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Rugby is what football should be like. I recall them hauling players of the field with stretchers while the game continues.

Buzzi- More cement ballast for my portfolio this AM. There was a big seller this morning .

WTH is Kimi moonshot?

The US voting system actually isnt a mess. It works remarkably well with virtually no fraud. And it has been this way for a long, long time. The only reason its even being discussed is because Trump is still focused on the delusion that he won in 2020 and therefore it must be fraud. And like everything Trump he just spews lie after lie about it until it becomes a discussion topic despite zero evidence or proof of anything. In fact the biggest evidence so far is Trumps own phone call asking to find votes and Musk claiming that Trump only won because of him.

It’s useful for bankruptcy prediction and to quantify financial stress. I have heard about it first around 2002 when there were a lot of bankruptcies in the wake of the recession and this tool was popularized. YOu can get this number for free with a lot of stocks at Gurufocus in the summary page: https://www.gurufocus.com/stock/AAPL/summary I might ask tikr support to calculate this number and include it in their overview or ratio page . Should be relatively easy to do because they already have all the input variables there and they are generally open for suggestions

85% of American citizens want strict voter ID, with proof of American citizenship. This is one of this 80/20 issues that Congress refuses to act upon. Much like the issue of men in women's bathrooms, America is tired of this non-sense. The President will do everything in his power under the Constitution to restore the faith in US elections which has now become a standing joke. The people have spoken and THIS President is a man of the people.

That post of yours above, Charlie [ @dealraker ], fits like hand in glove the content of this article in NYT : The New York Times [July 16th 2026] : Truth Social Parent to Sell Faster Access to Trump’s Posts Subtitle : The product, Truth API, could give Wall Street trading firms an edge in seeing President Trump’s posts on the social media platform he partly owns. - - - o 0 o - - - Christ he's good! - Next : My best guess a Trump terminal!

Always remember guys that we are only going to discuss what the Don wants us to. It will go here, it will go there, but it will be what he wants when he wants. Our media is desperate to sell the ad and the Trump orgy of topics is the premier. So today it is elections... For a few days we aren't talking war, Epstein is long gone as are many other Trump issues. Today will go nuts about elections, wild ass accusations and bizarre comparisons to developing nations are absolutely relevant...a huge threat to our country, at least today...at least as long as the Don has us there. Just remember that if the pubs win then there is no election fraud and it has zero importance. Accusations are silly at that point, off topic, Trump will have you obsessed about something else and the ads will be a-sellin'. For a decade now and most likely until this fragile fake pathetic thing dies you will discuss what he wants. The political thread, the entire US chat box, is owned by the Don. Can't wait to see the excitement and potential of a bear market, likely the only thing that will derail Trump's domination of the US. Keep in mind after Trump is gone you'll will finally wake up to the fact that this was like nature's chaotic storm, that there's massive cleanup. You'll also see that nothing was gained that you (and me) just wasted over a decade of your life letting the Don rule your life.

I think compute is the way to look at it. It is a commodity so demand and supply apply. At the moment demand is pretty much infinite because AI is so compute intensive in its current guise and it is being massively subsidised for its users (with OpenAI Anthropic losing billions a year). Training the LLMs and developing new AI related software requires a lot of compute. Companies are also encouraging their employees to use AI i.e. tokenmaxxing. There also hasn't been a shakeout yet so there are a lot of startups using compute in many cases being subsidised by Nvidia or the hyperscalers and this is all supporting demand. Also many of these datacenter projects are in the pipeline so haven't gone live and aren't yet affecting supply. Nor are they hitting P+L of hyperscalers because they are accounted for as construction in progress. Their legacy cloud businesses are doing incredibly well because the AI buildout is creating a lot of extra cloud demand but supply. A lot of people are arguing that AI is a FUNDAMENTAL bubble. In other words people are extrapolating fast growth which is unsustainable. Valuations aren't as crazy as during the dot-com bubble and that is giving people a false sense of security. It is a build it and they will come approach. The problem could arise a few years down the line when supply/capacity is greatly expanded as a result of these massive investments but demand hasn't increased as fast as expected. Most of the ROI figures only really make sense if you assume either massive productivity improvements or significant job displacement (but in the latter case if that happens as fast as the hyperscalers need it to happen then the economy is in trouble because consumption represents the majority of GDP and people without jobs generally don't spend much)

Sanjeev [ @Parsad ], If you were a piece of classic furniture, then it's called patina, which is valueenhancing!

