roundball100

Do we have actual evidence that AI generates profits? Or do you mean that there is revenue (that is, paying customers beyond all the free services to the general public) but not enough to offset expenses incurred by the growth of the AI industry at this point?

or -> our

Does this mean that as FFH investors, or reward will be in the afterlife also? Just kidding.

What you did not mention in your list of personal circumstances is an individual's level of comfort with risk (here I use the risk to mean, for FFH, volatility in share price rather than permanent loss of capital). If for personal reasons you feel that you may have to sell in the near future for any reason, then you probably should not be invested in any stocks. Which means if the markets go up, you miss out on return, but if the market falls, you come out ahead. No one on the board can predict the future. But it sounds like you will sleep better with one of these choices than the other.

A slight variation on the mental model of a stream of water flowing out of the forest (carrying harvested logs) is a stream of logging trucks emerging from the forest on a logging road. The volume of harvested logs varies each year based on logging conditions and what types of trees are mature and/or sufficiently valued by that year's market to motivate cutting them down. While floating logs out by water may be more environmentally friendly or cost-efficient than shipping them by truck, trucking might become more cost-efficient if the trucks are switch to EVs (also reducing deaths arising from the notoriously dangerous job of log-rolling).

Please let us know when you next plan to step away from your computer again ...

How do I get access to such reliable charts? And all this time, I thought that stocks were unpredictable!!

Running open source models locally also makes a whole lot more sense from a privacy perspective (avoiding leaking the crown jewels, proprietary and private data, to an untrusted and often outsourced third party) cloud service.

Do we have to sign up for all 3 as a lot?

If we are trying to compare FFH to other companies, and FFH is able to average n% investment return reliably with 3:1 leverage (without undue risks), then should you not give them credit for how much this return increases their book value per year?

Does the 3:1 leverage give us 3 times that?

The one I remember about him (if I have it right): "I wouldn't join any club willing to take me on as a member ..."

And as you have suggested: massive disconnect = (investing) opportunity

This seems increasingly true. And for me, raises the question: should we compare FFH only to other insurance companies, or also other excellent capital allocators? From a Canadian perspective, CSU (Constellation Software) comes to mind. But perhaps comparisons across entirely different industry sectors are too hard.

For a number of years (well beyond the "seven lean years"), there were nothing but headwinds facing each dimension of FFH. Over the past 5+ years, it seems there have been nothing but tailwinds. Some of the tailwinds will at some point again become headwinds- this is predictable (softer markets, lower interest rates, catastrophe losses). The hope is that the prevailing winds have changed and are for the most part, at our (FFH) backs. We should also count on the appearance of unexpected (new, unpredictable) headwinds - in the past, for example, the short attack, the basis of which was entirely ill-founded (it was closer to sinking the company than many of us realized, according to The Fairfax Way). But I believe (hope) the understanding of the company by those who have carefully documented its many aspects now provides some confidence that there is (distinct from the past) a significant margin of safety. Does that summarize things fairly?