All Activity

John - respectfully - every American election is dirty and nasty. How much dirtier can one party get than trying to put the leading Republican in jail for 350 years? Within weeks of Trump announcing his run for President - 5 lawsuits were launched against Trump. 7 states tried to pass laws barring Trump from being on their states ballots. Jack Smith, the henchman for Merrick Garland, US Attorney general - spied on 20 senators and hundreds of supposed Trump aids/friends. Did your Danish journalist acknowledge even ONE of those historical acts??? Much of Trump winning this past election is BECAUSE Americans could see this wholesale campaign to JAIL their Republican choice from being President.

Yeah, you can invest in US companies from anywhere now. The whole world does if that tells you anything.

I didn't watch all of this, but flicked through the episode. Is his 90% show about politics and Trump normally?

Today, I have read an article by Danish correspondent Christian Bigum, Danish news media Jyllandsposten : JP.dk - International [July 21st 2026] : Behind closed doors, Trump's party allies reveal a new, ugly strategy: The midterm elections must be won with "hate" Subtitle : It looks like it will be an extremely dirty election campaign leading up to the midterm elections in the United States on November 3. On the part of Trump's Republicans, this is completely deliberate. The risk is great. But so is the potential gain. [Partly subscription protected]. - - - o 0 o - - - You've got to to be kidding me, if this is the actual state of the union. - - - o 0 o - - - It happens from time to time, occationally, when I see photos of POTUS, then a chill runs down my spine and my neckline bristles. It happened with this photo of POTUS applied in the article : These eyes simply give me the creeps.

Mike [ @cubsfan ], That's a fact. -I'll give you that, -and it's a disgrace for Spain, actually. But that does not provide basis for POTUS to speak publicly about Spain this way, as I've posted above. It should get dealt with behind NATO closed doors, with the NATO Secretary General at the table end. - - - o 0 o - - - Could it - one way or another - have to do with the Strait of Gibraltar could become a 'strategic strait' the same way as the Strait of Hormuz?

i mean ffh is 8x

Each day Trump takes his tag along's to a new level of joy. The more delusional the better; anything flies as long as it is Trump saying it. The subject matter, the words, the ideas? They are all flexible, literally open ended. Trump takes his tag along's anywhere he wants. You are with him or not, that's it. Nothing else, silly stuff like reality, matters. He's been successful at this for 60 years. And he sells like hot cakes to all media. Glory be to The Donald!

In any part of the world if you save and invest well you'll do great... The typical U.S. household holds a median of $8,000 in savings and checking accounts. However, about 24% of adults have zero emergency savings...

Thank you. It is a bit of a mystery. Putting aside the fact that it was still behind France, UK ,Italy, Spain etc...it is a too much big step... In theory: According to the UBS Global Wealth Report, the decrease in U.S. median wealth was driven by a methodology shift adjusting for cumulative inflation, combined with an intensifying K-shaped economic divide. While surging asset prices increased wealth for the top tier, the median household's net worth compressed due to inflation and a lack of significant stock market exposure. Not a satisfying explanation...I am reading to figure it out...a major data correction and methodology update...(...it was adjusted for a cumulative 20% inflation from 2020 to 2025...still doesn't add up...)

Thank you, Sanjeev [ @Parsad ], HaHa, - Jon Stewart is just awesome! - I get good laugh every time and I see and listen to him!

Actually, the biggest leech in NATO isn't any single country...it's DJT! Crook, leech, criminal, sex pervert, narcissist, liar...you name it, he sucks it! Cheers!

Cubs will have an excuse for everything mentioned in here! Cheers! Trump's Meritocracy:

Thanks for this, seems a very full price on recent numbers. So one can only conclude they see a path to $150m +in EBITDA. COVID obviously compressed sales, so in recent years they will have been suffering through a “COVID hangover.” Through cycle I am sure Schaeffer will make it work (quick and dirty IRR based on 55% FCF conversion, exit multiple 6x’s EBITDA) Sales & EBITDA over the last 7 years.

