Index: sbbs.el
==================================================================
--- sbbs.el
+++ sbbs.el
@@ -268,12 +268,12 @@
         (when sbbs-jump-to-link
           (forward-button 1)
           (when (invisible-p (point))
             (goto-char point)))))))
 
-(defun sbbs--insert-link (text link)
-  "Insert link to LINK as TEXT into buffer.
+(defun sbbs--process-link (text link)
+  "Process TEXT that refers to LINK.
 
 If LINK is a (board, thread or site) local link, modify opening
 behaviour accordingly."
   (save-match-data
     (let ((match (string-match sbbs--link-regexp link))
@@ -302,34 +302,58 @@
                            ((/= id sbbs--thread-id)
                             (let ((sbbs--board board))
                               (sbbs-view-open id range)))
                            ;; this thread
                            (range (sbbs--limit-to-range range))))))
-        (insert-button (propertize text  'face 'sbbs--variable-pitch)
-                       'action func 'sbbs-ref range)))))
+        (propertize text 'action func 'sbbs-ref range)))))
+
+(defun sbbs--process-sxml (sxml)
+  "Process SXML into a formatted string."
+  (message "%S" sxml)
+  (let (processed)
+    (dolist (it (if (listp sxml) sxml (list sxml)))
+      (push (cond ((stringp it)
+                   (propertize it 'face 'sbbs--variable-pitch))
+                  ((eq (car it) 'br)
+                   "\n")
+                  ((eq (car it) 'b)
+                   (propertize (sbbs--process-sxml (cdr it))
+                               'face '(bold sbbs--variable-pitch)))
+                  ((eq (car it) 'i)
+                   (propertize (sbbs--process-sxml (cdr it))
+                               'face '(italic sbbs--variable-pitch)))
+                  ((eq (car it) 'code)
+                   (propertize (sbbs--process-sxml (cdr it))
+                               'face 'fixed-pitch))
+                  ((eq (car it) 'del)
+                   (propertize (sbbs--process-sxml (cdr it))
+                               'face 'sbbs--spoiler-face))
+                  ((eq (car it) 'a)
+                   (let* ((text (sbbs--process-sxml (caddr it)))
+                          (link (plist-get (cadadr it) 'href)))
+                     (sbbs--process-link text link)))
+                  (t (prin1-to-string it)))
+            processed))
+    (apply #'concat (nreverse processed))))
 
 (defun sbbs--insert-sxml-par (sxml)
   "Insert paragraph contents SXML at point."
-  (dolist (it sxml)
-    (cond ((stringp it)
-           (insert (propertize it 'face 'sbbs--variable-pitch)))
-          ((eq (car it) 'br)
-           (newline))
-          ((eq (car it) 'b)
-           (insert (propertize (cadr it) 'face '(bold sbbs--variable-pitch))))
-          ((eq (car it) 'i)
-           (insert (propertize (cadr it) 'face '(italic sbbs--variable-pitch))))
-          ((eq (car it) 'code)
-           (insert (propertize (cadr it) 'face 'fixed-pitch)))
-          ((eq (car it) 'del)
-           (insert (propertize (cadr it) 'face 'sbbs--spoiler-face)))
-          ((eq (car it) 'a)
-           (let* ((text (caddr it))
-                  (link (plist-get (cadadr it) 'href)))
-             (sbbs--insert-link text link)))
-          (t (insert (prin1-to-string it)))))
-  (insert ?\n))
+  (save-restriction
+    (narrow-to-region (point) (point))
+    (insert (sbbs--process-sxml sxml))
+    (let (match)
+      (goto-char (point-min))
+      (while (setq match (text-property-search-forward 'action))
+        ;; Buttons use overlays that cannot be passed in
+        ;; strings. Therefore whenever a `activity' property was
+        ;; inserted into the buffer, `make-button' has to be called
+        ;; once more to add the actual overlay.
+        (make-button (prop-match-beginning match)
+                     (prop-match-end match)
+                     'action (prop-match-value match)))
+      (goto-char (point-max)))
+    (newline)))
 
 (defun sbbs--insert-sxml (sxml)
   "Insert top level SXML into buffer at point."
   (dolist (par sxml)
     (cond ((eq (car par) 'p)