Warner

Navalny was indeed very brave and certainly dedicated to his cause. He deserves respect and admiration for this. He certainly did not deserve what he received from the Russian state. But, the Russian state controls the domestic narrative and 75% of the Russian people did not know or care about him. This is really missing from the conversation. Navalny was more well know outside of Russia than inside because he had foreign support and funding. He had some support in the middle class, as these few in Russia in a way turned on Putin's gov't slightly in the past 10 years. Everyone here blames all on Putin and what is left out is that he has a large apparatus in gov't that supports him and 99% of these agree with his policies. Russia does not want and will not accept to go back to the chaos of the 1990's. They are not going to throw their unabashed support around an unknown (and state media will ensure he is never known). They will stay with Putin until he decides who is the next leader in Russia as he represents stability and don't forget in his very very long time in power the lives of most Russians has improved. I am not a Putin supporter, but we all need to be pragmatic and look at this from the Russian perspective.

It is a complete failure of diplomacy. It was totally unnecessary. All of this was for nothing significant. Neither side will reach their goals, but many have and will die.

In 2007, Putin, in Munich, made it clear NATO expansion to Ukraine and Georgia was not acceptable to Russia. Bush invited Georgia and Ukraine to NATO the following year, and Russia took the threat, invaded Georgia, and stopped it. Again post 2014, NATO expansion was proposed for Ukraine, in 2022 after the failed implementation of the Minsk accords, future peace plan proposal ignored in Dec 2021, Russia invaded Ukraine, and stopped NATO expansion. The pattern is starting to become clear....... You may or may not agree, but from the Russian prospect I promise to all they do not want more NATO alignment on their borders, especially, in countries they consider (right or wrong) in their sphere of influence. It is honestly full stop for them with this.. Russians are not indifferent. They just happen to support the Russian gov't position and they are fighting (and dying)for it. International society of countries are N.A. Europe, Japan, Australia, and South Korean. Wealthy, but far from all. Very few others are interested, and the moment sanctions are lifted most trade will resume immediately for most. Russia has what the world needs in resources, the relationship will not be like before, but the moment the war ends trade in the necessities will resume. The USA fought directly the N. Vietnamese for over a decade and 20 years after the war the relationship was restored. In Ukraine, this will happen much faster as it was fought by proxy. The West has more to gain from a good relationship with Russia. What your hear in the Western news is not the full story politically and culturally. This war is a stalemate as is right now and it is better to end the blood shed and move on.. There is nothing more to be gained, only more lost lives for nothing. Ukraine has lost. And, if you don't like Putin then her very carefully what you with for. The replacement will not be more Western aligned in any sort of way. Btw, I am Canadian but I work and live 200 km from the Russian border. Perspective can change it you are open to hear the opposite of the story. The truth is always buried somewhere in the middle Thanks for the respectful conversation! very rare and appreciated.

Putin fully controls Russia top to bottom. Someone removing him is a fallacy by Western media/leaders. The vast majority of Russians support Putin, and all of them recall the chaos and tragedy of the 1990's. No Russian is willing to go back to their Western experiment. Russia has a long history of sacrificing soldiers. It is likely they will rebuild their army stronger after this conflict ends and the West ends up facing a stronger force than prior to 2022. Peter the Great's closed associates told him after the battle of Narva, "Don't cry my lord, Russian mothers will have more sons". This may seem callous, but it is a fact that remains true. Russians can and will sacrifice. The West needs to get out of this conflict and move on. Russia will not loose or give up any significant territory they have expropriated. Ukraine will be their buffer start for decades to come. This was the West failure since 2014. 100% foreseeable. Even the current CIA director made this clear in the late 2000's

Imperial oil in Canada has gone from 850K to 555K outstanding in 6 years... They have no significant growth projects being funded in the near/medium term so this will continue the oil price holds up meaningfully.

My accounting knowledge is limited, but we can assume IFRS 17 being implemented will increase Fairfax's subsidiary statutory surplus' considerably. So, can this potentially allow Fairfax to write additional premiums in this hard market, or potentially return capital to the holding company further increasing shareholder returns?

Turbine engine are easy to maintain. They are simple and easy to use. But, they need clean fuel, clean air, and a lot of fuel at sea level. They can run 500-1000 hours without significant maintenance, but at that point they need some general maintenance. ie. filter checks/replacement, nozzle replacements and so on The attached pic you will see 3000 HP that weighs 785 KGS. This is something a diesel will never come close to matching.

CVX has the Tengiz FGP coming online in 2024/2025, so they are expecting a large uptick in cash flow, and along with high NG prices they will do well. I believe you will see Canadian companies are buying back at a great rates. Ie. IMO bought back 21% of their stock in the past 18 months. That is far and away better then CVX will every do, and there is more to come this year!

The Russians are more concerned with the followers of Bandera. A bit ironic though as they likely killed more Poles than Soviets in the WW2 era Using the Nazi term is just a way to stoke Russian nationalism for a common known enemy of the past. It's nothing more

Russia has more resources that most will admit to. Not high tech of course but they will go low tech. They have the collective thought to sacrifice for their country. This is not over and done. Russia will fight back again and a lot more people will die. We tend to look through at Russia like a western country and that they are not. For better or worse that is for them to decide. Who will be victorious, how that looks, and the costs of it no one can know yet. But, I promise the costs for both sides will be extreme and this will not likely end in an amicable long term agreement. Everyone looks at Putin like a villain in this. And, he is. But, very few people are looking back at the main missile and arms treaties the USA have unilaterally backed out of. And no one is also looking back in the recent history and noting that the West have perpetually lied to Russia at every opportunity in the past 30 year. Russians look upon Putin favourably as he has actually improved Russia a lot since the 90's. He has their goodwill in general and he can't loose this war entirely.

The integrated will do well with the lower WCS. Their downstream crack spreads will benefit from the cheaper feedstock. Also, these integrated are selling a good portion of synthetic which has a high distillate and priced around Brent prices currently. If you look at boring old Imperial oil they have bought back 20% of their shares in the past 18 months and increased production with little debt. They are going to continue significant buybacks.

Never underestimate the Russian ability to sacrifice their own people. They have a long history of fighting this way. “Don't cry, my lord, Russian mothers will produce more sons.” -this was told to Peter the Great on his defeat in Narva. Sanctions have no affect on the majourity of the Russian people. Sanctions will not affect the general population like it would for Western countries. Russia will likely win. What they get is the only question. Putin remains in full control of Russian gov't. He is not going anywhere. BTW, the line up leaving Moscow to the Samara - Uralsk border point is 40km.

Reported emissions intensity between SAGD and mining is not much different. Depends on the operator and the process used. Actually, SAGD will be higher as they are not reporting the additional refining emissions with SAGD compared to refining emissions after upgrading. SAGD is heavy and sour so it needs to run through a Coker, or hydro-conversion and then hydro-treating. All these processes need a lot of natural gas..... The newer mining projects using PFT have actually much lower emissions than SAGD and lower refining emmsions.

Their CanWest Global turned out to be an almost zero

There are plenty other insurance companies with better 20 year records than fairfax. Why play with the cigar butts when there are many quality insurers that can be bought in a hard market?