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thanks. It worked from my phone as it jumped to the Quartz app that I already had on the phone. It just jumped to the Quartz web site from my computer. So it seems it needed the Quartz app installed

Talk about Putin shooting himself in both feet : Anton Geraschenko : Azerbaijani Business Opportunity! Google AI :

Not sure if quartr links work here but IIFL Finance had an earnings release (CSB bank as well) - trying to link IIFL slides here: https://web.quartr.com/link/companies/15952/events/656797/slide?sp=0

Out of the 35.9% of American adults who do not want a job, women make up 59.2% of that group. These statistics are published by the U.S. Bureau of Labor Statistics (BLS)

An other huge advantage is that FFH organizes cross company best practices/lesson sharing opportunities. Nothing is obligatory, but all subs and head office are provided with amazing opportunities to learn from each other as much as they want.

Averaging down in CNSWF(CSU) now that it's available on Robinhood. Trying to nibble at the temporary lows to build up my position while keeping options to average down more if it drops more.

@Crip1, that is a great point: ego in check. You really see it at the AGM. He is quick to praise others. And you see it when other people in the company talk about Prem - they are very complementary. It is clear to me employees at Fairfax like Prem. I think another important trait is temperament - especially in a crisis. Prem seems to be wired differently (in a good way).

While Fairfax is not in control of interest rates they are in control of a number of important variables when it comes to the bonds they own. I find their current positioning very interesting: high quality, low average duration. No private credit. Very different compared to P/C insurance peers. It inflation/rates continue to go higher they look very well positioned.

Certainly not the only reason but there are some areas to improve like teaching financial literacy in school. But that too has limitation. I don’t think it’s a coincidence that the poverty level in the US 10% correlates with below average IQ <85 15%. I think as a society we have also made luxuries necessities. I’ve worked quite a few jobs in my life that caused me to brush shoulders with the lower income class. A lot smoked 1 pack a day ($8) drank a case of bud a week $18, 1-2 lotto tickets a week. Over 30 years that ~$350 a month blown on addictions could net them like 500k at market returns. That would secure a lot of retirements. The US is the land of opportunity for good and bad choices.

Fair points and I appreciate the pushback!

No argument, but I would add something that is absolutely paramount to making this work: Ego-in-check Over the years, I've seen very smart/driven/focused/passionate leaders make enormous mistakes that cost themselves, their companies and their employees tremendously. These leaders did not lack for anything, EXCEPT, emotional control. They let their egos get out of hand. Growing a company has a way of turning confidence into arrogance...it happens a lot. Those leaders who do not succumb to this are the ones capable of executing on the above. I hate the "Warren Buffett of the North" moniker, but there are similarities between the two, specifically: Ability, knowledge, drive and having their egos in check are the most striking. -Crip

+1 -Crip

I remember reading a long time ago about how the World Cup team's tactics reflected their country. The Germans were methodical and precise, the Brazilians freewheeling, etc. Made it sound real interesting. But if that's no longer so?

I can see that. I can even see we'd miss arguing over officiating calls were they automated. But we should just admit it's more about entertainment then. But would the World Cup really be less interesting if it was decided over a best of seven games series, like baseball? (Making the better team more likely the winner?)

There is a document posted on the cpac website, interesting exchange between Peru sec and the company re takeover. Given 5.1 bm sols ev, and debt levels coming down, value could be north of usd 13 per adr. Using 8.8x ebitda and 655mm forecast for 2026, can get to sixteen per adr. Time will tell

lol well the problem is it’s boring even when that isnt the case.

This is where Benjamin Graham’s great aphorism is very relevant: « The market is your servant, not your master. »

England- France was like a for show or all star game. It wasn’t good soccer in tactical sense. On another note, the fact that the best team may not win a soccer game is not a bug. A game would be boring if the best team were highly certain to win. It’s a feature not a bug that almost anything can happen in soccer in short period of time and that is what makes the game interesting.

It’s nice they got the ticker wrong and made the same mistake @djokovic1pointed out in their intrinsic value analysis. There is no attempt to figure out what the business is worth. Instead there is an inherent assumption that markets are efficient so (recent) historical valuation is reflective of fair valuation. That’s the risk management tool when valuation really doesn’t matter in the decision. CIBC did the same thing in their initiation report. The move in interest rates alone was worth 8 ROE points. Surely that deserves a higher multiple.

Plus a stock market that never goes down and an economy that never has a recession. Recessions cull the stupid and overly risk taking rich while at the same time provide opportunities for those that are wise and frugal from below to move up. You can’t have real capitalism without recessions.

Holcim timed it well. Agree with your thoughts above. Holding out for $13

Indeed fundamentals do matter in the long term but anything can happen in the near term. Take the last 12 months for example. At 2025 Q2 end, Fairfax had $25.77b of shareholder equity, and shares traded at $1807. We will know about end of Q2 2026 shortly, but it's likely atleast a $1B higher. In addition they likely reduced share count by around 1.8M in the year ending Q2 2026. Underwriting has been strong and in the range of 92-93% CR, and net written premiums have continued to grow in the collective albeit much more modestly. Interest rates(proxy 10yr tbill) are another 0.3% higher. And their net excess of market value over carrying value went from $2.4B-->$4.2B. Additionally they have added to their wholly owned subsidiaries eg Kennedy Wilson, MW Eats, while Andrew Peller and Sleep number(via Sleep country) are in the works and perhaps IDBI is coming soon. Lastly they paid around $350M in dividends. They earned and allocated over $210 in eps during this time and probably accrued easily another $70-80 in value in ownership stakes that they held over this time. The S&P has gone roughly 6200->7500 during this time. None of these seem to be negatives to me! And yet the stock closed at $1624 today, over 10% lower than end Q2 2025. By my estimates BV per share is about $150 higher, and IV is about 20% higher over 12mths, even as the share price is 10% lower. No wonder they keep buying. Let's keep this streak alive. One more year like this please.

Even Rabiot thought that first half was shameful:

https://www.theinvestorspodcast.com/episodes/fairfax-financial-ffo-to-the-berkshire-of-the-north-tip/

lol everything I've read has people thinking it sucked so.. I guess it depends on what you're reading? Also I have eyes and a brain and watched that first half.. what's so exciting about low effort?