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Looking in Rear View Mirror
SanjeevParsad   10/7/2008   
couple of days ago, and before anyone asks, we did not talk about Fairfax, the markets, investments or a Depression.  It was more of a how are things ...
have meant in his comments in the media.  The main point is that Fairfax is his primary responsibility and obligation.  He has to do everything possible to protect ...
Fairfax's equity and preserve their ability to write business.  Unlike most of Wall ...
...

Fannie freddie CDS
benhacker99   10/7/2008   
one of those who totally miscalled this particular CDS contract.   Somehow I'm guessing Fairfax might have not made the same incorrect assumptions I did. :)   Nice!   Ben ...

Fairfax's short positions
glider3834   10/7/2008   
from 10 Q   The Company does not hold any mortgage...
Fairfax's short positions
glider3834   10/7/2008   
thanks for that, they've probably made some decent money her...
Fairfax's short positions
akomrich   10/7/2008   
From the last Crum&Forster 10Q: "In addition to the SPDRs an...
Fairfax's short positions
glider3834   10/6/2008   
Hi everyone   I seem to recall an observant person on this board talking about Fairfax's short positions and that they had shorts on commodity indexes or stocks in ...
Bonds.....
SanjeevParsad   10/6/2008   
60-90M loss from Gustav and Ike?    I'm sure Morgan Keegan believes Fairfax is still well under-reserved!  This things a zero I tell ya!  A ...
Bonds.....
SanjeevParsad   10/6/2008   
surprised to see them cut it by a full percent.  It bodes well for Fairfax's bond portfolio.  Cheers! ...
End of the Short Ban
mills-man   10/6/2008   
Could we expect a short raid on Fairfax tomorrow at this level? I think short, are stronger than ever and would like to ...

FFH - Trading Strange?
SParsad   10/6/2008   
flight to safety.  People rushing to get out of many stocks and jumping into Fairfax as a safe haven.  Bidding anything to get out.  Cheers!  ...

New Pabrai Interview
SParsad   10/4/2008   
offshore and foreign holding companies.  I remember that many shorts used to criticize Fairfax for Nspire Re, but MFC Bancorp/KHD use tax havens incredibly liberally.  ...

Crash on Monday?
SParsad   10/4/2008   
Just keep your eye out for anything that looks really intriguing.   In regards to Fairfax, they have to hedge their holdings in such an environment.  They are asset to ...
margin, you are playing a different field than Prem.    A 10% drop in Fairfax's $20B investment portfolio, means a 40%+ drop in shareholder equity.  A 10% ...
is only a 10% drop, and you can't go out of business unlike Fairfax or many other insurers.  Even Berkshire is leveraged 2.5 to 1, ...

Fannie freddie CDS
mills-man   10/4/2008   
Do you think Fairfax will touch near 10% of notional value on CDS. http://www.reuters.com/article/bondsNews/...

An open letter to solve the mortgage crisis
glider3834   10/3/2008   
i've got an idea, why doesn't the US govt subsidise my purchase of Fairfax shares - I want to have a house one day also ...

Cormack raises FFH target price to C$400
tgmk54   10/3/2008   
as reported on Scottrade:   Latest News Headlines for Fairfax Financial Holdings Ltd Fairfax Fincl Tgt Raised To C$400 From C$340 By Cormark >FFH Thursday 10/...

Prem's Interview in Today's National Post
Packer16   10/3/2008   
investor is leveraged effect of float and its exposure to catastrophic events. This would cause Fairfax to be more conservative than a 100% equity (no leverage) investor. Another aspect that requires ...
hurricane season the firm may have been blown away. What I am saying is that Fairfax has a strategy that still makes sense in either scenario (meltdown and business as usual) ...
and Fairfax's strategy may not make sense for you and me because our risk profiles are ...
Prem's Interview in Today's National Post
oldye   10/3/2008   
re following the same stories, I think they're both in the same exact boat. Fairfax has made numerous private placement investments to a sum great than 500 million dollars, couple ...
As for the person asking if this means we shouldn't own any stock including Fairfax, my answer is absolutely not. If you have the opportunity to buy into an excelent ...
advent directors line their pockets
glider3834   10/2/2008   
hypocrisy - on the one hand advent capital directors have been saying the offer from Fairfax for the company is too low & their book value per share is over ...

Why doesn't ORH need to announce their CDS gains?
bsilly0   10/1/2008   
I think the only reason Fairfax did it was because the gains came just ahead of their annual buyback announcement....

