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Just doing my part to advance the plot. Hopefully this doesn't foreshadow a tragic end to my portfolio.

So many of these stocks trade huge volumes pre-market and after-hours, even overnight. If you change a chart to show trades outside of standard market hours the daily charts look totally different and usually the gaps disappear. I don't think gaps matter as much as some other people but I do use it as a price level to trade off when they are just about to close. With gap fills and price targets and all that stuff I am never greedy, starting to buy/sell before the "number" and always buying and selling in many orders over a range of prices. You are balancing the risk of trading 'too soon' with the risk that it turns and runs away from you, unfilled. I've developed my trading style over 25 years or so and it works for me but it's all about managing risk - risk of losing money, risk of missing the trade because you got too greedy on price, risk of being way early... on and on.

"No one." "very, very few".

Oh boy. Yes, I know these are all still "great" "benefits" that have been touted for years by the Bitcoin bulls...except for the fact that no one, or very, very few people will ever use Bitcoin for these "benefits." You've even admitted yourself, that "I expect I may do something like buying a house halfway across town in ~2-years." Please let us know how that goes, in two years, if it happens. PS, I've got a Porsche I'll sell you for Bitcoin. It's a 911, and I'll give you a great deal. LMK once you've sent me the Bitcoin and I'll come up with a title

Mandatory meme

"no, Neo. I'm trying to tell you, when you're ready, you won't have to "

Young man no more...Victor Willis passes away at 74! Cheers! https://www.cnn.com/2026/07/01/entertainment/victor-willis-village-people-death-scli-intl

On balance, Fairfax's equity portfolio had another solid quarter, up ~$1.1 billion or ~$50 per diluted Fairfax share (pre-tax). The Greek Freak (Eurobank) continues to deliver MVP caliber performance. Strong US$ is taking gold out behind the woodshed - Orla was the big loser in the quarter. Lots of Fairfax's holdings are doing well - strength is broad based. Looks like the mark to market impact could be slightly negative. BlackBerry will be a wild card - Fairfax has been selling down its position in BB over the past year. If they continued to sell in the quarter the gain will not match what I have below (I used 25 million as my share count). Eurobank paid Fairfax a dividend of $95 million in mid-June. Given it is an associate holdings, it will not show up in income statement. On the balance sheet, cash will increase and carrying value for Eurobank will be reduced (by dividend amount). My spreadsheet does not capture what has been happening at a large number of holdings - like the non-insurance consolidated holdings. As a result, it is a conservative estimate. Of course the big news from an earnings perspective in Q2 is the sale of ~50% of Poseidon that will deliver a realized investment gain of $837 million. In Q3, when the sale of Eurolife's life insurance business to Eurobank closes in Q3 we will see another +$300 million realized investment gain. PS: I attached my Excel file if board members want more details (at bottom of post). Fairfax May 2026.xlsx

https://www.cnn.com/2026/07/01/science/synthetic-cell-research Cheers!

Digital currency is indeed the future and it has also been the past for several decades. And that digital currency is cash itself, which has been able to be exchanged digitally for a long time and continues to be exchanged in ever growing amounts. We simply have no need to take an electronically exchangeable currency (cash), convert it to a 'virtual' electronically exchangeable currency (bitcoin et al.), exchange that 'virtual' currency, and then reconvert that 'virtual' currency back to the original electronically exchangeable currency (cash).

Unrealized equity gains of about $1.3b (not counting the tax liability.) On a $42b bond portfolio, it looks like losses might be about 0.8%, or $336m, if rates are up from 4.01% to 4.20% as the 5y treasuries are. Does that look about right to you? What I should have also mentioned is that there will also be the realized gains of $837m from the Poseidon sale that will be booked in Q2. Then there will probably be the $350m gain from the sale of Eurolife to Eurobank, anticipated for Q3. Our investment gains in 2025 were $3050m from equity investments ($841m from the TRSs), $385m from bonds, and -$284m from other investments. It looks like 2026 is shaping up to be as good as 2025, except for the TRSs of course which are currently well down but could recover by the end of the year.

This is one of my favourite throw-away lines I've heard this year...

Happy Canada Day! Bonne Fête Du Canada! Cheers!

Oh wow, you're taking this way too personally. I was just trying to say nicely that to talk about military power at all is an indication of a lack of insight, because it's completely obvious to everyone that USA has a bigger military than everyone else on the planet by several times, and, to non-Americans, it's also obvious that the military victory is only the first step. Like, what person on here thinks that the Canadian military could hold off the American military? (Please put up your hand if yo do.) And what person on here thinks that someone exists on CoBaF who needs to be informed in detail that that's the case? To preempt future discussions, it's also not necessary to explain to people on CoBaF that Elon Musk has a bigger net worth than the average meth addict, or that most humans live closer to Washington DC than Alpha Centauri. Yes, even the Russians! (Though if you are inclined to make those explanations, I respectfully request links supporting each of your assertions.)

