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...and WTI is below $70 again

I’m hoping it’s a GP/LP structure which Prem seemed to confirm when I asked him about it 2 years ago.

I'm sure they would want Goyal's approval but in substance I believe they own more than 49% of Digit. There is just a backward looking regulatory constraint at that ownership level. There have been several changes to both the law and collapsing the parent company Infoworks into the public entity that will surface Fairfax's actual economic ownership more clearly sometime soon

LOL: I don’t think the IPO of Anthrophic and OpenAI will happen anytime soon.

@Artha158 thanks for these suggestions. I knew Sowell had one book on late-speaking children, which I am actually reading, but didn't realise he had another one. I must get it. Seems from his first book is that there is no pattern in why late-speaking kids just suddenly start speaking. @Castanza funny you mention that. My colleague at work, his wife is a child psychologist who provides autism diagnoses, and she says much the same thing, kids do strange things, and there is a overdiagnoses in kids. Not to take away from autism, I think it can be very serious, but it is odd that in a age of accepting everyone as being unique and diverse that we have to slap a disabled label on so many - I feel it devalues other much more severe ailments. @Blugolds as a fellow dad of twins, firstly I salute you. You will know that life outside of work is just chaos until they go to bed each night, and even then you have the room wrecked. My two sleep in the same room and every night take out all the toys and books they can get their hands on and spread them over the floor. One has also in the hot weather decided they want to sleep entirely naked, and thought he would pee in the corner one night, funny now, wasn't that morning. We also have a younger boy, so three boys in total. It's a mad house. It's hard not to compare with other kids, I remember meeting a young girl in the playground one time, who was obviously much younger than my twins, who had this amazing vocabulary. I could have a full conversation with her, I asked her mum what age she was - 18 months. I couldn't believe it.... especially since at the time neither of my boys pushing on 2 and half said a word lol! I have a gut instinct about my 4 year old minimally verbal boy will be fine. Fingers crossed. @lnofeisone thanks for that. Yes I feel play based in the way to go, I try to do a lot of it at home. I feel like once I can get a few words consistently a dam will just break. @Charlie my wife also would say things about our boys. I get there are bad moments, but at the same time, I think when considering your child you really need to think about what they will be like at 25 years old. I keep that in my head, I've never seen a 25 year just sprinting around the office with too much energy lol, some of the crazy stuff kids do I know they will grow out of. If you should find that article could you link it please? Would be interested in the perspective. @Errold we have tried similar things, flash cards, books, Mrs Rachel. Nothing helping on the speaking front. Yet the understanding and general behaviour has been consistently improving. Hoping for that lightbulb moment, I would take hours of talks about pokemon cards for sure! Did you buy NTDOY off the back your conversations LOL? @Paarslaars thanks for your story. We have some minor issues early in life which required surgery for my late-speaking kid and I was in and out of A&E and hospital a few times. Life was stressful then as covid had delayed routine operations. I think I got a stomach ulcer from it all that required 3 months of anti-acids to resolve it. So I know the pit you would have walked around with in your stomach with your eldest at times, and I can't imagine living that for 6 years. I agree too, you want the best for them, you want them to do x , y , z but you still love them regardless. I had to think back to a few things, where my boy picked something up, and you're right, it is a moment you treasure more knowing it wasn't the straightforward journey for them. Here is hope that your eldest girl continues to make improvements. Overall, I am surprised at just how many of you were, or have had late talking kids. The Sowell book suggests that people quite analytical, which I suppose investors would be, and those in the likes of sciences, finance or engineering, seem to have kids that speak late... very interesting overall.

What are the latest thoughts on how this would be funded? Big equity injection or loan from the parent to FIH?

It was 6 Supreme Court justices but why should facts stand in the way of your opinion?

Depends when they bought +1

@dwy000 I could name 10 things I don't like or agree with but have no reason to placate you.

What prevents traditional exchanges to get into the betting market business. It’s legally a different domain This is exactly the definition of a bucket shop.

