Hoodlum

AGT announced NCIB. https://www.agtfoods.com/news/2026-06-03-NCIB

Nice pricing for these 30 year corporate bonds. It will be interesting to see how this is used. The Series K Preferred shares will not reset until March 2027, which is when Fairfax can close out this last series. So I see this for either the Allied minority interest or share buybacks, until the EuroLife sale closes. This gives them some buffer as the Eurolife sale is taking longer than initially expected, likely due to the slow pace of Greece's government approvals.

Even the credit rating agencies are catching up with what has been happening at Fairfax. https://news.ambest.com/pr/PressContent.aspx?refnum=37371&altsrc=2 Fairfax’s ratings reflect the group’s continued favorable earnings trend, which includes record underwriting profits in 2025, even with significant catastrophe activity impacting some of its affiliates in the year. Fairfax’s investments continue to accrue significant capital gains and earn steady and increasing interest and dividends, allowing it to repurchase its own shares while keeping its risk-adjusted capitalization at the strongest level. Fairfax’s returns have allowed the group to compound its book value per share at an 18.3% rate annually, on average, since 1985.

I would be surprised if Fairfax has not been selling BB as the stock price increased in Q2.

BIAL surpassed Mumbai Airport for domestic passenger traffic during April. This trend is expected to continue as new Mumbai traffic will go to the Navi Mumbai airport as the runways at Mumbai Airport are now saturated. BAIL overall passenger traffic is within 10% of Mumbai Airport's total traffic (including international), so I could BIAL become the 2nd largest Airport for Total Passenger volume in India within the next 2 years. https://timesofindia.indiatimes.com/city/mumbai/bengaluru-airport-edges-past-mumbai-in-domestic-passenger-traffic-but-mmr-stays-ahead/articleshow/131373046.cms

130k was traded at the close today but I don’t know who was the buyer.

I noticed that Prem visited the Indian consulate in Toronto a couple days ago, but didn’t think much of it. Now I see that India’s trade minister along with 150 Indian business delegates arrived in Canada for the next few days. Prem is going to be busy. https://www.reuters.com/world/india/indias-goyal-visit-canada-with-150-business-leaders-boost-trade-ties-2026-05-23/

Prem hinted at this again in the latest shareholders letter, when discussing Allied World.

The only thing the US got out of this war is a somewhat weakened Iran militarily, but now Iran understands they have a big stick and can effectively control the strait when needed. We have learned that the loss of Iran’s leadership seems to be easily replaced. The whole reason the US initiated this war was to remove Iran’s enriched uranium but that has not changed and I suspect will not change anytime soon. So the US did not get what they wanted, but Trump will try to make it look like this was a win. The big losers in this war are the Iranian citizens and the Middle East due to the cost to repair and the long term impact on perceived stability. The impact on the global economy will continue for many months and likely into next year. We will need to remember that it takes 2-4 weeks for existing ships in the strait to get to their destination. Many facilities were shut down during the war and will take a week or more to become operational again, so shortages will get worse in the coming weeks. We also need to understand the full impact on damaged production facilities and what the overall impact will be for various resources over the coming months and possibly years. The impact is way beyond just oil.

Grivalia Hospitality received additional approvals this week to develop their new 500M Euro luxury resort, branded under Six Senses. Presidential approval is expected in the coming months. I wonder if Fairfax gets involved with the debt facility for these developments. https://www-mononews-gr.translate.goog/business/me-to-kinitro-tou-eschase-i-ependysi-tis-grivalia-hospitality-stous-petalious?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp As has been announced, the financing of the investment project will be done with 20% equity and 80% debt, since a term sheet with competitive terms has already been signed. According to what the head of Grivalia Hospitality, George Chryssikos, has said, the biggest challenges facing the project are bureaucratic in nature, while since the project was designed, its budget has almost doubled.

BlackBerry stock has now doubled since the end of March.

It looks like Fairfax will continue to buy more UAA at around $5. As of 5/15 they held 24% of the Class A shares. https://www.sec.gov/Archives/edgar/data/915191/000094787126000556/ss6330019_ex9906.htm

30 year yields today have also passed the Covid highs. I wonder which insurance companies will be impacted due to holding long duration bonds.

That could then also suggest a further softening of the insurance market. If long bond yields continue to rise, some insurance companies with long bond duration may need to pull back on their underwriting which would help offset the softening market somewhat.

Fairfax has already agreed to vote in favour of this acquisition.