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The setting is so fitting for the occasion as didn’t Germany also signed the treaty of Versailles officially acknowledging their defeat in 1919!

He has made a billion from boxing and apparently just blows it all the time. Buying stuff never made me happy, but apparently it makes others happy to blow their money on cars and watches. He should be a multi-billionaire by now.

Mike [ @cubsfan ], Richard [ @RichardGibbons ], @dwy000 & @73 Reds, I'm just asking here, because I'm confused and a bit lost. What's the discussion basis [source] for these socalled USD 300 billion? What's the specific content of the socalled MOU, that POTUS signed in Versaillles, France? [Plain and simple : I'm so dumb that I appearently can't find it anywhere! lol!] - - - o 0 o - - - Edit : The above based what I experienced on miscellaneous TV-cannels and read on various news media yesterday, found this this morning - is this it? : CNN - World [June 17th 2026] : US releases official agreement with Iran. Read the 14-point text

The US will print it...

Yeah, I can't wait to see WHO is going to give them $300B. Would you? If you're an investor, would you give them $300B? You guys make lots of assumptions. Let's see which Gulf States or Europeans kick in $300B just to watch Iran rebuild their military. You can't be that dumb. Just like all the "friends of Gaza" that were going to kick in billions to turn Gaza into Miami Beach. LOL

Hope England keep playing like this, much more fun football to watch than their usual. Polite p.s. England, not UK - otherwise Scotland wouldn't be playing.

I suspect Israel/Hezbollah might both be tired, and welcome of a break. But it will inevitably start again at some point.

I didn't know what other thread to put this story, so I thought it might make sense to revive this thread. Sometimes eff you money just isn't enough! Did anyone ever have any doubt that this knucklehead would one day be in financial problems? https://www.cnn.com/2026/06/16/sport/floyd-mayweather-felony-charges-las-vegas He’s no Oscar De La Hoya! Cheers!

How is APR energy which was rolled into Poseidon accounted for in this ROI calculation?

I agree stock price is not a great yard stick for value creation (in the short run), but in this case the >75% of the $KW shareholders who didn't take it private would say otherwise. I am guessing there is hidden value and will be interesting to see in the coming years how this investment/partnership fares.

I caution against using the stock price as a basis for value creation. I’m hopeful there is a lot of hidden value here since development properties don’t screen well.

I think so. I recall disclosure suggesting they recovered all of their capital back in that deal.

Thanks for your thoughts. I agree with your reasoning....

Fair point on querying the 15%, I was recalling this from the Q4 25 CC: Bart Dziarski Analyst Maybe a question for Wade on the investment book. So we're seeing quite a dislocation in markets today. And so are you thinking about maybe shifting some of the positions, taking advantage and being opportunistic in this environment? I'd love to get some color on that. Wade Burton Executive I guess I would say we have a very robust skilled investment team, and we're constantly looking at all securities. We underwrite for 15%. And as you say, I mean, you're talking about the software and AI, but we're working very hard. And anytime we uncover any opportunities, we will act. So that's what I'd say. We're watching it all very closely, as you can imagine. Fairfax’s group objective is long-term 15% BVPS compounding, but I believe Wade’s “we underwrite for 15%” comment was made in the context of the investment book and “looking at all securities,” so I read that as a security-level / equity-capital underwriting hurdle, not as “we can accept 8–9% on the investment because Fairfax float leverage will do the rest.” The simple maths does show why the ambiguity exists. With common equity around $26bn, a 15% book-value target requires about $3.9bn of after-tax annual value creation. Fairfax has talked about roughly $2.5bn of interest and dividends, $1.5bn of underwriting profit and $1bn from associates/non-insurance businesses, or about $5bn of pre-tax operating income before market gains/losses. In that snapshot, the equity-style book (~$27bn of exposure) may only need to be in the high single digits to make the group maths work. But I agree that would be a slippery slope, which your observation above calls out. If Fairfax starts underwriting equity-style investments to 8–9% because the current balance sheet can carry the group target, they are effectively spending the margin of safety created by today’s bond yield and underwriting cycle. So my view is: the group can achieve 15% BVPS through a combination of float, fixed income, underwriting profit, and capital allocation, but individual equity/security investments should still be underwritten to around 15% before relying on Fairfax-level float leverage.

Trump had no choice but to capitulate because they run out of oil reserves in 4 weeks. - Iran had US by the balls as a Lehman moment was fast approaching. "we run out of reserves in about 4 weeks." - President stump https://x.com/ericnuttall/status/2067352550811058512/video/1?s=46

Y Yep. It will be trumpeted as a success regardless of the outcome, but it looks likely that the outcome will be net negative.

I think the $300B number may be a bit misleading. Maybe Trump thinks that the other Gulf states should pay for rebuilding Iran which I don’t think they are particularly fond of. Whatever, the outcome, I think it’s likely Trump leaves behind a larger mess than existed before, washes his hands and calls it mission accomplished. On to other projects…

It would be pretty darn funny if Iran won the whole thing in New Jersey. Obviously can't really happen, but still amusing to think about.

I mean, if $300 Billion is a just a little money, then Iran's oil exports are almost irrelevant. Over the past few years, they've been just under $50 billion a year. So, the government has gifted their "enemy", an oil state, about six years worth of oil revenue. Amazing! I think the fact that some here are shrugging it off shows how much politics is a team sport to some people. It's not about truth or reality--it's about being a fan. That's been clear for a while, of course, but juxtaposed the $300 billion with the complete outrage over Obama's $1.7 Billion, makes it super funny. And the fact that Cubs is still complaining about Obama's money is just the funniest thing. That said, unless the Vancouver Canucks hit a perfect storm of bad luck and injuries, they are certain to win the next Stanley Cup. The team is just too good.

You think? Art of a DEAL. Five away the store before negotiation even get started. Just like he tried with Putin to get a peace deal. I think this one will work just as well.

$KW - Kennedy Wilson, this investment of Fairfax has been a curious one for me. I know Prem has high regard for William McMorrow, but $KW was a disaster to its shareholders. The shareholder return vs management pay makes my stomach churn. I wonder how Fairfax will be protecting itself in this investment? I hope they keep an eye on Pay vs Performance! $KW Performance vs SPY and Total comp of CEO over the years (Via Gemini).

Just for clarification, are we sure that the 15% return is before leverage? I always assumed that it was after leverage. That said, I'm not a fan of the deal. I suspect that Fairfax has a home-bias that isn't related to potential returns, but something else, maybe a desire to be seen as a mover and shaker in Canada. Plus, I suspect they also have a touch of the disease most value investors seem to have where the investment has to not only be a value, but also different than what everyone else is doing. Like it's less important to maximize expected returns than it is to look innovative while doing it. All that said, I think it'll probably be a fine investment.

Lol ya, two middling soccer teams and two nations that are perpetually at war.