400+ in CY27 EPS. From that perspective this is very cheap, don't even need a re-rate. Then you have HBF as well. Kimi K3 comes with a new KV cache optimization layer that shrinks cache by 75%. It is now 4x cheaper to just let cache stay because if you're not doing that then whenever the user comes back to the chat the labs will have to re-compute everything on the GPUs. I have kept trimming SNDK. Started the position in Tegridy when stock was $400. It kept ballooning and becoming a bigger % of the book. Cut the proceeds from it to fund LQDA buying when the stock went down as well. Whats in the fund now is basically house money, or even less than that. NVDA ICMS architecture specs out roughly ~16TB of KV-cache capacity per GPU, ~150TB of context memory pool per rack, built from 100TB SSD modules, scaling up to a 10PB ICMS cluster serving an NVL72 rack-scale system. The Rubin generation that actually carries BlueField-4/ICMS enters rack mass production end of 3Q26, with ~5,000-7,000 VR200 racks in 2H26 and the real volume ramp in 2027 according the street. The ICMS central case of 85-90EB would consume 60-75% of the entire industry's annual bit growth by itself. Then you add non-NVDA demand and we'd still be constrained. I think r/r for SNDK very good under $1,600/sh.