I have tested a Kashi and Polymarket account... and their infrastructure for customer service is not that great. Especially, when you're trying to deposit, cash out, there can be some latency. I am not talking about minutes. I'm talking about unsettle or uncleared what my profit/loss is in days and weeks. So, i worry about counterparty risk or just making sure the books balance out. There is no customer service number is a huge issue. You're on your own and it could go against you.

Congratulations Greg Abel on throwing out the first pitch at a [Iowa] Cubs game and also becoming a US Citizen yesterday. I've been to a few of those US citizen ceremonies and the best ones involve a sing-along. Hope his had singing and miniature flags. https://www.axios.com/local/des-moines/2026/06/26/berkshire-hathaway-greg-abel-citizenship-canada

Another (free) very interesting article, on Hyper. Well written, so tempted to believe the hype, but am sure there are issues not mentioned. https://colossus.com/article/beyond-the-sky-jeffrey-yan-hyperliquid/

Thinking tennis for my twin daughters too who both just turned 5. Bought them a golf club recently too and brought them to the driving range. They just started swimming lessons too which they seem to be enjoying.

@Maverick47, decentralization is a big deal. It takes many years to put in place. First you need the right person running the operation. And then they need to get the rest of the organization on board. Not easy. Fairfax got going down this road in 2011, when Andy took over the insurance group. Here we are 15 years later - and 275 profit centers. I see a similar parallel with the investments. The quality of the people (collectively) running the different equities and non-insurance consolidated holdings is much improved over 10 or 15 years ago. And given how fast Fairfax is growing - that is a very good thing. The bigger theme is “optimization”. Decentralization + optimization is nirvana for the Fairfax/BRK business model. Excess cash. Growing over time. Allocated across the organization to the best available opportunity…

@Maverick47, when you look at who has had the greatest impact on Fairfax over the years, I think Francis would be on the list. Graham - value investing Buffett - structure Templeton - global, be opportunistic Singleton - capital allocation, optimize operations Cundill? - Wade and Lawrence Chou - follow the BRK model/structure

My oldest daughter has a rare genetic condition (PCDH-19 mutation) that causes epilepsy clusters, moderate mental retardation, mild autism and some instability issues. She's 9 now, first 6 years were rough, were she was in the hospital 10x per year due to the epilepsy. She also couldn't walk until she was 2.5y old and is now at age 9 starting to communicate with words, she still jibbers a lot but there are some words we understand. Sentences typically go like: "bafqsfdfqfjkqdljdljqlijdn swimming qdkhkduhzuhd". We catch that one word and realize she wants to go swimming. It is a very different experience of course since my daughter has an IQ of like 50. I notice young parents can easily freak out when something about their child might be different. My experience is that while acceptance does take some time, in the end you are just as happy with your children regardless of how they are. In fact you will start to appreciate them for their differences rather than see them as shortcomings. I'll let you in on a little secret. When kids learn stuff easily it's fun but you forget about it... However when they struggle and finally do succeed, you will be 10x more happy and proud. I still remember the moment vividly when my oldest took her first steps... my wife and I never felt so happy. And for the life of me I cannot remember when my youngest did (she is healthy and basically learns everything quickly). When it comes to activities, I obviously take a different approach between my two daughters. With my oldest, we connect very well, I'm her favorite parent so I tend to take her to do small trips with things she likes where we just spend quality time together. She knows what she likes so we mostly stay within her comfort zone, just gently trying to let her experience a little bit more of the world outside of it, very gradually. My youngest (4y old) is a momma's girl and she stays way too much in her comfort zone which her mother is OK with but I am not. She has tons of potential so I tend to do activities with her that drag her out of the comfort zone to see where the potential lies. I remember earlier this year I signed her up for skiing lessons which both her & her mother were not a fan of. She did so well on the first day they made her skip a grade... next up is tennis lessons because this is one of those sports perfect for women to do their entire lives (and I can play padel with her later when she's older ). My focus here is making these things fun and providing lots of positive feedback and validation as a father while making sure she's developing well to take on the world.

