Santayana

Nope.

But since most people don't have pension funds (at least in the US) how meaningful is that?

Shama Lama Ding Dong!

Fill out Schedule 3.

I thought I had read the AR pretty closely, but I missed the part about Recipe expansion into India. Love seeing this sort of thing, probably not risking much to try it out and huge upside if it takes off. Does anyone know what type of restaurant(s) they're doing there?

Similar to gold as a final result, but a very different path getting there.

Isn't China's currency manipulation just a tariff by another name?

Hate to tell you this but in 2025, most every investment house from Blackrock down, recommends a minimum 5% weighting. If you are young and have the runway ahead of you the rep will suggest a higher weighting, and higher still if you are saving to buy a house. You pay good money for that recommendation ... but of course, are free not to follow it. Recommending a portfolio weighting for the minority of people with enough in their portfolios to even think about weightings is not the same thing as "everyone needing it".

Who had treasury market dislocation on their bingo card?

Added a bit of JOE.

You're making big assumptions about other people's portfolios.

Carried out by way of a merger between Resolute and a newly created subsidiary of Domtar, the transaction provided for conversion of each share of Resolute common stock into the right to receive US$20.50 per share, together with one CVR, entitling the holder to a share of future softwood lumber duty deposit refunds. Under the CVR, stockholders would receive any refunds on approximately US$500 million of deposits on estimated softwood lumber duties paid by Resolute through June 30, 2022, including any interest thereon, net of certain expenses and of applicable tax and withholding.

Ah, that RFP. Yes, there was something.

RFP CVR?

Sold a few of my Dec 25 $400 SPY puts.

Small adds to Macy's and Fairfax.

Moved some cash that was sitting in SGOV to TLT.

I hope this doesn't cross into the political, but we know that Trump wants lower rates. I see a very good chance that they could realize some nice gains on the bond portfolio in the next couple years, just in time to pick up some distressed assets on the cheap.

Poseidon would be the one I'd be most concerned about, but am more just saying we don't know what kind of impact there could be on the equity portfolio in general. Maybe things like CLF and GM end up benefiting even, but I 'd say it's way too soon to tell. I'm stupidly overweight in Fairfax, so it's not something that affecting my decision.

I think it's still unknown what impact tariffs will have on the equity portfolio, but otherwise everything is lined up nicely.

The debt level should be lower than it was at year end after the $192M sale though, correct?

I visited my daughter at her new apartment in Seattle this week. When I got to the main entrance, I saw a little Kennedy Wilson plaque! it was a great building in a great location, right in the heart of the Amazon campus. Seems like real estate to be happy owning.

I grew up in the 70s, and it's weird to hear the "left" screaming about the domino effect. If we really believe Ukraine needs to be defended at all costs, then accept that we're looking at another Vietnam.

The 13F represents a pretty small portion (~15%) of their equity portfolio.

It could be called "Hiding in Plain Sight" or something like that.