Hektor

#1 is also dependent on FFH and (more importantly) Prem attracting and retaining the kind of share holders FFH desires/deserves, I think.

I assume its either the IR webpage or Edgar

Why not MRSH or AON? They all seem to have similar valuation today. MRSH/AON seem to have better ROE.

AI will impact many software companies. Here is a simple example. The Value Line Investment Survey subscription costs about $50/month. A Claude.ai Pro subscription costs $17/month. Tell Claude.ai to create a report from the 10-K of any public company by feeding it the names of all the rows in the VL report, and you have it within minutes, if not seconds.

Good point @Spekulatius. Will AI do the purchase/segregation etc?

In addition, If FFH (and other insurers) have not explicitly excluded certain risks (or implicitly identified the risks they will cover to the exclusion of everything else), risks like injury due to a AI bias (e.g. a FFH client is sued by their customer/consumer claiming injury due to the FFH client implementing AI) or inability to attribute fault (e.g. AI controlled system crashes. Who among the owner, operator or manufacturer is at fault?) may add up. Also, there are lawyers out there who specialize only in "mass claims". AI might make their lives easier by discovering plaintiffs faster.

Thanks @Pelagic. This could be cloud based too, in my opinion. For example many/most law firms or medical practices use cloud hosted software today. This is made possible by activities other than developing software or evaluating documents, I think.

I would also assume they would be wary of feeding any document or work into a AI model until Privacy and Security are guaranteed.

Interesting read. Thanks for posting @gfp.

https://www.cnbc.com/2026/02/02/trump-india-trade-deal-tariffs.html Trump says U.S. and India reached trade deal, will lower tariffs immediately

Thanks @Viking

I believe some (or all) of these were settled out of court, unless I am mistaken.

@Viking Has this led you to add to your core (not flex) FFH holding?

https://www.reuters.com/world/india/details-eu-india-trade-deal-tariffs-quotas-market-access-2026-01-27/ India and the European Union have concluded negotiations on a long-awaited free trade agreement. The pact paves the way for freer trade in goods and services between the 27-nation EU and India, together representing a market of roughly 2 billion people.

I have a similar thought.

https://www.wsj.com/business/david-sokol-berkshire-hathaway-a2f92bf2 The Man Who Almost Replaced Warren Buffett

After reading Dalrymple’s Anarchy, I felt India always has been a kingdom of kingdoms, miraculously held together in the modern times!

@netnet Thank you for the post and the links.

+1

I guess MSFT will enhance their AI offering when their customers start asking for it, not when their competitors are rolling them out. MSFT apparently has a moat, which helps.

+1

FFH stock might sell off (buying opportunity?), however, the impact on their diversified business might not be of concern.

+1. The present concerns about the risk of treasury sales sounds similar to the concerns from the distant past about the Chinese selling off US debt!