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A Freaking POD CAST?? https://www.fairfaxindia.ca/podcast/?utm_source=newsletter&utm_medium=email&utm_term=Thu+Jan+15+2026&utm_campaign=Fairfax+India+Podcast+-+Episode+1 It's really good. Definitely skip the entire beginning it is all forward looking statements disclaimers. Great idea guys

Sooner or later you are talking about real money... And the JPY hedge for the chef's kiss

Another day at the office... drip drip drip

If you want the summary and don't have time. I had Gemini watch the video and just pull out what was important about Ted and Greg: -------------- The video features an interview with Bob Miles, author of The Warren Buffett CEO, who shares several detailed anecdotes and insights regarding Greg Abel and Ted Weschler. Greg Abel Succession and Culture: The media often mistakenly believes Greg will make dramatic cultural changes. In reality, while he may "tweak" things to fit his own style, he is committed to maintaining the existing Berkshire culture [22:13]. The "Burden" of Cash: Critics often view inheriting Berkshire’s massive cash pile ($380 billion) as a burden. However, Bob Miles points out that Greg inherits a company that can earn approximately $11–12 billion annually just from interest on that cash, which is a massive advantage [23:18]. Wealth and Alignment: Greg’s wealth was created as a business owner, not a professional manager. When Berkshire acquired Mid-American Energy, Greg was eventually given a 1% stake. He later sold this back to Berkshire for $870 million (paying full taxes) and used $50 million of his own money to buy Berkshire stock on the open market at the same price as any other shareholder [25:24]. Operational Role: Greg has effectively been doing the CEO job for eight years, managing 90% of Berkshire’s subsidiaries and employees [26:18]. Coaching Mentality: Ted Weschler describes Greg as an "operator" (whereas Warren is not). Greg has stated he wants to be remembered as a "father and a coach," contrasting with Warren Buffett’s desire to be remembered as a teacher [31:57]. Ted Weschler Investment Performance: Before joining Berkshire, Weschler ran the Peninsula Fund for 12 years (2000–2012), achieving a 22.6% annual return, significantly outperforming the S&P 500's ~5% return during that same period [29:15]. The Power of Inactivity: During a 10-year period managing the QuadC fund, Weschler made only 20 investment decisions. He noted that "the best things I have done is to do nothing" [30:28]. The $264 Million IRA: A rogue IRS agent illegally leaked Weschler's tax returns, revealing that he grew a $70,000 investment in 1984 into $260 million by 2011. Rather than being angry, Weschler used the exposure as a public lesson, stating he didn't do anything an average investor couldn't also achieve through long-term compounding [31:08]. Commitment to Berkshire: Weschler still works out of his original small office above a bookstore in Charlottesville, Virginia [32:04]. He was the primary driver behind Berkshire’s massive investment in Apple [32:34]. Personal Expenses: In a remarkable show of dedication, Weschler flies from Virginia to Omaha every Monday and Tuesday to work with Buffett, paying for his own NetJets flights out of his own pocket rather than charging them to the company [33:24].

Did Fairfax stock go UP on the ex-dividend day or am I misreading the day? Yesterday you got $15 and today you don't?

it is a common area for all tenants of the building, not the Berkshire office

That's the cloud room bro! They are going for high design. It isn't that old

which carpet are you referring to? The video showed the newly renovated lobby at Blackstone Plaza (formerly Kiewit Plaza), which is on Farnham Street as well as the dinner table at Warren's house, where his kids grew up, which is also on Farnham street?

More selling! drip drip drip! every day!

tomorrow is the last day to get the dividend. or at least that's what's scribbled on my calendar

Look at a chart of Microsoft - we are in the early innings of a massive rotation out of software, which has been the primary driver of wealth creation in the S&P 500 for at least 15 years. Give the physical world a chance to make people rich for a bit

Was that Obama? I thought that was DJT

Get used to it fellas!

I wouldn't call it loved! Still below book value and universally hated. But maybe a market corner developed after a decade of soaking up the shares of the weak holders like a sponge.

Selling every uptick, drip drip drip

Yeah we adopted a punk teenager who is now 25 and he got himself into $6k of CC debt some years ago and was paying 30% or something like that to JPM. He finally called me up to see what his best path out of this running in place purgatory was, where he paid hundreds of dollars out of his paycheck every month and the balance stayed pinned at $6k. I looked into ways he could get the debt charged off or negotiate a discount to settle the balance and finally just gave up and sent him $10k. (more specifically I went to a JPM branch and zeroed out his CC balance and sent him the remainder) Bad precedent and bad life lesson but I didn't see an easy solution for him and JPM is tougher than some of the other issuers. His credit score immediately jumped and he will have continuing access to credit for auto loan or whatever comes around in life. I don't like the precedent but it is more a reflection of my laziness and tendency to just throw some money at a problem and hope it goes away. weak!

Added to Amrize in the premarket when it was down around 5% from yesterday's close. Didn't see any news. Buying stocks before 7am CDT has a lot less competition since right at 7 there are a ton of discount brokers that enter the chat

Like the stopped clock, if you are wrong and stubborn for long enough something will eventually happen to make the price of oil go up for a while. That doesn't make it a good investment if a ton of time passes while you are stubborn and wrong. Meanwhile, there is a raging bull market in basic materials other than oil & gas that you have zero interest in. There are a bunch of bull markets out there!

Welcome back Blake! I see you haven't changed a bit on your vacation

If you government "deficit" spend (create reserve deposits in recipients bank accounts) without draining any of those reserves, you will have an ever increasing excess of reserves. Removing excess reserves is the Federal Reserve's tool for overnight interest rate targeting. By selling treasury securities, the government is draining the excess reserves out of the overnight interbank market and into "bonds." Warren Mosler would probably say the natural rate of interest, at least overnight, secured, between large banks, is zero.

I know 73 Reds' customers are professionals and they are in business and happy to enter into loans with him and can understand his point of view. But I still didn't expect a super strong "usury is wrong" argument from an actual hard money lender. 73 Reds is coming for your collateral - not your kneecaps!

@Blake Hampton welcome back to the board! It's been forever. Hope you are doing well

The Federal Reserve is way less important / powerful / useful / effective than most people think. They are often more effective at accomplishing the opposite of their stated goal.

I am, again, selling Biglari Holdings class A stock. Just got filled at $2193 / share. Still below book value per share.

it was a joke. Obviously didn't land