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Could you please explain the mechanism you have in mind in more detail? I think I forgot or misunderstood that too. How can the turnover of float (so about the 25bn you refer to) be used as a debt like funding? I always thought that the invested float is regulated. So like in fact most of it has to be invested into bonds and only a small fraction in equity. So if you'd invest a bigger portion into equity and change the "risk" (from a regulators perspective) when turning over after two years, you'd loose your rating. As the float returns from my understanding go straight to the holding (and you seem to refer to the float turnover, which from my understanding has nothing to do with returns). Of course the insurance subsidiaries could change the debt level; but again that would change the risk from a regulators perspective I guess. In fact I am missing the link between "turnover of float" and "opportunity to buy equity" without changing what regulators define as risk. Would be great to learn more about that. @SafetyinNumbers

Now you tell us. Thank you for the variant perspective. I sold Intel recently. Maybe I should have looked at the chart first. It's not the fundamentals driving the price up... Any other stock chart you could help us analyze? CSU hit the 200 days moving average last week:

Good point, @SafetyinNumbers. This has been a blind spot in my thinking about the company’s investment options. I’ve tended to think that they can only really afford to spend/invest what they earn plus what they can raise in the debt markets in any given year…perhaps $5 or $6 billion or so, with investment options spread out between buying out minority partners, paying dividends, buying back stock and making new equity investments. I’ve completely forgotten about the $50 billion or so of fixed income float investments, most of which is held at the insurance subsidiaries, and which is turning over at about $25 billion a year if duration is short and at around 2 years. This can be a source of debt-like funding (other than only equity) which can be used to help finance purchases and deals as you note above. And when that is not enough, it helps to have partners like OMERS who are willing to front money for larger purchases, receive preferred equity, and provide Fairfax with future dated options to buy back their interests. And of course, as @Viking has noted, the operating subsidiaries have the ability to raise debt on their own to help fund bolt-on acquisitions or refinancings that they may be interested in doing.

Here is an AI generated summary of Sleep Country's recent acquisitions (Sleep Number pending). I think the IP angle is key given the size of Sleep Country's Canadian footprint. The UK acquisition last year also enhanced Sleep Country's capabilities. Given how slow the housing market is today in the US and Canada, this is likely the perfect time to be a buyer. This is right out of the Fairfax playbook. At the 2024 Fairfax AGM Alan Kestenbaum told the story of when he called Prem during Covid (when the steel industry was getting killed) wanting to do a big strategic transaction... Prem pushed him hard to do it. And a few years later it turned out to be a brilliant move. That is the value of having a parent who has the right temperament. https://www.mccarthy.ca/en/experience/stelco-signs-long-term-pellet-supply-agreement-and-option-to-acquire-25-interest-in-minntac-with-u-s-steel Common thread... these are all distressed purchases. All give Sleep Country capabilities they didn't have before. Shitstorms are opportunity. Very counterintuitive. It will be interesting to see where the funding for Sleep Numbers comes from. Probably partly from Sleep Country issuing debt. And partly from cash from Fairfax.

Thats what's visible on the spreadsheet. Sleep number also has some valuable technology/patents. Its store footprint nicely fits with Sleep Canada's map, and since this will perhaps triple revenues for Sleep Canada, I'm sure there will be some synergies to be had. Hopefully we are close to the nadir of revenue declines and the company cultures fits well. It has the potential to be a very lucrative acquisition. Considering what Fairfax paid for Sleep country($880M or about 8-9x EBITDA) this would be very cheap if they can integrate it well.

You are kidding right? SOH open, oil back to normal, Iran's ability to wage war finished, nuclear ambitions set back 10+ years. Give me break.

Cubs - what you just described (SOH reopening) is a return to status quo that existed prior to Epic Fury….characterizing a return to the status quo ex ante as a successful output to military campaign is an oxymoron.

So Sleep Country Canada (Fairfax) is likely to end up with this business. I don't fully know how C11 works but I think Sleep Country Canada gets the whole operating business then for $415m in cash. EBITDA for this year is estimated to be 80m, and 105m for '27 putting it at 5x '26 and sub 4x '27. I read they bought over $700m of stock at $100 a share which is crazy. What a waste of money.

Change of tune from chevron CEO, now saying oil markets might now be ok until September.

Yeah, we're going to find out Sunday. I don't think anything gets signed, cause if it does, it's basically a surrender document for the IRGC. The MOU or whatever gets signed, says SOH gets opened "unconditionally" basically. ie - Iran does not collect tolls, can't keep the Jews or Americans out of the SOH, and any ship may pass. I can't see Iran signing that - as it is very close to an unconditional surrender - even if they are being strangled economically. You and your "wins/losses are for 4 year olds". Good for you change. We will see if Iran gives 100% release on the SOH on Sunday. I doubt it. But if they don't - it will be bombs away - and you'll tell me Iran is in complete control... LOL

Damn Spek - you believe anything. LOL UAE Categorically Denies Media Reports Alleging Transfer of Funds to Iran Sat 13/6/2026 The United Arab Emirates has categorically denied reports published by certain international media outlets alleging the transfer of funds from the UAE to the Islamic Republic of Iran, including allegations concerning USD 3 billion. https://www.mofa.gov.ae/en/MediaHub/News/2026/6/13/UAE-IRAN