To evaluate Fairfax’s performance today, I like to use 5 years. Because I think we now have 5 years of relatively ‘clean’ results/history. The challenge is a fair bit of stuff is happening under the hood and is not captured in the accounting results. Some of it gets picked up by excess of FV over CV. But there is more than that. On leverage, I think the preferred shares are mostly gone, replaced with debt. Their bond portfolio is very conservative… mostly government debt (85%?). No private credit at all. Very different from P/C insurance peers.

Where on bloody earth do you get that most Americans are not doing well? If you exclude those who either became seriously ill or had someone in their immediate family become seriously ill, what % of people who acquired useful skills, worked hard, lived within their means and invested their savings did poorly? And no, someone who went to Columbia and got a degree in gender studies and now can't get a job does not qualify.

Anyone buying or currently have a position in a company that Is trading at <6x FCF or Earnings? Thanks

What timeframe do you guys view as the best to assess Fairfax performance. I agree quarter to quarter or even year to year is difficult. Because for many reasons their earnings are lumpy. I was thinking five years but wanted to see what others think. On leverage, Fairfax tilts towards the higher side, compared to most insurers. They not only hold float leverage, but also debt leverage and even preferred shares. If you consider minority shareholding and pref equity as a form of leverage, that's additional on top of that. Perhaps as a result of this, they also are the most careful towards how they invest and hedge on interest, rate swings, etc. So they are approached towards leverage is perhaps the most complex one of all P&C insurers. The role of redundancy in reserves. I think this is like 20 out of the past 21 years or so. And on average it's around 2% of underwritten premiums. I think there's a small tax advantage, and also allows for some flexibility in maintaining a more smooth doubt, Insurance operations.

Now the second largest sleep retailer in the world apparently. I’m curious how they financed the deal. They levered up a bit on the acquisition but it’s a strong FCF business so might be financed by debt.

The current inefficient market is a great hunting ground for them. When they do acquisitions most investors don’t like them because they don’t screen well. I think any concerns around insurance are more short term in nature. The longer the outlook the less it matters. In the short term if the market hardens that would accelerate multiple expansion which will otherwise trend towards whatever Fairfax’s limit is on the NCIB for open market purchases. That should more than offset any slow down in BVPS growth from a higher combined ratio in the short term.

Cpac reported post close. Despite no price increase, volumes up 15.5 percent, revenues up 15.4 percent, ebitda up 34.3 percent and net income up 61.5 percent

Why Soccer Is Boring The Better Team Loses Almost Half the Time One of the best ways to determine how much luck is involved in a sport is to measure how often the worse team beats the better one. If the favourite wins 80 per cent of the time, that’s a high-skill sport: the better side reliably prevails, and the remaining 20 per cent is luck. If the favourite wins 55 per cent of the time, you’re watching something closer to a coin flip. https://archive.ph/vSNN3#selection-1033.9-1033.29

I really hope, bullet point 3 and 4 will last. If they don't do any major blunders, the compounding goal of 15% on the average looks more than achievable. The outcome could be much higher. But then again, it's insurance and there are unknown unknows in the risks they cover.

It is certainly ironic. Given that Spain is the biggest leech in NATO - it's really Europe that should be pissed and not the USA!

@djokovic1, I think what makes today unique is a number of things have converged: Higher interest rates, which you mention. Higher quality insurance business Higher quality equity holdings Better capital allocation (matured?) The 4 have come together at the same time. Bodes well for future returns. The good news is that it appears little of that is priced into the stock today.

Yes you are right. But I still think the leverage increases, not for the reason I said but just because an equal decrease in investments and equity will make the ratio higher. For instance, with $74.9b invested and $26.3b in equity at the end of 2025, for a 2.85 ratio, buying a million shares this year might cost about $1.6b, bringing the ratio to 73.3/24.7=2.97. Pretty big improvement.