Insightful report, thank you! Recently read a quite exenstive report doing a deep dive and breakdown of Markel - coming out at more or less the same discount. Next to BRK and FFH, MKL is quite the weight in my portfolio so I genuinely hope management ups the ante with the buybacks at these valuations. I don't expect them to be as opportunistic as FFH, but still. I like the general set up of these three names over time, with FFH probably being the powerhouse whereas MKL and BRK I'd say still about 10+%-ish returns (hopefully MKL a bit more though).

In the UK we have to prove we are eligible to vote, have to bring voter ID, mail in ballots are highly restricted, and everybody brings their own refreshments if they need to stand in line. It’s really not a big deal. There US voting system is a bit of a mess, and there are a good number of the population that don’t trust election results. It’s strange to me that so many people are resistant to tightening the system up to ensure trust in the process.

I doubt any of the hyperscalers are even thinking about ROI for AI. They're doing so because they think that they have no choice cause everyone else is spending with their heads cut off. Well, except for Apple which may end up in better shape than everyone else in the aftermath of this.

thanks! Yes it is. It also uses 2025 YE numbers for all companies so the discount for Fairfax and Markel today will be larger than what’s shown there and Berkshire is likely also at a small discount. Because income statement and balance sheet for all is larger than at YE 25.

Like preventing any food and water from being given to those in lines in Georgia...etc. He's talking about taking measures to cut back on voting...how ballots are drawn up...mail in ballots...etc. He's going to make it extremely difficult for many voters on both sides...but he'll wipe out more on the left. He's going to get a proxy 3rd term or more! Cheers!

Exactly! By requiring only US citizens vote and eliminate voter fraud. No more elections like LA. Great plan.

Trump informing the world right now how he's going to get his picks elected this fall and in 2028. Erode trust in the election process, get basically a 3rd term by enacting reforms that make it hard for Democrats to vote. Cheers!

Serious question for you Parsad: Why in the world, would C-SPAN, the non-profit that broadcasts all Federal legislative hearings - actually broadcast such a thing? You would think C-SPAN be immediately expelled.

CME and ICE are each working on a futures index contract for compute capacity at data centers that use NVDA chips. One index is being created by someone who used to work at Bloomberg, the ICE one is by ORRN (sp?) which is a broker for data centers and people who want to rent computing power for AI startups. If you think AI or chip companies are overvalued but you have an opinion on the amount of Chips and energy that is going to be needed by data centers. This might be a way to play it. Both of them have submitted the contracts for approval by the cftc but they are both still pending Kalshi lets you bet on computing capacity now, but in a really stupid way. You have to buy a bunch of yes, no prediction market contracts at different prices and for your own forward pricing curve.

Funny! I actually have heard of this...a guy's arm got impaled on one of those pointy iron fence posts. He was just trying to climb over, but fell on his arm and his own body weight impaled him. Cheers!

That's not real! No way you keep talking with no hesitation or slightly warped face after you let out something like that. Cheers!

I embraced my lack of hair a long time ago. I'm one of those people that believe the wrinkles, baldness, belly fat, sore joints, etc are all indications of a life lived. Not necessarily well-lived, but lived! No interest whatsoever in hiding the flaws! Cheers!

Is the valuation framework you laid out on page 14 the framework Markel laid out in last years annual report? i hope your investors do well!

i had a college buddy a long while back who had to0 much to drink, tried jumping a fence like that and got caught on the leg and was hanging there. I believe he was by himself, had to get himself off and call for help. I still shiver when i think of it.