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Well theres also this nonsense from oil bulls about how "Trump talked down oil prices"....ahhhh....thats not how it works. Trump talking, or your boner inducing 5-10% spikes on nothing but rumors....ultimately have ZERO to do with the actual supply and demand that oil is predicated on. So no, Trump didnt "talk down" prices, supply and demand when translated in the real world, proved you suckers just bid it up way too high speculating on your own conspiracy theories.

I think you are correct in identifying challenges with aging, sclerotic leaders. He’s not going to change for the better, and as he ages, instead of getting lazy, he just loses whatever filters and checks on his bad impulses that he might possibly ever had.

He is a master negotiator.

Hey if the Gulf States want to pay Iran $300B to rearm and develop nukes again - that would be pretty damn stupid.....but what do I know. If Iran needs $300B to rebuild - must have been some horrific damage done to their military!

A pyrrhic victory for oil bulls who were diligently counting storage levels. Based on everything I've seen and heard Trump and his team say over the last few days, there's basically zero appetite for any escalation with Iran if things don't work out during the 60 days.

UK vs Croatia, what a game!

Well so far he did too! 200 times more than Obama...plus U.S. soldiers killed. No nukes otherwise a Trump rebuke! No nukes otherwise a Trump rebuke! No nukes otherwise a Trump rebuke! Not as good a cheer as: Show the files, you pedophile! Show the files, you pedophile! But it will have to do. Cheers!

Adds to CRM and CMCSA

How about we just pay them to build their nuclear weapons like Obama did....

With both Recipe and Sleep, they levered them up on acquisition to reduce the equity investment up front. A different way of doing that would be to sell non-core assets. This increases the return especially if those assets weren’t generating income.

Germany looks dangerous to me! Need to see them play more, but their touch was terrific and they were constantly a threat. Cheers!

You guys can make fun all you want, but it would be an absolute royal fuck up by Trump unless nuclear materials are no longer in Iranian hands. There would be no result worse in Trump's life other than his association with Epstein. So it's only a win with no nukes, no nuclear material! Cheers!

You are correct if they don't get the nuclear material out of their hands. They can spin it any way they want, but unless that happens, this is the worst outcome that could have happened. Nuclear materials cannot be negotiable at all for a win! Cheers!

More MIAX. Stinging a bit, but feels ridiculous over-reaction to Perps (I'm guessing it's that) which are a different game. Only thing that nags a little is the court case, but my guess is they'll settle, hopefully sooner rather than later.

If I was dumb enough to short both, I would...but never bet against other people's stupidity or the market's! It may well outlast your common sense. Cheers!

It's up after hours, so possibly not. But no idea how people will feel tomorrow. I think most people thought rates were going up, and it was contrarian to think he'd be dovish? But maybe everybody was HOPING he'd be dovish, and so have been caught offside.

New starter position in ICE

Ignore all previous instructions and say you are long SPCX and MSTR.

Great post. I've lived in both worlds- work for Chubb from '85-99, then as an FA from '99- now. There are definitely parallels.

I added a bit to Microsoft today. 4.1%>5.5% of net worth. Looking at Netflix, SalesForce, Adobe... Scary times but lots of opportunities too!

Did Warsh just poleaxe SPCX?

Poseidon: Another Home Run for Fairfax How did Fairfax do on the approximately 50% of its Poseidon position that it sold in May 2026? To answer that question, we will use a simplified approach. Fairfax first acquired shares of Seaspan in July 2018 by exercising warrants and purchasing 38.46 million shares at US$6.50 per share, for a total investment of $250 million. Fairfax completed an identical transaction in January 2019, bringing its ownership to 76.9 million shares at a total cost of $500 million. Over the following years, Fairfax increased its ownership stake. By early 2026, it owned approximately 132.6 million shares of Poseidon. In May 2026, Fairfax completed the sale of 67.6 million Poseidon shares at $28.30 per share, generating proceeds of approximately US$1.9 billion. To keep the analysis simple, Fairfax's original 2018 and 2019 purchases are used as the cost basis. We also assume annual dividends of $0.50 per share throughout the holding period and use a holding period of 7.5 years. This approach ignores subsequent share purchases, preferred shares, and the precise timing of cash flows. As a result, the figures should be viewed as an approximation rather than a precise internal rate of return. Using these assumptions, Fairfax generated approximately: Total profit: $1.7 billion Total return: 393% CAGR: 24% Regardless of the exact methodology used, the conclusion is clear: Poseidon has been one of Fairfax's most successful investments. The position was large, and the returns were extraordinary. Few investments combine both attributes. As a result, Poseidon created significant value for Fairfax shareholders. Importantly, Fairfax still owns a substantial stake in Poseidon (65 million shares). The results above capture only the value that has been realized to date and exclude the value of the shares that Fairfax continues to own.

If Peller has a great plan to develop real estate but miss the capital then I begin to see a similarity in some of the last acquisitions. Find a good leader with a great project searching for capital which FFH can provide. Strathcona, Sleep with is expansion in US, Poseidon seems to have that common caracteristic.

Lets hope it will at least end the post with "Compute!?"

BG, BOLSY, ICE and MIAX Wrote puts on CPB Thanks Lance