ValueNation

Amazing, @nwoodman, thanks for this comprehensive analysis. I noted this quote from your write-up: Also, virtually all Strathcona’s exports go to the U.S., so any trade spat or border tax on carbon (a hypothetical future U.S. carbon tariff) could impact it. But North American energy integration is deep, so this is a low risk. By contrast, peers who export globally (like those in OPEC) have to consider trade/shipping risks (Strathcona does not). Do you still consider this to be a low risk in the current political climate? I take the point that in the long term view this risk should fade, but in the short and even medium term, I wonder if the market will ascribe more risk than you might suggest. Thanks again for this.

The US and the West have really screwed over the Ukrainians. It was their reassurances - Boris Johnson, Jake Sullivan in particular - that they would have his back if Zelensky stood up to Putin that really started this war. Putin was ready to negotiate from day one - but the US was not. This should be acknowledged. The lack of any historical context, responsibility and empathy is horrible. The world is changing fast, but we do not need to trample those who are already bleeding. While I agree that it makes more sense for the US to be aligned with Russia to counterweight the rise of China, the way they are handling this is really deplorable. Hanging out your friends to dry like this will make others think twice about allying with the west in the future. The war does need to end, but taking advantage of the most vulnerable at their weakest is the mark of a bully. Putin is not Hitler - NATO expansion was definitely a huge issue - initially pushed by Condoleeza Rice and the neo-cons during the uni-polar moment when there was no serious great power challenge is at the root of the conflict, and led to the 2014 annexation of Crimea, which Obama and Trump #1 did nothing about. There's a lot of blame to go around.

Biggest bank in Canada

+1! Thanks @dartmonkey, @SafetyinNumbers, @Viking, very helpful to understand this better!

I have been a long-time lurker and followed many of you and your posts, and have held FFH for more than a decade. I was very close to bailing out during the pandemic, but thanks to this blog and Prem's $150 M bet with his own money, decided against it. I am very glad I stuck with it, thanks in no small part to the excellent analysis and debate on this forum. If it weren't for this, I don't think I would have had the confidence to add to my position during the Muddy Waters blip. It is close to 30% for me now, and I am quite comfortable at that level. Even with all the uncertainty facing markets in 2025 (especially in Canada) FFH seems like a safe position to have. Thanks for all the great posts!