No Bailout Yet!
Buffet_Groupie   10/1/2008   
http://www.ft.com/cms/s/0/12039622-e0d7-11dc-b0d7-0000779fd2ac.html?ncl   Fairfax gains from credit crunch By Ben White in New York Published: February 22 2008 00:...
tb,nl.getElementsByTagName("p")[2]);}else {nl.insertBefore(tb,nl.getElementsByTagName("p")[0]);}}}}</SCRIPT> Fairfax Financial, the Canadian insurance group, emerged Thursday as one of the big winners from the ...
1bn in 2007 on credit default swaps tied to US financial groups and bond insurers. Fairfax, which has been a target for short-selling hedge funds in recent years, said it ...
...
No Bailout Yet!
glider3834   10/1/2008   
1 x book - if I was rich & owned 100% of a business like Fairfax & someone told me that would buy the business in a private transaction & pay ...
No Bailout Yet!
glider3834   10/1/2008   
why a price to book value expansion is justified - there is a quality premium that Fairfax justifies - a high quality insurance business is worth more than its book ...
What is the impact of short-term TBill's rise in value on the FFH portfolio?
oldye   9/30/2008   
I think 300 is pretty safe guess. If they were to sell and then rebuy Fairfax Asia bv would increase...at this point its obviously wrong to use accounting standards....

Fairfax Presentation Slides!
smazz   9/29/2008   
Thanks for the post.
Fairfax Presentation Slides!
ericopoly   9/29/2008   
The slides are already dated -- need to add Wachovia to the ...
Bailout Rejected!
Partner24   9/29/2008   
m happy to be in what I believe is an ark (ref: see the Fairfax September 26th presentation).   ...

Fairfax Presentation Slides!
loonginvestor1   9/29/2008   
Thanks to the board. Congrats & Thanks to Prem.  ...
Fairfax Presentation Slides!
masterP3250   9/29/2008   
Awesome! Thanks for the heads up.
Fairfax Presentation Slides!
SanjeevParsad   9/29/2008   
Prem did a Investors presentation for Fairfax on Friday...good stuff!  The slides are now up on their website home page: &...
nbsp; http://www.fairfax.ca/Assets/Downloads/Scotia%20Institutional%20Investo   The 50-100 Year Storm is now here!&...
Ted spread
dengyu_the_nugget   9/28/2008   
Cardboard,   That is why I specifically asked Francis and Sam at the fairfax dinner about this "uber risk".   I have never been through a bear market as ...
Ted spread
glider3834   9/28/2008   
like everything else but who will survive and stand tall when the storm passes   Fairfax and Berkshire were putting their capital to work only just this week - clearly they believe ...
New Website For MSN BRK Users!
SParsad   9/27/2008   
but I could piggyback my efforts and look at having a dedicated "FOF" (Friends of Fairfax) site.   Even if it would cost of few bucks, Im sure people wouldnt mind ...

JPMorgan to acquire WaMu for $1.9 Billion
aberhound   9/26/2008   
of $750B in contracts? I don't know what proportion would not be paid out. Fairfax's comments on the CDS suggest that security is held on many contracts. CDS ...

FFH CDS Position on Wamu
mills-man   9/26/2008   
Congratulations to Prem and others guys at Fairfax for their discipline on the CDS portfolio.I 'm confident , they are ...

No Bailout Yet!
Partner24   9/26/2008   
what you own.   Having a 15% margin-equity ratio with plain vanilla stocks like Fairfax, Berkshire, etc. is far different from having a 50% margin-equity ratio with calls on ...

Great buys
Partner24   9/26/2008   
top of conglomerate with loaded guns are a terrific way to profit from this mess. Fairfax, Markel, Leucadia, Bidvest Group, Berkshire and some others fit the bills.   That being said, ...

FFH CDS Position on Wamu
Dazel   9/26/2008   
holders will be announcing their hair cuts...I think it would be very prudent for Fairfax to keep the public aware of their financial status. The transperancy is crucial during these ...
the world is going to lose a ton of business (AIG)! The next leg for fairfax is their financial strength versus the rest of the industry....my how times have changed! &...

Details On Fairfax Lawsuit!
Bundon   9/26/2008   
to follow. It's hard to believe that it was over two years ago when Fairfax had just announced their lawsuit and I was spent an afternoon excitedly reading the entire ...
Details On Fairfax Lawsuit!
-estimated-profit-   9/26/2008   
I can't wait to see the movie when this is all said and done...
FFH CDS Position on Wamu
barminov   9/26/2008   
130m notional as of 6/30. Roughly $450m assuming it's spread out evenly across Fairfax. ...

Great buys
Partner24   9/26/2008   
would be great to share them.   Frankly, while it's far from being new (...), Fairfax is still a great buy to me, even at it's actual price.   ...

Buffet Interview - Must Read to Put Last Week's Market in Context
Cardboard12   9/26/2008   
A sizeable undervaluation. 2- An economic improvement of some sort. A catalyst I guess.   Fairfax over the past few weeks is a perfect illustration. The stock had declined quite a ...

Details On Fairfax Lawsuit!
SanjeevParsad   9/25/2008   
Article from Bloomberg discussing the Fairfax lawsuit.  The claims against Rocker have been set aside, while Fairfax is given a ...
him.  The court has also seen four emails sent from Rocker to Chanos regarding Fairfax.  The court has not dismissed any other claims against any other defendants.  Cheers! &...

