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TBF, those Chinese open source models have been heavily modified to censor stuff, at best. Worse, may have hidden Trojan horse in them. We won't really know until researchers take some extensive poking to it. We're seeing Google release cheaper models to address the cost, and over time, one of the hyperscaler will provide a free/open source model to run on their infrastructure to sell the service. Different systems, different limitations.

One thing that all Fairfax investors need to keep in mind. Mr. Watsa's holding period for his family shares is forever, and he has stated that publicly and that the continuity after him is his family. They have a dividend to support their lifestyle and time is almost inconsequential to them. And unlike most other investments where you can take a 5 or 10 or even 15 year perspective, I think Fairfax is one of those that could frustrate you even longer and genuinely test your patience. Also given the kind of companies they invest in, cyclicals, turnarounds, leveraged etc, it's not always a sure thing and neither is timeline apparently a major concern. Take resolute forest products., or blackberry, They were failures as far as investments are concerned, but I believe even worse is it took a decade or more to realize that. That can be true even with potential successes, Fairfax India/BIAL (or even Eurobank for instance). In the former's case Shareholders are waiting 11+ yrs with sub par returns whilst they are told shares are cheap and do not reflect intrinsic value. They may very well be, but I haven't seen much done to realize this value. So that's the level of patience that you require. I'm speaking as a shareholder of Fairfax since 2008. I've seen good bad and raging bull market in this time. Even with the run over the last five years, compared to indexing, I am still behind on the portion of shares I bought then. So if you are investing money you need for a college expenses, or retirement or something of the sort with a fixed timeline, you need to take heed, even if it's a decade out.

Interesting to see the asymmetry in inexpensive drones for attack versus expensive drone defense. Probably one of the reasons the US is interested in bringing the war with Iran to a close. US air defense missiles are quite expensive and the war has already likely depleted years worth of current production levels needed just to replace what has already been expended.

AGTF has had too much promises and too little delivery. They have a solid base with a delevered balance sheet now, but CEO seem to be talking about growth opportunities. I'm sure the CEO it's in frequent contact with Mr. Watsa. One thing for sure, if he's a good operator and discusses capital allocation with Prem, then in time a good result is very likely. But like many Fairfax investments, that timeline could drive a lot of people crazy.

A gas station masquerading as a county runs out of gas:

Doomers gotta doom.

Sold my AHRT position

https://www.cnn.com/2026/06/26/us/texas-schools-bible-curriculum-vote

https://www.cnbc.com/2026/06/26/jeremy-grantham-says-this-is-the-most-expensive-market-in-american-history.html

Thanks @Charlie I got the article and got it translated. I think it is sad that as a society we aren’t having more kids, plus I agree with the point, we are trying to over diagnose. I keep saying to my wife, that years ago people just on with things and don’t overthink it, and most of them turned out ok. @Xerxes and @Castanza I agree part of it is societal. We’ve set quite a rigid path for kids nowadays something counter to our entire history. It’s funny you mention school, I was recently thinking the same, and I’m fully expecting complaints from teachers already.

Thanks for laying this out — I agree that Holcim’s intention to tender for all remaining shares is an important incremental point, and the overall setup is interesting. I may be missing something here, so please correct me if I am reading the filings incorrectly, but I think there is one nuance on the implied price. One caveat on the “~$13/ADR” number: it comes from the higher S/1.85037bn figure in the initial 13D. But CPAC’s May 27 6-K / SMV response includes Holcim’s statement that no CPAC per-share price was expressly agreed; instead, the agreed price was S/1,640,327,224.69 for 99.992136% of Inversiones ASPI. If you allocate that amount to ASPI’s 211,985,547 CPAC common shares, it implies about S/7.74 per CPAC common share, or S/38.69 per ADR. At roughly 1 PEN = 0.292 USD, that is only about US$11.3 per ADR. So I would be cautious about treating ~$13/ADR as the floor. The final OPA price will depend on the SMV valuation process, but the lower disclosed ASPI purchase-price figure suggests a materially lower anchor.

Gee, I thought they came to America for the trash bag lined streets of NY and LA!

Borrowing from Andrew Sullivan regarding World Cup visitors: And it’s always a joy when Europeans express the same amazement I felt all those decades ago as I first discovered this wonderland. “Everyone’s just so nice,” said one, which is what every relative who has ever visited me always says about America. Always. If you think the American way of life is ending, you should listen to some of these star-struck visitors. “Indiana is exactly how I dreamed America would be. Small towns, wide open spaces, cornfields, barns, cute houses, diners, water towers, friendly people, great food, American flags everywhere, and so much more!” said one Swede, who’d also been won over by Ranch dressing (a true revelation). By getting peeps to go to the heartland for matches in various stadiums, rather than the usual coastal tourist fare, the World Cup is actually giving a more representative picture of the entire country and it’s a huge hit. https://open.substack.com/pub/andrewsullivan/p/dude-lmao-this-is-a-gas-station?r=9iue0&utm_medium=ios

Egypt vs Iran is being designated by the world cup organizing committee as the Pride Day Match, coinciding with Seattle's Pride festival. They are encouraging LGBTQ+ visibility, with rainbow flags and drag queens. It's something straight out of a South Park episode.

Norwegians on the subway: https://www.instagram.com/reel/DZ5Tr1AxHsI/

Will Berkshire finally be included into the Dow Jones index? https://www.barrons.com/articles/nike-dow-berkshire-hathaway-alphabet-verizon-2ca2b737 Cheers!

Agreed. It is not inconceivable that the AI bubble will be deflated by overzealous government regulation. Anthrophic has been blacklisted by the government and their best product is export contoured which being quite a bit of bureaucracy with it an limits sales into man markets. Now OpenAI looks like it’s in the same doghouse. I don’t see how this business can be IPO‘d with these risk factors.

Smart to do a dividend growth strategy. Ultimately would attract more dividend focused benchmarks and quant funds.

That was my takeaway too. IDBI might just be the first one. They can go elephant hunting if it works.

AGT announced a $0.05 dividend. https://www.newsfilecorp.com/release/297570 I thought they had the IPO to pay off the debt so they would flow some cash Seems like it will be hard to get Canadians excited about a 5 cent divy.

If this ruling stays, they are both toast. Open models have catched up and theres no real reason to pay for the expensive models anymore. If they are not allowed to publish frontier models, how should they earn money? If both of them don't fund the creation of new models who should step in? To me this is the clear bell ringing at the top for semis and the bottom for software.

They are putting the squeeze on Crimea as the supply lines are haunted by drones. If they lose Crimea (still far from it but the noose is closing ) then it will be obvious to even the dumbest Russian that this war is lost. FWIW, bombing the capital is exactly what the Allies did in 1942 to overstretch German air defenses.

LILAP - the latest Malone spin off. A 9% preferred trading at under 80 cents on the dollar even after Malone bought pretty heavily open market in the past few days.

It’s not MU deciding this, it’s their customers and I think we are getting indications that they are getting antsy. I think shares prices will peak way before the memory business and the earnings do as Mr Market is good at smelling a rat in these high visibility situations,

The same people screaming that grocery store shelves would be empty in three months post Liberation Day, were the same ones screaming about $200 oil this past time. Did it make sense on paper and spreadsheets? Sure, you could probably argue that. Could it still happen? Yeah maybe...But people tend to forget that the market can be irrational in either direction....The market has been extremely forward looking when it comes to macro risks since Covid. Pays to be an optimist and an opportunist.