Hoodlum

Fairfax continues to buy Under Armour shares, doubling the Class C shares they own over the past 3 days. https://www.streetinsider.com/dr/news.php?id=25876797&gfv=1

Thanks @anshulp for sharing this. I’ll be the first to admit that I do not know how to value these businesses. But we have seen from minerals that pricing is cyclical for resources and it looking like the opportunity for natural gas is improving. Fairfax may have something of value in Exco at some point.

It looks like there was a 230k trade at the open today.

The Indian government has invited bids to be submitted, with the winning bidder to be announced by the end of March. https://www.ndtvprofit.com/business/idbi-sale-10797773/amp/1

I don't know if they would change much from what they are already doing today, as average duration has decreased over the past year. The only outlier are the 30 year treasuries of which they sold half of earlier last year. I was actually going to check the 2025 results next month to see if they sold the remaining 30 year treasuries in late October when the market yield was 25-30 points lower than it is today. That would likely push Fairfax's average duration down to 2 years or slightly under. Treasury risk to Fairfax would be greatly reduced at that point.

Alls of these larger block sales have increased the average daily trading volume which allows Fairfax to buy more shares than they would have been able to in the past, when the stock price does drop like the past 2 days. I hope these block trades continue.

FFH this morning dropped to prices not seen since before index inclusion announcement.

Eurobank currently trading above 4 Euro this morning for the first time, even with the Europe market indexes down due to Tariff threats.

Recipe Unlinited is planning to open the first two Olive Garden locations in Ontario this summer https://www.newswire.ca/news-releases/recipe-restaurant-group-international-announces-next-phase-of-olive-garden-expansion-in-canada-822147646.html

no idea. Must be investors selling on a Friday afternoon for no reason.

Fairfax did do buybacks in December at $2475. So more buybacks could be coming.

Initial agreement between Canada and China look promising. Canada is allowing 49k China vehicles into Canada (3% of total vehicles sold) with the expectation that a manufacturing facility would be built within 3 years. Some farmers and fisheries will benefit from significantly reduced or eliminated tariffs. Next up with be India in the next few months. https://www.pm.gc.ca/en/news/news-releases/2026/01/16/prime-minister-carney-forges-new-strategic-partnership-peoples To help deliver the full potential of these partnerships, and build up our domestic manufacturing sector, Canada will allow up to 49,000 Chinese electric vehicles (EV) into the Canadian market, with the most-favoured-nation tariff rate of 6.1%. This amount corresponds to volumes in the year prior to recent trade frictions on these imports (2023-2024), representing less than 3% of the Canadian market for new vehicles sold in Canada. It is expected that within three years, this agreement will drive considerable new Chinese joint-venture investment in Canada with trusted partners to protect and create new auto manufacturing careers for Canadian workers, and ensure a robust build-out of Canada’s EV supply chain. With this agreement, it is also anticipated that, in five years, more than 50% of these vehicles will be affordable EVs with an import price of less than $35,000 {Canadian dollars}, creating new lower-cost options for Canadian consumers. Agri-food and trade are foundations of the longstanding relationship between Canada and China – and China continues to be our second-largest export market. To renew and strengthen that relationship, Prime Minister Carney and President Xi secured a preliminary agreement-in-principle with landmark measures to remove trade barriers and reduce tariffs: By March 1, 2026, Canada expects that China will lower tariffs on Canadian canola seed to a combined rate of approximately 15%. China is a $4 billion canola seed market for Canadian producers, and this change represents a significant drop from current combined tariff levels of approximately 85%. Canada expects that Canadian canola meal, lobsters, crabs, and peas will not be subject to relevant anti-discrimination tariffs from March 1, 2026, until at least the end of this year.

I have seen this happen in the past with Fairfax. There seems to be volume sellers leading up to the ex-dividend date, but then the selling pressure/volume drops ex-dividend. I personally don’t understand the rational but have used it in the past and this year to add the annual contribution to my registered accounts to take advantage of this.

Is it not based on settlement date? I thought you would need to purchase before today to ensure it gets settled today.

The risk of another California fire like last January has been measured by Gallagher Re. https://www.insurancebusinessmag.com/reinsurance/news/breaking-news/california-wildfires-as-1in35year-event-for-reinsurers--gallagher-re-562047.aspx Gallagher Re benchmarked the total insured value exposed to the January 2025 Los Angeles fire perimeter as a 1-in-35-year event. The broker said this establishes a new baseline reflecting the current state of climate and exposure conditions.

I having noticed that Foran Mining has had a great start to the year, up 22% since Jan 1st. This has been occurring with higher than average daily volume as it looks like someone is trying to build a position ahead of the opening of the McIlvenna Bay mine opening in July. It would not surprise me if Foran Mining becomes Fairfax's largest mark to market equity holding this quarter, with Fairfax selling 25M shares of ORLA in Q4 and Melen's stock price remaining relatively flat this qtr.

It will be interesting to see if Fairfax bought back some of the TRS share in Q4. The last time this was done was in Q4 2024.

The Doctor’s golfing buddy’s must have joined in at the open today with 190k shares traded. I presume this will subside post-dividend later this week.

I wonder if the increased volume will allow for options to become available. Our Short "friends" would appreciate that.

Volume during the day has been very low outside of the trades at the open/close. Another 90k at the close today. Maybe this will be come a regular occurrence with the index addition.

it is interesting that it is exactly 50k shares at the open, with another 50k shares this morning.

160k traded at the close today.

I noticed that as well. My free subscription to Stockwatch expired so I no longer have visibility to who was the buyer/seller.

There was a 50k share cross at the open done through Questrade. I don’t think I have seen much volume through Questrade previously. I had thought only individual investors used Questrade.

Eurobank (EUROB.AT) is already up 8.3% this qtr, including +5% today. Close to $20 unrealized gains for this qtr already.