Reading comprehension not a strong suit? It may not be. But I see no superior alternative at this point and Bitcoin is the first thing that has come around that has been superior to gold in just about every way. I don't think it's "easy" to do this. I still think you're looking at this from a 1) short term 2) Western perspective and 3) focusing on a very limited subset of Bitcoin's capabilities. Longer term - fiat depreciates without exception. Bitcoin is volatile, but has demonstrated near constant appreciation over intermediate and long duration periods since it's inception. Dramatic appreciation. Relative to fiat. Relative to real assets. That growth will slow - but ANY appreciation is infinitely better than constant depreciation. Outside of the Western perspective, inflation isn't limited to 2-4% per year, or 7-8% in an inflation shock. Your monetary value erodes monthly, or the money is confiscated by the government, or your subject to US sanctions that tank your economy/currency, or your unregulated banks fail, or it gets stolen by gangs/thugs/politicians, etc etc etc Having a hard money that retains/grows over time, is permission-free and censorship resistant, self-custodied, and readily transferable globally are all exceptionally valuable qualities to have basically every where in the world - but more so in developing nations. Agreed. But I think we're seeing societal level changes. People were angry enough about the status quote to elect billionaire felon, rapist, pedo-associate and known-shyster to the White House because they were fed up enough with the status quo to believe whatever he told them about making it better....before making it worse...a second time. It won't let me attach charts for some reason, but are you not looking at wallet addresses with > 0.01 BTC in them or BTC held by ETFs or hash-rate? How could you look at this over 1-, 3-, 5-, or 10-years and claim there is no adoption and use that as evidence against BTC? Because TwoCities believes in selling worthless money before his valuable money and doesn't like selling things when they're down 50% regardless of what we're discussing. I didn't ask. Wouldn't be shocked if it was a no. But they also don't accept PayPal, Venmo, or Zelle which hasn't stopped those being from being widespread forms of payment in the economy. Why would that also have any implications for BTC at this time?

Thanks @dartmonkey without actually going through the calculations, I had a feeling that the MTM gains would be at best flat for q2. The bond yields started to spike higher yesterday so we will see a noticeable impact to earnings from the bond losses.

I guess my point is whether BTC is the best, or any hedge at all? No one argues against the deficiencies of fiat currencies. But where is the adoption? Why didn't @TwoCitiesCapitalsimply use his BTC to pay for the Porsche? Or could it be that the dealership doesn't accept BTC? If so, kind of nullifies the argument that it didn't accept Paypal, Venmo, etc... In the mean time, why hold excess cash or BTC when there are plenty of alternative investments that we discuss here daily which serve as a fine hedge.

I'd be curious what @gfp thinks but gaps on daily candles seem more normal than weekly ones. Weekly gaps seem to get filled at a higher rate by my unscientific observations

It will take a societal level change in order for BTC to become the standard global currency. Someday those "average people" will face differences that aren't widespread today. Will this happen? Truly, I hope not. But I do hold BTC as a hedge against that future tail risk.

Change of value in stock holdings for Q2 Clearly the authoritative source of info for this will be when Viking gets around to posting his table, but as a first guess, I took the 16 biggest publicly traded holdings from the end of Q1 and looked at their value at the end of Q2, assuming no changes in the number of shares hold (an assumption which is unlikely to prove to be true, especially for Blackberry which has gone to $32.6 to $12.65, and which we hopefully haven't sold just in time to miss out on a big gain..) Anyways, the total gains should be around $1.3b by my estimate, with almost all of that ($1.01b) coming from Eurobank, with an honourable mention for the unmentionable fruit stock ($329m) which will surely be smaller than that, and maybe much smaller if they have sold it early in the quarter. All the other changes pretty much cancel each other out, with the biggest in absolute terms being our gold miners Orla (-$190m) and Foran Mining, which has become Eldorado Gold (-$153m). Then come Metlen Energy (+$119m) and Egypt's Commercial International Bank (+$103m), with all the others smaller than $100m. Just for comparison, realized and unrealized losses from equity exposure in Q1 were $82m, so Q2 will be .. much better.

Again, you guys seem to be taking this way too personally. Simply pointing out in terms of military power Canada is not even in the same league. Also the US defeats you mentioned are mostly taking over and trying to convert theocratic societies or communist societies. That is vastly different than Canada just saying. And nobody said anything about occupation....simply saying that the US could easily militarily take Canada out. The boarder and support for or against works both ways...Guerilla warfare and terrorism are never ending I agree. But I don't think that has much to do with a strategic defeat.

Hmm, I send and receive large bank wires several times each month. Seemless and costs nothing. Why didn't you just wire the money to the Porsche dealership? As an aside, I believe digital currency is indeed the future but still have two elementary questions: Why will it be BTC and I still see no relationship between BTC price and value because there are plenty of viable and near cost-free alternatives for average people who typically only hold as much cash as they need.

Fitch has upgraded Eurobank to BBB. https://www.fitchratings.com/research/banks/fitch-upgrades-eurobank-to-bbb-outlook-stable-01-07-2026