Dear Investment Team,

Hello Team, I have performed an analysis of Intact Financial Corporation and it looks good. The constant interest analysis shows that IFC is exactly where it should be just off the highs. However, it is a Canadian company and I don't know how Americans will respond to Canadian insurance, so I might not go there.

As for Berkshire Hathaway, I know you have been investing my dividend into them since 2009. Thank You!😘 However, it came to my attention today that they have been selling their positions for the last 8 months totaling 31% of their portfolio. I understand selling Apple, but Bank of America? I don't know... I think they are being too conservative. I don't know what Greg Able sees, a private credit collapse or an AI buble burst. So, I am asking you to hold onto my dividends from Apple until we get a better understanding ofwhat Mr. Able knows about the markets.

It looks like BofA increased its credit loss provision from 2.5 billion to 5.5 billion which tells me they expect credit losses to increase, Could this be the start of a down turn in private equity? I'm pretty sure it has nothing to do with the valuation of the company because at first glance their pe ratio is less than 13 - but I'll analyze them to be certain (in 2 of the last 4 years their Operating Cash Flow was negetive). So, maybe BoA just isn't doing well

>>>> This just in, I checked JP Morgan Chase and they posted negetive operating income for 2024 and 2025, 2025 was exceptionally bad. And, now I'm reading that 50% of mortgages in Canada are due to refinance in 2026 at a higher rate than those during the pandemic. It's all comming together... Able expects a recession coupled with mortgage stress and high unemployment. It looks like a good time to be in cash. Maybe we should sell some of our Apple holdings...

Sincerely,

King Arthur Henry George of Britain

May 9, 2026