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I think don’t think this is true Charlie. Case in point above law by the EU.

Bought a couple hundred shares of JOE around $60, some CPRT at $28 and BLDR under $75. All with some 60-65% gains on my shorter term CPNG calls as it looks like it will just bump against resistance again and go nowhere. Should be $25+ and give me 300% gains but of course nothing is ever too easy.

Fairfax is all about keeping a 360 optionality in their capital allocation toolkit. I'm convinced it's part of their investment strategy. I've not seen anyone use that as intentionally as them. Fortunately for us, all other things being equal, that looks likely to be a $4-5B annual stream they will be allocating. This one(share buybacks) however is not one where they give optionality to themselves, but rather it's decided by Mr Market. So as many have said if you're a long term holder this is good news for you. The other options ie private equity deals, funding subsidiary growth, public stocks, bonds, sub. buybacks, leverage ratios, dividend payouts, acquisitions are more in their control. I hope and would think they measure each decision in terms of overall portfolio risk and investment return hurdle. IMHO stock buyback being available at the current prices is a good anchor for looking at every capital allocation decision they make with this stream of $$. They quite literally won't understand any external investment better. Over the very long term, let's say 10yrs or so, for a compounder in the double digit range. A one off multiple expansion measures in BV( let's say a 1.25BV ---->1.75BV or 40%) for example will not mean a whole lot. In the short term <5yrs it absolutely does.

It's kind of funny how badly WB has misjudged the people who were supposed to secure his legacy. He no longer speaks with Gates, Sokol, Todd Combs, and Schroeder, although Schroeder did nothing wrong and Combs might get a Christmas card. It was probably for the best that he was never involved in running the business.

Ai´s answer to the question "Is Europe or the U.S. more democratic?" Major democratic assessment organizations generally rate Europe as more democratic than the U.S. In the V-Dem Institute Democracy Report at the University of Gothenburg, Western Europe scores significantly higher, with the U.S. having lost its long-term status as a "liberal democracy" due to rapid declines in civil liberties and checks on executive power. Similarly, the Economist Intelligence Unit consistently ranks European nations—particularly Nordic countries like Norway—at the very top of its global rankings, classifying them as "full democracies". In contrast, the U.S. is categorized as a "flawed democracy". This disparity is driven by America's polarized political culture, lower levels of political participation, and struggles with government functionality.

Meta datacenter investment is great news for Alberta; most of these are typically in Quebec because of the lower power/labor costs. Q1 FDI into Canada is highest in 18 years at $15.5B USD. Canada ranks 2nd behind the US in FDI Confidence Index. https://www.kearney.com/service/global-business-policy-council/foreign-direct-investment-confidence-index

Grab the opportunity by the balls, and squeeze. Just keep in mind that it's a limited time engagement; probably a solid two years ... after that, 'life' will primarily be doing the deciding! Couple of takeaways, from London (UK)/Calgary ... Push the acceptable, always seek out the colourful 5%. There is a lot more tolerance when you're young, that 5% were 'you' some years ago, and their life experiences are always 'illuminating'. Provocatively call bluffs, call aggressively, and call early. The polite "I'm not from these here parts, but you folks all sure talk 'funny'"" . For the best experience; strategically call the kettle black, right off the bat. Demonstrate a cocky willingness to learn, and cheerfully accept the knocks along the way. The "how hard can it possible be to ride a horse, and rope/tie up a calf in X seconds" ... from someone who has never ridden a horse or roped a calf . You're expected to f*** ** ... everything is up from there! You are the master, not the environment. Thoroughly enjoy, go balls to the wall, but always have a plan, stick with it, and call the shots; the environment will change you, it is toxic, and you want to be able to eventually walk away with no regrets. London/New York is not the centre of the world. That famous 'attitude' may work well in a London/New York, but you're the arsehole everywhere else. Nobody likes an arsehole. Enjoy. SD

Yea this is disgraceful and unjustifiable. At least the top floors have AC tho

yea, but then you have 1-2 people to hang out with whenever you want. it's like an extension of one of the best part of college. living with the bros....to each his own...potentially makes for better socializing with similarly situated women as well. "hey want to pregame at my 3 bedroom with a balcony that i share with 2-3 similarly eligible people...bring your friends" lands a lot better than "hey come to my studio"....anyways, I'll stop telling you how to live your life, but just something to consider.

