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Video of today's Netjets crash, I believe it was the company's first fatality. https://www.cnn.com/2026/06/17/us/plane-crash-laredo-texas-highway-hnk

This oil trade might be the greatest rug pull of all time. The oil bulls are absolutely out of their mind. Cushing has now reached tank bottoms and meanwhile oil sinks like a stone. It really is hilarious (as long as you have no position). I happen to think this is not over. Real oil inventory does matter at some point and a billion barrels can't be taken off the market / Iran given control of global oil supply without the price reflecting that sea change. But for right now the "lol nothing matters" crowd is winning.

I bought it around 1550 blended, so while i would love to say i am so in love with the stock that at 1400 i would make it a 20% position, thats obviously not true. For me I question where next leg up in growth is coming from and that is what gave me concern and caused me to sell a bit. Exactly my concern, and why even though in the heat of the moment I was really super excited to have it at 10% of my portfolio, I am concerned about the growth. And I think if they increase volumes too much then the exclusivity disappears and pop goes the balloon (a la LV). At 5% it is sufficiently large for me to enjoy the gains and sufficiently small for me not to over worry myself.

Messi's hattrick today was quite impressive. The pressure is on Ronaldo now...

Thanks. I love the business and have a tiny starter position but would love to own it at lower prices.

Cuba should declare war with the US. They definitely need the money.

Thats a whole different topic which will eventually lead to their downfall but the bigger issue right now is foreign interference in US politics. Do you agree? I know you got the point of my message

Awesome! Hope you have a great time! Feel free to ping me directly on restaurant, hotel, brewery and/or other recommendations.

sold some January puts on Venture Global at $10 and bought some calls at $12.50.

We're headed to the Algeria Austria game! Looking forward to it! Just picked the KC match with the cheapest tickets since we aren't big soccer fans.

Today’s games are on FOX over the air. Interesting that they’re on Peacock too. KC is presently really excited and busy with Argentina and Algeria both playing and practicing here as their home base (England & The Netherlands too). Seems like all have great fan bases. I didn’t know what to expect, but wow!

One of the things that used to frustrate me about Prem was how generously he praised some of the CEOs running Fairfax's investments. He has always been loyal and people-focused, but the praise sometimes felt disconnected from the results being delivered by some. Today, it feels different. Prem has toned it down, and the calibre of the people running Fairfax's equities is noticeably higher. More importantly, the results are there to support the praise. In many ways, it reflects Fairfax's evolution since 2018: better businesses, better management teams, and better outcomes for shareholders.

I don't know about you, but I am not invested in Fairfax because I have some great conviction that they will beat the index. In fact purely based on their equity investments over the last 17 years that I have been observing the company I would have to say my confidence is pretty measured in this regard. 50/50 at best. My reason for being invested is that I believe in the integrity of its leadership and love the way the company is structured. I believe the quality of their Insurance side is now underrated, I like the leverage that a float of that size gives them, I think their bond team is stellar, and I like their international exposure. As long as they don't completely suck on the equity side, we should do reasonably well. As you saw in one of the earlier posts by Viking about the lost decade, they still managed annual returns of 4% despite crappy equity investing and low interest rates. If that's the extent of the downside scenario, sign me up.

I am salivating at backing up the truck on this lower. Hamblin Watsa are probably putting restraints on Prem to keep him from hedging/shorting this stupid market. He is buying shares back instead that’s what you do at Fairfax 3.0

A good review of arguably the period I felt most pessimistic ever about Fairfax. All while markets were ripping higher year after year. Perhaps it felt slightly outside of your time window, I don't recollect the exact dates but another peach was Sandridge energy which was built into an almost 60M share 10% position. I believe Prem even brought the since disgraced Tom Ward to one of the AGMs. Soon after he was fired by the board and eventually the company declared bankruptcy in 2016.

The fact that the principals are retaining their stake in the newly formed company, makes it more likely that that is the case. Because if they felt they were getting a great deal, they probably would've cashed out.

Ah, ok, this makes sense to me, and what @Spekulatius says. Essentially, my probability estimate was way off, which explains the discrepancy in our views.

It is always good to run the numbers. And size matters - focus on the largest holdings. Fairfax's largest holding by a country mile is Eurobank. How has it performed YTD? Value creation = ~$1.3 billion. Rate of return = 25%. Outstanding. The company just paid Fairfax a dividend ($95 million). But that timeframe is too short. Five year return is better. How has it performed since Dec 31, 2020? Value creation = $6.0 billion. Annual rate of return = 45%. Investors? A big yawn. Let's expand the analysis. What is Fairfax's second largest holding? It is FFH-TRS. How has it performed over the past 5 years? Despite being flat year over year, it has been outstanding. What is Fairfax's third largest holding? Poseidon. How has it performed over the past 5 years? It has been outstanding, with a big investment gain coming in Q2. BIAL? Orla? I could go on and on... Fairfax's equity investment have been having an epic run over the past 5 years. And investors? They aren't happy...

https://babylonbee.com/news/oh-no-trump-negotiates-deal-with-england-and-now-they-have-the-colonies-back

I watch this in Peacock. Their Telemundo channel has all the games but commentators are speaking Spanish (which I don’t mind).

The protest were already over 2 month when the war started. The Iranian regime is very good at suppressing protest and they had similar ones several times before. Also, the regime had more popular support than most in the west believe. Even those that don’t exactly like the regime because of corruption likely want to keep an Islamic state rather rather than a western style secular democracy. You can see that on how people vote in surrounding states.

You have a point there!

Peller is one of the largest players in Canada. I suspect this is one of those Recipe type investments to consolidate the industry over time. The wine pays for the land...the land goes up over time in value. Cheers!

Like this guy? Kristi Noem's husband... Maybe she should shoot those puppies! Cheers!