Fairfax AGM $FFH.TO

$FFH.TO / $FRFHF announces definitive agreement to acquire Andrew Peller for an EV of $579M CAD. Also, Andrew Peller's old CEO is rolling over his shares into the purchase entity !

timeless talks

“I like volatility. Somewhere a guy’s sweating over whether the latte goes to $7.50 or $7.75” youtu.be/SmdAWuGsWH0?si=gR0m… $SCR.TO

Waiting for Robert Friedland's explanation on how much copper SpaceX will need in the next ten years.

tall poppy syndrome is alive and well in the globe editorial department

steve jobs didn't drink athletic greens. plato didn’t take creatine. picasso didn’t wear a whoop. shakespeare didn’t own an eight sleep. einstein didn’t use an infrared sauna. they all did just fine.

$FFH.TO 160% BVPS growth while 20% less s/o since 2020. add in it's trading for 1.0x book/8 pe.

This aged unfortunately well.

something big is brewing

To understand them better you must know that when our seniors were Zoomer-aged they were actually the richest age demographic in the nation. Now that they are all retirees they are still the richest age demographic in the nation.

great pull from @RockBtmEntries of the Gabonese Port Official “We have confirmed potash reserves that are certainly among the most strategic in the world, which means we need to organize a new port activity in the southern Mayumba zone.” $MLP.V

$PGLD.V up ~9% intra-day on (relatively) low vol

recent $FFH.TO insights from COBF forum 1) reserves = hidden equity (over-reserving understates BV...quants view as debt) 2) hard market lag (releases lag 3 yrs, pipeline bigger than ever $751M in '25) 3) double discount (undermarked assets add billions on top of the reserve gap) 4) paying ~1.2x an already-understated book. adj. P/B is <1x thecobf.com

the slippery slope of making your whole feed confirmation bias is only getting easier

The digital divide has reversed. Digital is cheap, ubiquitous, often fake. Physical is the premium product now.

Finally ! My $CSU $CSU.TO AGM 2026 notes are ready. You'll find the intro and a brief recap in screenshots below. If you'd like to read the full piece, it's in the usual place. Substack link in bio.

$CSU.TO carves-out transportation assets - again - from $CNDT for $164M They might be buying the "Transit Solutions" segment that generated $371M in revenue in 2025, implying a ~0,4x Sales multiple CNDT is a forced seller due to an total disaster in the implementation of $1 billion transport contract in Melbourne 🇦🇺 Victoria Auditor-General's Office issued an embarrasing audit in March 2026, basically blaming CNDT (overly optimistic delivery schedule; lack of colaboration; performance issues... you name it) Now the adults will take charge

To put it in perspective Constellation Software $CSU.TO did about 2/3rd the revenue SpaceX $SPCX did in 2025 🤣