My oldest child is 6 and he did not speak till late as well. At 2 when most kids were learning to speak he was still mostly mute and could say mama and dada but wouldn't really say it. He seemed to understand everything fine. We read lots of books to him, did flash cards, watched Miss Rachel, etc... but nothing helped. After going to daycare there was slight improvement. But we still worried about him being on the spectrum and considered therapy for him as he was still behind all the other children. We held off and improvements started happening after he began TK. Now, he communicates just fine talking to me about Pokemon cards and negotiating with me on how many packs he has earned this week. So not to say there is nothing to worry about.........but all kids at their own pace and don't stress yourself out if possible!

@Sweet I was also a late speaker (begin with 4 years). My older brother did all the talking. I had some speek therapy and all was fine. We have also twins (8 year old) and my wife always said that she thinks one has ADHS. No, he doesn´t has ADHS. He is just a normal emotional very active boy (he can 5 back flips in a row in a trampolin ). Don´t let the fears of you about your kids let you go crazy. I read a good medical article that children are overdiagnosed and than they get some kind of stigma. I would do some speek therapy and all will be fine.

I don’t have a great understanding of all the different executives at Fairfax, so thanks @Viking for this overview. Just as an aside, I didn’t realize Paul Rivett was such a longtime coworker with Prem. Out of idle curiosity I googled him and turns out he is CEO and president of Western Investments of Canada. They clearly are attempting to follow the Fairfax playbook, with an insurance company base (Fortress) and a value investing framework. Pretty early days, and even an aggressive premium growth target for Fortress to $100M by 2028 makes them small potatoes by comparison with Fairfax. If imitation is the sincerest form of flattery, even the loss of this one executive is a credit to the business model. I don’t know much about Francis Chou’s connection to Fairfax…was he part of Hamblin Watsa? He gets called out in the GFC storyline for being a solid proponent of buying Credit Default swaps. With his purchase of StoneTrust Insurance he would appear to be further down the road to creating a Fairfax-like company than Paul Rivett is with Western Investments. Too bad StoneTrust is not publicly traded, otherwise I’d be happy to consider being a shareholder…. I am also really growing to appreciate the value of decentralized insurance subsidiaries. There is just great value in having more than a dozen insurance subsidiaries with their executives all steeped in the Fairfax culture and focused on disciplined underwriting. With an emphasis on promoting from within, this makes it more likely to be a sustainable model going forward. I worked for an insurance company with everything centralized and succession planning was somewhat hit or miss. It was never clear what executive would make a good CEO when one was needed…they typically came from within from a lower level…such as a specialist in accounting, or finance, or even legal. They each would have been given rotations through divisions where they would get some general management experience for a few years before getting an opportunity to be CEO. A few didn’t seem to be great fits, some were too old to realistically put their stamp on the company since there was a hard age limit of 65, and in other cases, unexpected deaths, exits for personal reasons, or for poor business performance, led to a bit of a revolving door at the top until finally the Board selected an executive from outside the insurance industry altogether. That last choice was the nail in the coffin, and the company was sold in an auction process a few years later. The Fairfax structure strikes me as likely being a much better environment than what I experienced.

Sprinkling of down names this week: ADBE, NOW, INTU, DPZ, MSFT, UBER

Our therapist is a play-based therapist. She started with the toys our son liked and slowly branched out into other toys/physical activities with a different set of vocabulary/actions. One thing to note is that our son still has difficulty communicating in new environments. We are working through it but it comes with the territory.

That's probably what will happen. At $40, that's still less than half the price of cable. Streamers will become the defacto cable companies. You bundle as much or as little as you want. You order all NFL games for $10 a month during football season...or you might want to order UFC fight on a specific night for $25...etc. Rent a movie just in theatres...$15. You want Bloomberg, CNBC and other financial stations...$3 a month more. Cheers!

https://www.theguardian.com/us-news/2026/jun/25/trump-news-at-glance-supreme-court What a world we live where a supreme court justice, a supposedly serious and grown-up adult, is actually making this argument. I've heard more convincing stuff from toddlers: Because US immigration law entitles migrants arriving in the US to seek asylum, the supreme court case hinged on what, exactly, it means to “arrive in”. In Justices Samuel Alito’s opinion, he wrote: “In ordinary speech, no one would say that a person ‘arrives in’ a place … before the person enters that place.”

Egypt vs Iran tomorrow Pharoah vs Chosroes