Wins/losses are for four year olds as i said. The question is moving forward here who's relative regional power has been enhanced and who's has been diminished - Iran or the US's? I think the answer is obvious here - Iran was able to shut down commerce in the region for two months via the SOH and the US had no answer to re-open it by force. Iran retained the ability right up to the MOU signing to down American Apache helicopters and hit Israel & other GCC targets showing the ability to take a beating for a month and still retain deterrents. Strategic objectives met or unmet, relative power changes & latent leverage post-conflict is how strategists measure a conflicts outcome......children count how many ships got sunk, how many things got blown up......the relentless focus on messaging on the tactical wins of Epic Fury are in and of themselves an acknowledgment that strategically its been a disaster. The MOU is a throwing in of the towel here - who in their right mind if they hold all the cards, takes the pressure off the opponent and kicks everything off substance down the road to be figured out later. The answer is obvious - the person who was pretending to have the leverage and the options.

Intel is a perfect example of why I'm still a (bag)hodler with my 52 week lows. Left for dead...

Big-time win for Iran. Leaders dead. Military destroyed. Oil price @ $78, not $200. Economy destroyed. Overseas assets Frozen. Currency worthless. Yeah, change, huge victory ROFL

It's definitely true in the case of Obama/Biden. Their Ivy League cohorts led them to disastrous decisions. Can you imagine the stupidity of funding the nuclear ambitions of the greatest terrorist nation in the world? Talk about being played as suckers. Then you leave the Taliban with $50B worth of state of the art military supplies in Kabul. Then you give the IRGC billions for their terror proxies. Those two complete morons did much more than "nothing". At least we have Trump to clean up after this disaster.

Sometimes and in politics quite often doing nothing is the best course of action. Especially true if you don’t know what you are doing.

I heard no underlying repudiation of the underlying proposition in my post....just a usual whataboutism about Biden / Obama did a decade....broadly when you see that its an implicit acknowledgment that the proposition put forward is best not tackled on its merits but rather pivoted away from. But as always interested in perspectives from Fox land if you can provide them. How has Iran's regional power been diminished post-Epic Fury after they've successfully held the region/globe hostage here for two months DESPITE the US trying to stop it AND how has the US's been enhanced seen as it failed to stop Iran doing that. I mean you do realize what's happening here with this MOU where all the hard stuff is kicked out to Round 2? In a phased agreement where the core, existential issue, nuclear development, is kicked to round two. Iran knows that once the U.S. administration claims a diplomatic victory in Phase 1, the political appetite in Washington to walk away and return to the brink of conflict over round two demands/belligerence will be severely diminished. It is not the art of the deal, its the art of the off ramp.

Trump has mellowed a lot. He usually declares war on Friday after the close and then cancels it before market open on Monday. Here is a little cash advance for the Iranians in the meantime, maybe to grease the wheels: https://www.reuters.com/world/middle-east/uae-unlock-billions-dollars-iran-sources-say-2026-06-12/

Yeah right. Let's return the ropes to Biden and Obama for lessons on how to react in the Middle East. Cut and run - leave billions in armaments to your worst enemies. And if that is not enough - let's fund their nuclear threat with billions - at the same time as funding their terrorist proxies for years. That shows real "American Strength".

You bet. They all live in the shadow of Iran now....economically (SOH) and militarily (missiles/drones). Trump took a latent theoretical capability Iran had and made it manifest real while at the exact same time shattering the illusion for the Major Non-NATO Allies (MNNA) in the region that being the US's partner equaled enhanced safety and security (quite the opposite it turned out) .......will be very interesting to watch what happens to the US bases in the region (the one's that were either destroyed or made inoperational by Iran) My guess is a substantial number will never be brought back online as the host countries delay/decline their repair & so U.S. forward-operating capabilities will be structurally impaired forever. The illusion of absolute U.S. security has been shattered, meaning regional actors will likely seek diplomatic hedges with Tehran rather than relying solely on Western/US military deterrence. Winning and losing is for four year olds to argue over but I think its clear the US's relative power in the region has been diminished and Iran's enhanced - no American President should be proud of an outcome like that.

Cautious optimism: https://www.foxnews.com/live-news/iran-war-news-us-trump-strait-hormuz-oil-price-peace-deal-june-13#post-d960143

In this case, I would expect the pattern to play out as expected by the pattern - Intel goes up sharply, basically uninterrupted. Now we watch and see what happens.

You believe this will be like LITE where price goes against the chart or price follows the signal? Not seeking investment advice just trying to understand technical analysis (not something I do for investing but learning)

Not much point when the pipe itself, and oil storage facilities are all above ground. Pipe just changes the egress point; if that egress is subsequently blocked, the pipe becomes 'shut-in' and pretty useless. Also keep in mind that the much touted Iran/US MOU is not the end of the war either, it is just a temporary cease fire and rounds of nuclear negotiations at some targeted future date. Other than rotation, it is unlikely that most of the US task force and aircraft are returning home anytime soon. SD

This probably is good for AI supply chain? These country will need host their own data centers running their own models , which means more chips and chip equipments