SCR has a new deck associated with its site visit: https://www.strathconaresources.com/wp-content/uploads/2026/07/Strathcona-2026-Lloyd-Thermal-Field-Tour_vF-WEB-Version.pdf They had a strong update with Meota getting to first steam under budget and ahead of schedule. Big value creating between the cost per barrel for production versus trading multiple. EQX and ORLA announced production for Q2 ahead of estimates. Microcap holding BAMI highlighted by DKAM.

I don't think I want them too. Keep the share price low so Fairfax can cannibalize themselves more.

It’s still supply and demand. Long term buybacks will reduce supply, sellers will face bigger capital gains bills so reduce supply and passive demand doesn’t care about value. Momentum investors moving in and out will oscillate the multiple but over time it should trend higher all else being equal.

*chukle* -You 'said' it, @CassiusKing1[, not any other of us], - - - o 0 o - - - Contents PART ONE / The Bubble 1. The Less Flattering Version 3 [*] - - - o 0 o - - - (*] <John thinks it was here and the interpretation of what it implied for the contents of the book that there arised variant percentpitions of after the release of the book.> - - - o 0 o - - - It's the only book that I've started reading about Warren Buffett and Berkshire, that I never finished reading in full. And I likely never will. At a certain stage I simply got enough of insigt to 'The Less Flattering Version'. - - - o 0 o - - - - I'm not trying to phrase a book recommendation here, btw.!

Any word on this @Loss Horizon? Crap like this is why I voted Leave in 2016.

such a confusing mess of holds and similar named corps

yes 100% agreed in the short term. But the supply demand view will give ‘no’ real information on what the multiple will be in 3-5 years. Which is what I am solving for and I believe that multiple is much more likely to be driven by fundamental value with that time horizon. which ties into the buffet quote..voting machine short term, weighing machine long term

. I'm at the pay range where I don't really need roommates. Another problem here is that if you do find an apt that you want to share, it's usually those readymade walls creating the other room. Even if it isn't, still only slightly cheaper than getting a studio yourself. Might as well pay that 5-10% more for privacy and answering to none.

Appears that WEB was damn near impossible to live with from my readings and listening to Alice. Him not helping with a bat in the house due to him not being bothered by it. Dude was truly wired to do only one thing.

There was a decent amount of multiple expansion leading up to the inclusion. We went from 0.6x BV to 1.7x. The cross current was the loss of momentum investors and probably led to even more quant shorts post addition as it was in another major benchmark. That’s the thesis on why the next hard market could lead to even more multiple expansion. I’ll be surprised if we return to 0.6x BV in this cycle. I’m not trying to rationalize but I do think share prices are the result of supply and demand for shares.

European “democracy”: 276 in favor, 314 against becomes law. LMAO the European elites win again! https://www.reddit.com/r/europe/s/D4wDMOlV4M

maybe, maybe not. We can try to rationalize it in hindsight. The true test is if you can predict when it happens ex ante. I would suggest that’s impossible. for example consensus was Fairfax added to TSX will lead to multiple expansion but that didn’t happen

Shorted MU I'm ready to get squeezed, I'm ready

Casual sex has been in decline for some time now. Certainly less than when I was younger. But you may be right that a young high income guy might be viewed more attractively now than then. However if @whatstheofficerproblem meets someone he resonates with (most likely outside the bar scene) there is no reason he cannot meet a woman who he could establish a successful long term relationship with (if he so desires). I would also echo the idea of roommate(s) to share the expense and the experience. If he’s a runner, I would consider living near Central Park.

I don’t know the others besides Terravest but I think there are reasons we can clearly point to for it to get multiple expansion. It’s revenue accelerated which likely attracted quants, it got big enough for large funds to own and then went into the benchmark.

Do you have a source for that or do you just routinely make stuff up?