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It appears Fairfax has been very bust on the share buyback front over the past 9 months (Q4-2025 + Q1 + EQ2-2026). We will get conformation on Q2 amounts when Fairfax reports results. Shares repurchased: 1.5M, for $2.48B, or ~$1,637/share Diluted share count reduced: 6.6% Total capital returned to shareholders (including dividend): $2.81B Clearly, Fairfax feels their shares are trading at a very attractive valuation. And they are acting with conviction.

Totally. Bundles with live TV are now just as, if not more expensive than most cable packages were

Why would they cancel? YouTube TV is $65 and $85/m respectively. If Netflix charged me $40/m and it included current content and sports I would drop YouTube TV in a minute.

For the remaining purchase capacity I believe you would also need to include the shares purchased for Treasury. There were 25k shares purchased in Q4 and 52k shares purchased in Q1. I am not sure what was purchased for Treasury in Q2.

I believe they’re opportunistic with even the shares purchased for comp so it has some lumpiness

I noticed that total dollar value of Shares Purchased for Treasury dropped from $240M in 2024 to $189M in 2025. I am not sure of the reason for this drop as I would expect the total dollar amount to gradually grow over time as the number of employees increase. So the total dollar amount that is purchased for treasury in 2026 could vary as well.

During all of 2025 they purchased 118k shares for Treasury. In Q1 this year they purchased 52k shares for Treasury. I believe we may see additional purchases for Treasury this year. (corrected number of shares)

I know but I think it’s relevant.

They repurchased a million shares! Plus it was a joke!

Yeah, it all works 'great' for the USA : cbc.ca - Politics [July 8th 2026] : Ottawa sidelines foreign firms in $4.9B army vehicle competition Subtitle : Carney government moves to bolster domestic defence industry. - - - o 0 o - - - Lead by example! - - - o 0 o - - - The Planet D [July 9th 2026] : Canada BANS USA: $4.9B Army Deal PROVES Trump Has FAILED - - - o 0 o - - - I wonder if this - perhaps? - has something to do with - arhh-hmm - a certain bridge, or what?

I assume they have less shares to buy for employees than they did 5 years ago because the stock has moved up faster than total comp.

I don’t think that’s the right framing. I know I’m in the minority in this view but the evidence suggests they think about the insurance subsidiaries investment decisions i.e. bonds/equities different from the holdco capital allocation decisions which would include buybacks, minority interests and buying insurance companies. There is no rush on the minority interests as the financing cost is fixed. Like the TRS it’s just a form of funding. That being said, I think we’ll see them buy Allied World minority interest in this quarter likely when the proceeds of Eurolife are received.

Good for Canada. And good for them shifting back to a sensible energy policy. https://amgreatness.com/2026/07/09/could-canadas-energy-future-match-the-majesty-of-its-rockies/

Some folks are in line for a big pay day then!

IMHO, people are a lot more varied and complex than they can come up with labels for. People like to easily 'bin' people into 'normal' and 'abnormal' to make their lives easier. Most people think black and white, whereas some of us think in probabilities, with Gaussian curve dominating this space. If it's not covered by the 80% Gauss, they think that's 'abnormal', and would like to come up with a label for it, whether it's introversion, ADHD, autism, or whatever new fangled 'new' term they think they have 'recently discovered'. There's an incentive for the academics to try to come up with 'new' stuff, whether in nutrition, psychology, and sometime even in medicine in order to justify their own existence. Keep Gauss and the perverse of occasional academic incentive in mind, and it's much easier to differentiate true abnormality from just 'outside the norm'. Digesting other people's experiences(ex. Reddit, forums) also helps a lot. Again, just MHO.

Depends on how transformative AI can be.

Very true..... OR the so-called "expert" talking heads could just be all wrong, driven by their hatred of Trump. I've never seen so many experts root for failure - over and over - never stopping. Personally, I think if you just listened to Scott Bessent since the inception - you could just see the LONG term plan for the economy looked very promising. The difference between Bessent's fiscal policy and Biden's fiscal policy was ALWAYS night and day. Don't credit Trump - credit Bessent - and ignore the "talking heads" that have an ax to grind against Trump.

Couldn't stand the pain of reading bad earnings releases anymore and sold MTY Food Group.

Funny because I’m thinking the exact opposite.

A bit out of scope, but isn't one of Hyperliquid's end goal is to get everything financial onto their platform, implying that "everything financial" will be tokenized on their platform? I'm new to tokenization and Hyperliquid, so feel free to spank me. I can use an education. @thowed's article was very eye-opening, but unfortunately half of it was Greek to me.

Thrilled they're smashing the buyback button. It's the best when you're convinced a stock is trading at a third or maybe half of (a growing) intrinsic value and mgmt makes it easy to sit on your ass. Back to the beach...

Sold a bit of meta to raise some cash for businesses with negative price action

We may be on the cusp of a significant rise in the standard of living over the next generation that all the current political wrangling will be looked on as past noise.

Hey, we agree for once! And the most prevalent buyers are liberals. The further left, the more they buy!

If we look at all possibilities. Invert as Charlie said. Maybe there has been so much positive momentum from technology and possibly transformative future productivity gains from AI specifically, that this has blown away any potentially negative economic consequences of Trump’s policies.