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I'm a tad annoyed with what seems to me (and I'm probably WRONG) an endless support for stock prices and bottom calling. Regardless I did add some to Alphabet and Meta recently and today added to Willis (WTW) and Aon (AON). My business partners and I had - outside the operating businesses - bought 450 acres of industrial land with what we thought would likely be a ten year workout. And we've already gotten rock solid deposits and contracts to close now within a week - surprisingly/astonishingly selling it all in just over a year. So relative to my overall picture I am flushed with cash. I absolutely enjoy owning certain businesses. Today I received the book from Lars on Fairfax and I'm so excited I just about peed in my pants! I have a long-long- and longer multifaceted connection to Fairfax and this experience gives endless good feeling to me.

Not really. They have to keep a certain amount in bonds to match their insurance liabilities long-term, but outside of that, they have enormous flexibility in what they can invest in. They also run models on what would happen to them if there were two major catastrophes in a given year (I believe they use a 9.0 earthquake in Los Angeles and a F5 hurricane hitting Florida combined with a 50% drop in the U.S. market). So as long as their models stay intact with the investment ideas they use, and possible outcomes with those ideas, they can invest in almost anything. Cheers!