Santayana

@Parsad I highly recommend Sheringham Gin made a few miles outside of Victoria.

And by not accounting for that gain, they are ignoring whatever future earnings will be created by the investment of that gain, whatever it happens to go towards.

Rotary phone? My grandparents had one of these bad boys. Do I get credit for 21?

While this could negatively impact the value of Fairfax's admittedly very large treasury holdings, isn't this a positive in the long run as they will be getting a higher yield in the future?

I was wondering if this move had brought it close enough to book value to get you buying again. Gotta love the volatility!

I blame it all on Parsad's US Treasury risk thread! I had trimmed a little at $1900, adding some of that back now.

@gfp's point is true regardless, it seems the stock is trading up on the ex-date!

That's why I said if you held at the open, purchasing today would be too late.

I think today is the ex-date, so if you held at the open today you get it.

This seems to be how Brett Horn looks at Fairfax, because insurance is a commodity it’s a “no moat” company and thus overvalued. Morningstar has their model and exceptional management doesn’t fit in it anywhere.

Thank you!

This is the skill that @ERICOPOLY has said was the most important to him.

So many great buying opportunities.

Thanks for reminding me of that detail. I always forget how the plumbing is working behind the scenes.

Excited to see what they do with the proceeds. Or maybe this is how they're paying for buying back the preferreds.

I see that Orla also just announced that they will start paying a dividend. https://orlamining.com/news/orla-mining-announces-inaugural-dividend-and-quarterly-dividend-program/ Vancouver, BC – December 3, 2025– Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that its Board of Directors has declared an inaugural quarterly cash dividend of US$0.015 per common share of the Company (the “Shares”), which is payable on February 10, 2026 to shareholders of record as at the close of business on the record date of January 12, 2026. The Board of Directors has also approved a policy under which the Company intends to pay a regular quarterly dividend of US$0.015 per Share, or US$0.06 per Share annually. The decision underscores the Company’s strong financial strength, confidence in its long-term growth strategy, and commitment to returning capital to shareholders.

They did buy another 100,000 in October, and hopefully even more in November when the price fell post earnings announcement.

You say it's conservative because it doesn't account for the quarterly earnings compounding?

Not even that, as the dividend didn't start until 2006 as I recall.

Pretty hard to get a meaningful position at a good price on something that everyone loves.

I also am finding the site almost unusable on my phone (Firefox on iPhone). Desktop has plenty of ads but they are not so intrusive.

They purchased about 2.5% of shares outstanding last quarter.

Probably in the short term, yes. I meant more in the over a few years time frame. Could be down to 15M shares before we know it if that happens.

Love the pace of the buybacks. 2.5% in one quarter. Imagine if they keep that up! Doubt Mr. Market will allow it though.

Clearly I was thinking of some other deal. Still @petecis correct that it wasn't at the bottom.