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Imagine that. Get stuck with one or two kids and let life beat down your motivation. I'm known to take pot shots at American society but this thread was a troll from the beginning.

@Viking IMO Prem and Buffett are wired the same as most private business owners. It is many large, public corporate CEOs and BODs who are wired differently, and, unfortunately they have an outsized, and often negative influence on shareholders. If there is one lesson I have learned in many decades investing in stocks is that you don't need to be a great stock picker or analyst to do very well investing in public equities. Responsible, vested management whose focus is on long term success is one simple key to a game many make harder than necessary.

I'm skeptical of these types of claims and thought I would share a link to a cursory Claude Fable 5 breakdown of his claims in case anyone else has interest without burning any tokens themselves -> https://claude.ai/share/4cc0d479-e38b-4019-b043-79805ffa2b14

The reality though, is that the physical is part of the game ... whether we want to acknowledge it or not. The obvious solution is similar to the football Yellow and Red Card system. Yellow Card to a player if more than X minutes of penalties a game, thrown out of the game on the 2nd Yellow Card. Cumulative Yellow Card time per season more than Y minutes, an instant Red Card and thrown out for the rest of the season, including the Stanley Cup. Medical science informing what the Y limit maximum is; NHL sets the Red Card limit at maybe 60% of the limit, decides on how many Yellow Cards can be accumulated over a season; players encouraged to continue donating their brains to medical science as time goes on. SD

thanks. It worked from my phone as it jumped to the Quartz app that I already had on the phone. It just jumped to the Quartz web site from my computer. So it seems it needed the Quartz app installed

Talk about Putin shooting himself in both feet : Anton Geraschenko : Azerbaijani Business Opportunity! Google AI :

Not sure if quartr links work here but IIFL Finance had an earnings release (CSB bank as well) - trying to link IIFL slides here: https://web.quartr.com/link/companies/15952/events/656797/slide?sp=0

Out of the 35.9% of American adults who do not want a job, women make up 59.2% of that group. These statistics are published by the U.S. Bureau of Labor Statistics (BLS)

An other huge advantage is that FFH organizes cross company best practices/lesson sharing opportunities. Nothing is obligatory, but all subs and head office are provided with amazing opportunities to learn from each other as much as they want.

Averaging down in CNSWF(CSU) now that it's available on Robinhood. Trying to nibble at the temporary lows to build up my position while keeping options to average down more if it drops more.

@Crip1, that is a great point: ego in check. You really see it at the AGM. He is quick to praise others. And you see it when other people in the company talk about Prem - they are very complementary. It is clear to me employees at Fairfax like Prem. I think another important trait is temperament - especially in a crisis. Prem seems to be wired differently (in a good way).

While Fairfax is not in control of interest rates they are in control of a number of important variables when it comes to the bonds they own. I find their current positioning very interesting: high quality, low average duration. No private credit. Very different compared to P/C insurance peers. It inflation/rates continue to go higher they look very well positioned.

Certainly not the only reason but there are some areas to improve like teaching financial literacy in school. But that too has limitation. I don’t think it’s a coincidence that the poverty level in the US 10% correlates with below average IQ <85 15%. I think as a society we have also made luxuries necessities. I’ve worked quite a few jobs in my life that caused me to brush shoulders with the lower income class. A lot smoked 1 pack a day ($8) drank a case of bud a week $18, 1-2 lotto tickets a week. Over 30 years that ~$350 a month blown on addictions could net them like 500k at market returns. That would secure a lot of retirements. Bankrate did a study on this and found that people earning 30k/below in the US spend 30% of their income on tobacco, alcohol and lottery tickets annually. The US is the land of opportunity for good and bad choices. The WHY behind those choices is not an easy fix. Financial literacy is certainly not the only piece of the puzzle as I've never met someone who smokes and drinks a lot that is unaware of the health risks. I've never met a lotto player who doesn't understand the odds. Probably more of a coping mechanism that ultimately puts them in a death spiral of financial burden. In many ways the poor class is far more financially prudent than those with higher income and disposable cash. More likely to fix instead of replace, less likely to splurge, utilize more resources, etc. But the weight decisions carry when you have less is much more than when you have more. Tough world.

Fair points and I appreciate the pushback!

No argument, but I would add something that is absolutely paramount to making this work: Ego-in-check Over the years, I've seen very smart/driven/focused/passionate leaders make enormous mistakes that cost themselves, their companies and their employees tremendously. These leaders did not lack for anything, EXCEPT, emotional control. They let their egos get out of hand. Growing a company has a way of turning confidence into arrogance...it happens a lot. Those leaders who do not succumb to this are the ones capable of executing on the above. I hate the "Warren Buffett of the North" moniker, but there are similarities between the two, specifically: Ability, knowledge, drive and having their egos in check are the most striking. -Crip

+1 -Crip

I remember reading a long time ago about how the World Cup team's tactics reflected their country. The Germans were methodical and precise, the Brazilians freewheeling, etc. Made it sound real interesting. But if that's no longer so?

I can see that. I can even see we'd miss arguing over officiating calls were they automated. But we should just admit it's more about entertainment then. But would the World Cup really be less interesting if it was decided over a best of seven games series, like baseball? (Making the better team more likely the winner?)

There is a document posted on the cpac website, interesting exchange between Peru sec and the company re takeover. Given 5.1 bm sols ev, and debt levels coming down, value could be north of usd 13 per adr. Using 8.8x ebitda and 655mm forecast for 2026, can get to sixteen per adr. Time will tell

lol well the problem is it’s boring even when that isnt the case.

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