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I think it's possible shopify is an AI beneficiary. I signed up for a Shopify store today, and was having trouble getting the DNS settings at my domain registrar to match what shopify needed to host the site. I asked their AI assistant, which looked up my existing DNS settings and told me exactly what to change and then it worked. I was really impressed, it made it super easy.

This is par for the course. Just look at Berkshire buying Oxychem. I notice they weren't making a deal when oil was 90+ and Oxy's stock price was double its current price. Another similar recent deal from Fairfax would be at the Atlas corp takeout.

It's been discussed here in multiple occasions that Fairfax owes it's duty to its shareholders and not the retail investors who also hold its investments. There are many examples of Fairfax doing things that retail investors in underlying targets/controlled subs felt wasn't in their best interest, but ultimately suited Fairfax. There was even a court case about one of them. Simply be aware when you're buying into underlying holdings in Fairfax's portfolio - particularly if those names are underperforming

https://www.theglobeandmail.com/investing/markets/stocks/FFH-T/pressreleases/35502473/canadian-analyst-coverage-oct-16th-2025/ Raymond James raised its target to $3,050 from $2,900, maintaining an Outperform rating due to strong insurance underwriting performance and investment gains.

What return did Fairfax generate on its investment in Eurolife over the past 9 years? (The initial purchase closed August of 2016.) We will need to wait until Fairfax reports results to get the full picture. My guess is this investment has worked out very well (and perhaps even exceptionally well) for Fairfax and its shareholders. The return Fairfax earned will be comprised of the following items: Total amount paid by Fairfax for 80% stake in Eurolife Aug 2016 = 40% = $181.0 million (€162.5) 2017 to 2021 = 10% = amount paid? (My guess is about €40 million) July 2021 = 30% = $142.7 million (€120.7) Dividends paid from Eurolife to Fairfax (see details below for payments made from 2016 to 2019) Although we don't get the exact amount that went to Fairfax, we can assume it was a big number (compared to the amount they had invested). Total amount paid to Fairfax for its 80% stake in Eurolife's life insurance business: $944.7 million (€813). Value of 80% of Eurolife's P/C business which Fairfax continues to own. At Dec 31, 2024, shareholders' equity (100%) = €66.1 million (US$68) If we value the business at 1.5x BV = US$100 million. This puts Fairfax's ownership stake at about US$80 million. Summary Fairfax paid $181 million in August 2016 for 40% of Eurolife. Over the next three years it received large dividend payments from Eurolife (likely covering much of the initial purchase price). It invested about another $190 million from 2017 to 2021 to increase its ownership to 80%. In October 2025 it sold its 80% stake in Euolife's life insurance business for $944.7 million. It is retaining its 80% ownership position in Eurolife's P/C insurance business likely worth about $80 million. This is important to understand because it gives us the opportunity to evaluate the management team at Fairfax and their capital allocation abilities. Comments from Prem about the Eurolife purchase from Fairfax’s 2019AR. "Through the crisis in Greece, we acquired a gem in Eurolife, a Greek property and casualty and life insurance company that operates predominantly in Greece but also in Romania. Alex Sarrigeorgiou has run Eurolife since 2004, following Eurobank’s decision to grow its insurance business, and we acquired it with OMERS as our partner in 2016. Since our initial 40% purchase of Eurolife in 2016 for €163 million, Eurolife has earned €347 million and paid dividends of €298 million and shareholders’ equity has increased from €400 million to €720 million at the end of 2019 after the payment of dividends. This phenomenal performance was predominantly because Eurolife had a significant holding of Greek government bonds whose rates went from 8% to 1% during that time period while its non-life business had an average combined ratio of 72%. We currently own 50% and equity account for Eurolife but plan to buy the rest of OMERS’ shares in 2020."

It might make sense to come at it from two angles: What is driving the gold price higher? Is it a cyclical (short term) or secular (longer term) thing? What is going on at the company? On both fronts, I think it makes sense to continue to hold Orla. Yes, it will be volatile.