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Happy 4th of July to the United States of America!!! Celebrate your 250th birthday!!! The U.S.A. was and is the greatest country in the world!!! Also good luck in the world cup!

Riches in niches. LOL

Tanjine versus Poutine coming up at 13:00 EST . SD

No need to post such like this in Egons [ @EgonKuhns ] USA anniversary topic of today on a day like this: DR - Northern Jutland [July 4th 2026] : Trump should not trump Danish US celebration Honestly : Wtf?! - So, the American Ambassador to Denmark not invited as usual, because of of some boneheads elected to Aalborg City Council now putting ''non-Trump elected' conditions' on a subsidy of DKK 300 K ?! You got to be kidding me! -This is just soo un-Danish towards our most important ally! - - - o 0 o - - - Wikipedia : Rebild Festival Rebild National Park Society

Happy 4th

Ah yes—we all must be wary when populism “exploits” democracy (which is literally Greek for “rule by the People”). Gives this day its true meaning. Happy 4th of July!

Have a nice day!

I am using Chatgpt Pro right now with GPT 5.5 on High thinking mode and i am very impressed by what it brings up. It can create a whole investment thesis in 4-5 minutes that has little holes in it. So yes i am paying. I also developed the prompts for it using the model. Probably an even better value proposition for 20€ per month than any substack subscriptions. The free gemini model is good, but the frontier models are even better Lets see if that leads to better investment performance 1-3 years down the road. I am also more and more impressed by what Copilot is doing inside Visual Studio (i think it was using opus 4.8), yesterday i had a problem in a 10 million line of code base and it fixed a unittest on its own by changing some files from a little prompt that sounded like a crying baby, something like: My unittest is not working, must be something with loading the modules, fix it please and 3 minutes later everything worked.

Happy 4th ladies and gentlemen Big milestone !! Well earned. Keep being the engine of innovation

Happy 4th of July to United States of America!, here especially to all our American CofB&F members and their families!

From my European perspective, you can be rightly proud of what you have achieved in such a historically short span of time, and you can face the future with confidence and optimism. Whenever I have visited the USA or otherwise interacted with Americans, I have been particularly impressed by the willingness to tackle issues head-on. You may not always succeed right away, but ultimately you fight your way through. Driven by the courage, the dynamic spirit, and the mindset of the settlers from your founding days. To create a better future for yourself, your loved ones and the generations after you. Celebrate today, you have every reason to! Happy 4th of July

Democracy is an exercise in populism. I keep seeing populism being framed universally bad. It isn’t. I’m from Europe, and anybody who doesn’t think there are issues with free speech in our continent aren’t seeing straight. You should be allowed to criticise politicans, policies, cultures, immigration, whatever. Everyone agrees there is a line somewhere but we haven’t got it right. In my life time there has certainly been a rolling back of free speech.

Yeah. That is the main problem. And what astonishes and holds me back is that they are doing next to nothing about it. Instead of acknowledging that the era of negative interest rates might be over, they are simply turning a blind eye. There seems to be little will to tackle this or other issues decisively. Instead they just muddle through somehow. A bit like all of Europe, unfortunately. We Germans love our sausage. As in any love relationship, it is sometimes helpful for the peace of mind to consciously avoid looking too closely It’s an interesting idea to use the NBIM as a sort of rough filter. Given the public profile involved, they ought to have a certain incentive to pay attention to the downside risk in their positions.

YouTube - The Alex Marlow Show [June 30th 2026] : Lara Trump on America 250, AI Data Centers & Greenland with Gov. Jeff Landry - - - o 0 o - - - Grenland comments starts at around the 14:40 mark. POTUS' Greenland special envoy is simply put a notorious liar. Period. Pure *BS*.

Egon [ @EgonKuhn ] & @Spekulatius, @Spekulatiuss points above are valid. Related to tax efficiency, @Spekulatiuss commment may as far as I understand relate to you, Egon [ @EgonKuhn ], while it is not relevant for me, holding this basket stuff in Danish tax deferred accounts [I get credit in Danish taxes for foreign withheld dividend taxes]. Related to why even try? I'll mention I have looked at the rest of Europe at that time, also, but never engaged in anything at that time. In stead of trawling through long lists of listed companies I did download to a spreadsheet the total portfolio of NBIM [Norges Bank Investment Mangement], and turned on some filters [country, real estate] to take a tour in Europe looking around. [Link ]. [NBIM stocks likely picked by one of many investment mandates, Nicolai Tangen is too busy doing podcasts!]. I did not feel comfortable at any of that stuff, knowing nothing about local conditions, regulation and such.

LoLz! [Never heard the expression before!]

Yeah these African teams are really showing up this year... respect.

Can also appreciate the defense scheme that created the offside.

They probably don't mention and discuss it as much because they don't really take much risk in managing it. I think their focus is on underwriting excellence. And I know in the past they focused on the 10 10 strategy. Where they wanted to get up to $10B of net under written premiums, 90% CR. Despite that they had some steps and have been more transparent recently in discussing the reasons for that. On the investment side, they tend to duration, match and not play the yield duration curve very much. I think their term for float is policyholders funds and they are about 2 times annual underwritten.premiums. On the equity investment side, the returns have been better than Fairfax in recent 15 or so years. And their Markel ventures arm also appears to be doing quite well, although there are clearly some seasonal and cyclical variations in that. So to extent their relatively consistent underwriting and investment performance have made the bond investing part of the returns less significant. I think their bigger problem has been the fact that their insurance operations have grown very anemically over the last hard and soft cycle. If there's one concern for me, it's that they are doing this during a hardening market, that is something we need to keep a very close eye on.

Now it is competition in honesty. And ... China is winning? Suppressing population is often successful, as it is shown by North Korea, Russia, and to great extent by modern China. It's only developed democracies that are vulnerable to exploitation by populists. Because they maintain political freedoms to do so. In aspiring dictatorships all opposition is destroyed early and one person or a small group controls all parts of society.

What are you talking about... The dude was convicted for trying to hide evidence of his wife's significant involvement with the violent attack on the ICE facility. I said I feel sorry for the guy getting 30 years. Nothing in his conviction had anything to do with "Free Speech" - only his role in 19 or 20 AntiFa members planning out and directing an attack on an ICE facility - and then hiding his wife's role. You actually might want to read up on what actually happened.

In the end, suppressing your population leads to some sort of revolution and that is what I think is relevant here-- AfD is leading in the polls in Germany Reform is leading in the polls in the UK National Rally is leading in the polls in France There is a clear pattern here...the people are sick of their voices and opinions being suppressed. At some point, the political status quo will burst at the seams. This is because European leaders have been using undemocratic means of suppressing the will of their people for too long and so the people are turning to something radically different than the status quo.

FYI that account has been reinstated: Elon is definitely a hypocrite if that's why the account got cancelled--but notice in this case it's not the government fining anyone nor sending anyone to jail--it's a private social media platform. The CCP doesn't make posts on "protecting Free Speech" like European leaders do though. European leaders are being dishonest while the Chinese are up front about what they do. They do not pretend.

Huh. I thought you agreed with the right to bear arms. And what does that have to do with a dude moving pamphlets? Did he have a gun? Did he shoot someone? To summarize your argument, you're saying that a dude who transports "free speech" deserves 30 years in prison because people he knew had guns. When I say, "I think it's largely because of political polarization--because everyone's fine with "their side" doing it to screw the other side," your reaction is exactly what I was referring to. Maybe next time, just say, "But it was Republicans persecuting the people, so it's okay." That'll save some typing. As I say, this is all normalizing President AOC doing whatever she wants to do.

Damn, Cabo Verde played a hell of a match.