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The Moscow Times [June 28th 2026] : Putin Vows to Ensure Russia’s Security Amid Ukraine Retaliatory Strikes - - - o 0 o - - - Naturally, everybody can count on that and take it as a given, despite other puclicly available facts. [*shrugg* }

I don't know too much about Norway's sovereign wealth fund, but I understand that it is a vehicle to invest surplus tax revenue coming from oil. The fund does not act as a political or strategic owner (if you look at its holdings, it may as well be an index), is not permitted to own more than 10% voting shares, and is mandated to invest only in assets outside of Norway.

+1 Love to see it. This has been the thesis since I first found the company in 2012 when they had a single producing royalty, $200M in cash, and a hopeful Kami development. The path didn't end up quite that simple and the progress was hidden for years behind share issuance/debt service for the Potash royalties and a weak commodity market in general until 2021. It still seems under followed and under appreciated - the share price took days to move following the sale of the gold royalty for an amount that was a significant chunk of the market capitalization of the whole company. And it took weeks more to appreciate the reinvestment of those proceeds by taking out Lithium Royalty corp. Plenty of opportunity in this name to buy AFTER the news has been announced and I had added after both. All that being said, I reduced my position by ~10% last week. Altius has been the only name in my portfolio performing YTD and all other names are flat to down over a 6-12 month period so took some off the table near ATHs to buy other names.

I talked with my mom and the temperatures in the city she lives reached 40 DegC. It’s unbearable for some especially older people. not great but sooner or later German homes and apartment will need air conditioning. I lived in Germany recall the hot summers in 1976, 1983 and 2003 occurred after I left. The currently one beats them all by quite some margin and the official summer has barely begun. Climate change looks pretty real to me and countries e8ll have to adapt. I think air conditioning units and heat pumps (which can heat and cool) should sell fairly well.

THAT makes all the difference.

Because the oil is a valuable resource. That doesn’t mean it easy to get out, but it does mean the state can charge 80% taxes in Norway and the exploration and production is still profitable for Equifor. But there is no AI resource lying in the ground to be explored and produced. It‘s IP and needs to be created by entrepreneurs or there won’t be AI. Thats why it is entirely different.

Lou Brock: "Show me a guy that is afraid to look bad, and I will show you a guy I can beat every day"

Mark Twain: "What's an expert anyway? Just some guy from out of town" ...Learn to think for yourself

I'm not totally sure how to read your above post @Spekulatius, but Norwegian O&G exploration was in the early Norwegian O&G days almost also a merely a concept, which took a lot of O&G engineering, R&D and CAPEX to bring it to reality, production. The practice of what I would call Norwegian successful state capitalism in the Norwegian O&G venture is an interesting study, that we perhaps should descuss in a topic outside this topic.

It’s a bad analogy, because the oil in Norway was already there. There is no AI sitting somewhere above or below the ground waiting to be unlocked -it’s has to be build first. If you don’t build it, there will be nothing.

How do you know their products are great? What does this even mean in cosmetics? For me, there are only two kinds of products in cosmetics - those that sell and those that don’t. If they sell, they are great. I think there are more straightforward fish to fry in Korean Markets.

My suspicion is that they clear like bucket houses as of forgone times, which means sometimes they don’t.

Yeah, @Sinbius, Here at CofB&F, we are a bunch, a community, of individual DIY investors, that do our very best to steer clear of the costs related to the involvement of the institutional imperative, and we all know it's not in our power to save world from it. But we can actually still make a difference, a material difference for others than our selves, for some near and dear to us. Keeping the bulwark up, intact and running some times calls for, requires mentally venting to decompress, which is what I think Greg [ @Gregmal ] did here by starting this topic.

Supplemental HEICO data

I've improved this significantly by adding financial data. You can now easily layer-on fundamentals when evaluating another manager's portfolio This is Giverny for example. You can then click-through to see the fundamentals of the actual stocks he owns, i.e. full 3 statements for Google, Heico, etc. US Stock data was reasonably easy to extract but I'm slowly going through some companies/industries in categories and enriching the data. Starting with IT Services, Software, and Serial Acquirers. Improvig by the day.

Mohnish too....

Amore Pacific had a channel conflict issue. They built out their own proprietary wholesale channel selling Amore-Pacific-Only products. That channel was competitively disadvantaged (couldn't sell competing products) and that led to a huge channel mess. The products themselves are great and they invest LT behind their brands, etc. Combine that with a slowdown from Chinese consumers and trends, etc. and you have bad operating margins.

@Red Lion - I don't like lax customer service and accounting... it's a recipe for fraud and counterparty risk.

https://share.google/lLA1kAKXRiewU3Jfi They are already doing it. I think the harder part is clearing. Some of these new entrants, I think there are something like 19 of them in the pipeline I'll still have to find that clearing House to agree gre to clear the trades.

AI infrastructure as a resource could be compared to oil - do you think Norway's wealth fund is a similarly bad economic idea?

Newsom is proposing that “every American owns a stake in the future being built by AI through a national public equity fund that takes a major stake in the new economy.” https://gavinnewsom.substack.com/p/its-time-for-a-national-billionaires. Sanders suggests a much more aggressive plan that's unlikely to gain traction. https://www.nytimes.com/2026/06/01/opinion/artificial-intelligence-bernie-sanders.html. As we know, over the past decade or so, the Republicans have moved away from supporting relatively free markets and have embraced protectionism, pushing the Fed to lower rates, and taking equity stakes in companies that the administration deems vital to the national interest. At the same time, the Democrats, far from a free-market party to begin with, have moved further to the left on economic issues (see the recent NY primary winners). I don’t think proposals like Newsom’s will play well with primary voters who don’t want the government picking winners and losers or subsidizing AI, and I hope other Democratic candidates don’t pick up on this. On the other hand, I am concerned that (in my view) bad economic ideas will proliferate in times like these, particularly once primary season gets underway and if the AI mania is still in full swing by then.

Don’t you hold cash/t-bills? Or am I mistaking you with another poster?

I’ve got about $750 sitting in kalshi, and there’s an error every time I try to withdraw my funds. Annoying. And a red flag.

Is there anything that prevents CME to get into prediction markets? I think they have the infrastructure to offer them but I am not sure if they are allowed to.

OTCM pays a special dividend every year too (I have a starter position). It's not quite an exchange, but fills a niche between the pink sheets and the exchanges. There is not much they can use capital for so every year they pay a variable special dividend in addition to regular dividend that you see in the stock quote. CME Is a great company but until last year I was not allowed to own it because I worked for their regulator. At this price it's starting to look interesting again. It's a weird time because all these BS companies are filing to become prediction markets are registering as DCMs which is the same category as CME. So if sports betting is declared a legal and those losers have a license they might try to compete with CME or whenever a new products come around. I don't think their legacy business is in danger at all.