Parsad

LOL! You think Kash is going to pay for anything? He's not reimbursing shit. Cheers!

+1! Cheers!

Yup! I don't care if it was the President or Vance...but the FBI director? Cubs, Sweet and Greg...shouldn't we all be critical of government waste? Especially at this time when governments are doing a shitty job of balancing budgets and paying down debt...doesn't matter whether its the U.S, Canada or Europe...they are all wasting taxpayer money on a lot of dumb shit. Cheers!

Welcome to the forum! Cheers!

Not really. Insurance is a very old business...probably one of the oldest businesses. Success has always come from long-term quality underwriting with a diversified business...whether it was the Rothschilds, Medicis, Lloyds, etc. Mistakes come from not being disciplined. But I agree with you that no business is a sure thing. You cannot fall in love with a stock. Those people who simply held on to Berkshire forever are outliers themselves. It's a behavior itself that rarely happens...holding a stock forever. The difference with companies like Berkshire, Fairfax, Markel, etc is that their streams of income do become diversified. They aren't wholly dependent on insurance profits...that's just a component...the main component, but not the only component. It's also why balance sheet strength to me is so important for an insurer. I think Prem gets that as he is getting older and the business will be run by the next generation. It's time that the balance sheet is more fortified...the income streams robust and diversified...the team is deep and talented...the insurance business all encompassing. It's a much better Fairfax Financial and will probably keep getting better! Cheers!

On another note, the UK is actually doing their job and going after the Epstein file criminals: https://www.cnn.com/2026/02/23/uk/peter-mandelson-arrested-gbr-intl While the U.S. focuses on this...keep up the good work FBI! Cheers!

Doo, he got you there...there was pretty funny! Cheers!

People don't hate the U.S...they hate assholes! Your country is being lead by one of the biggest assholes the world has ever seen...bigger than Farah Abrahams! They weren't booing the U.S. when Obama was President! They weren't booing the U.S. when Reagan was President! Neither were assholes...they were statesmen...had decorum...respect for others...believed that their country was a model for the world...the anti-bully. Cheers!

LOL! And a super high fee college! The man knows how to destroy cash cows...like he's doing to the U.S.! Cheers!

In insurance, your moat is the type of business you write and the premium pricing you accept for contracts. In that way, Fairfax (especially since Andy Barnard took over insurance) has built an excellent underwriting culture. You can see that in the combined ratios and reserve redundancies. They won't underwrite policies unless there is adequate return for the risk. So if premium pricing softens, they will underwrite less of their traditional reinsurance business. The fact that their insurance businesses are much more diverse outside of just reinsurance and on a global scale, means they can write more policies in regions where premium pricing is good...insurance pricing is reflexive regionally...pricing pressure is not identical across the globe. So if premium pricing weakens in North America or Europe, they can expand Asia and South America for example. The other advantage (moat) is the investment team. You have three main lines of income (Insurance, Fixed Income, Equity Positions)...each with their own other lines. The income stream is becoming a diversified grouping with 2/3rds being very consistent and 1/3rd being more opportunistic. For example, insurance income carries more broad general insurance steady income than the past...rather than just a huge reinsurance business. It is very diversified globally...essentially in every major market. Fixed Income is now generating a steady stream of income from the mortgage business...bond portfolio is diversified...they are constantly seeking smart ways to generating yield without added risk. Equity positions include public equity, associates and wholly owned companies...that third pile will grow and grow adding that steady stream of income Berkshire has enjoyed for so long. So I don't worry about competition at Fairfax. I worry about culture. In those terms, the moat is there! Cheers!

Ha! His idea was so stupid that the Supreme Court he handpicked voted against it...that it was ILLEGAL! But that won't stop Trump...he'll find other loopholes or illegal avenues to get what he wants. That's all he does! Cheers!

Bye-bye tariffs! Cheers! https://finance.yahoo.com/news/live/trump-tariffs-live-updates-supreme-court-slaps-down-trumps-authority-to-impose-his-most-sweeping-tariffs-151020372.html

Sorry, that should have said "Yes, as well as losses on investment within the float." Cheers!

Yes, as well as gains on investment within the float. Cheers!

Not making any excuse for him if he did that...but take a step back and think about what happened October 7th and how his feelings may not have been any different than a U.S. person reacting to 9/11. Would you have scolded every one who posted something bigoted after that day? Lastly, how would you like it if it was your last moment on earth and you were recognized for...not all the good things you did during your life, but a caricature you posted on social media in a possible moment of anger? You are right, no one gets a free pass...not for posting something bigoted and also not for being a bit of an unempathetic ass when someone is dying! Cheers!

His best friend is a so-called "Paki"...you ever wonder why Mohnish and Guy travel hand in hand? Guy has a ton of Indian and Indian continent friends, me included...Pakistani, Hindu, Punjabi, Gujrati, Jain...! You don't extrapolate political leanings or the occasional post into exactly what type of person someone is or isn't. That's a very shallow way to view humanity. I have the type of issues you have with some on here...but I should be able to empathize with them as well. Imagine yourself in their shoes! Cheers!

I think they will try and get him on whatever they can now...public perception is at a low for the Prince...they want him gone! Hopefully outside of the U.S. and not with Canada! Cheers!

For Whom The Bell Tolls...this is going to dig deeper and deeper...coming for all those with its stench on them! Cheers! https://www.cnn.com/world/live-news/andrew-mountbatten-windsor-arrested-uk-police-02-19-26 https://www.cnn.com/2026/02/18/india/bill-gates-india-summit-keynote-intl-hnk

What the fuck? What are you talking about? He's one of the nicest, most genuine people I've ever met...especially in the finance industry. Whatever his political leanings...I've never heard anything remotely like "white nationalism" or "racism" from him. If you can't say something nice about a man fighting for his life...shut the fuck up!

Unlike the Internet Bubble, I agree with you both and think that AI will be accretive to revenues and earnings rather than a wholesale massive capital investment with no commensurate return for a while like 2000-2003. The amount of capital directed at AI is also multiples higher than the Internet Bubble, so I think shorter term, capital may not be getting the correct risk premium even for AI, relative to future cash flows from those investments. Again, not as bad as 2000-2003, but some reality may set in. Cheers!

Even if you make adjustments for global revenues, private capital, etc...you simply look at what the risk premium is in most assets classes and you are near low levels for the majority of assets. Obviously for the most part, none of us are buying the market...and even if we are, we are of the intuition to buy more if markets fall. But the average investor's intuition is not the same...a lot of people have plowed capital into assets without adequate risk premium. Hindsight always gives the correct answer...so we'll find out one day! Cheers!

They were losing money between 1997 and 2000 as well...then came an 80% drop on the Nasdaq! Not saying that is going to happen again...I think earnings are more real than then and P/E's aren't as lofty. But some reckoning for accepting low premiums for risk will occur. Cheers!

Stepford wives! Cheers!

The backstory of Young Dunc was also quite intriguing, especially when Ser Pennytree appears in his life! Cheers!

Yeah, it's hard to tell if it is real or not. But if it is, the control with the nun-chucks should worry about the grip, rotation, control that they have. That range of motion at that speed is extremely functional for day to day tasks. Robot soldiers wouldn't be too far away as well! Cheers!