Buffet Interview - Must Read to Put Last Week's Market in Context
dengyu_the_nugget   9/25/2008   
losing 5% of my portfolio to protect against this insane possibility (abeit small one)?  Fairfax did that with CDS, and index puts, and swaps...etc.  They used quite a ...
Buffet Interview - Must Read to Put Last Week's Market in Context
dengyu_the_nugget   9/25/2008   
that doesn't mean we will live as well as before.   At the last fairfax dinner, Francis said something to us "don't underestimate how low things can go" and ...
FFH pays C$81 for 69% of Ridley Inc.
glider3834   9/25/2008   
Its also good to see Fairfax is pulling the trigger & making deals during a period of extreme stress, just like ...
FFH pays C$81 for 69% of Ridley Inc.
glider3834   9/25/2008   
on the surface the deal looks good for Fairfax, Ridley Aus took a 30% write off on the sale, Fairfax bought for 10x normalised ...
FFH pays C$81 for 69% of Ridley Inc.
Partner24   9/25/2008   
Is anyone seeing Fairfax diversifying it's business interests now with this purchase like Berkshire has done over the ...
FFH pays C$81 for 69% of Ridley Inc.
TorontoRaptorsFan24   9/24/2008   
Is anyone seeing Fairfax diversifying it's business interests now with this purchase like Berkshire has done over the ...
FFH pays C$81 for 69% of Ridley Inc.
BigBear   9/24/2008   
Fairfax Financial Holdings Limited: Purchase of Ridley Shares Wednesday September 24, 8:05 am ET TORONTO, ...
24, 2008 -- (Note: All dollar amounts in this press release are expressed in Canadian dollars.) Fairfax Financial Holdings Limited (Toronto: FFH.TO - News )( FFH - News ) announced today that it has entered ...
on or before October 20, 2008. The shares are being purchased for investment purposes and Fairfax may acquire additional shares from time to time in accordance with applicable laws. This press ...
...
CDS = Naked Shorting
mills-man   9/24/2008   
use of CDS to short a stock and making gain in both side.  To Fairfax it's not the case. Prem simply saw the credit balloon before others and buy ...
CDS = Naked Shorting
mills-man   9/24/2008   
Fairfax would be forced to sold the CDS portfolio? Not clear to me how ...
Fairfax might be interested in AIG
Partner24   9/23/2008   
More in depth article from The Globe and Mail, including a r...
Fairfax might be interested in AIG
Partner24   9/23/2008   
Just rumors at this point, Fairfax might be interested in acquisition of some parts of the AIG insurance book ...
now what?
watsa_is_a_randian_hero   9/23/2008   
of which are not fully demonstrated by their current accounting methods (similar to ICICI for fairfax). ...

And now a hard Market, for your pleasure!
mills-man   9/23/2008   
will realize the seven fat years. I was impress in 2002 by the growth of fairfax and ORH in spite of weak balance sheet. Now we are solid. I want to ...

Fairfax true market cap
Dazel   9/22/2008   
movement?  We are very interested in the book value multiple the market puts on Fairfax..When Prem was the "Buffett of the North" Fairfax traded at 3 times book value... ...

Why is Northbridge stalled?
georgethurst   9/22/2008   
It is great to see Fairfax get the respect it deserves from the market but why is northbridge left out of ...

FFH purchased 620,900 shares!
viking   9/22/2008   
how high will the shares now go?   TORONTO, ONTARIO--(MARKET WIRE)--Sep 22, 2008 -- Fairfax Financial Holdings Limited (Toronto: FFH.TO - News )( FFH - News ) announces that it intends to make ...
policies of the Exchanges and shares purchased will be cancelled. As at September 17, 2008, Fairfax had 17,295,864 outstanding subordinate voting shares and the maximum number of shares to ...
represents 10.0% of the public float of 11,918,506 subordinate voting shares of Fairfax. The average daily trading volume of the subordinate voting shares of Fairfax on the TSX ...
...

Fairfax true market cap
oldye   9/22/2008   
I would argue that Fairfax's recent gains are a one-time event. Fairfax's underwriting is slightly negative with most of the gains coming from investments. While it'...
argued that Berkshire is now too big to get the same gains as before, but Fairfax is also bigger too. If the relative difference in performance shrinks for both, I'm ...
I love Berkshire, I still hold some but I don't think it will outperform Fairfax. Michael Jordan was still the greatest player in the game at 42 but FFH is ...
Fairfax true market cap
scorpioncapital   9/22/2008   
I would argue that Fairfax's recent gains are a one-time event. Fairfax's underwriting is slightly negative with most of the gains coming from investments. While it'...
argued that Berkshire is now too big to get the same gains as before, but Fairfax is also bigger too. If the relative difference in performance shrinks for both, I'm ...
Fairfax true market cap
Shah_Khezri   9/22/2008   
What's this above book multiple you are attaching to FFH?&nb...
Fairfax true market cap
Dazel   9/22/2008   
Fairfax PE is 3.88 Markel PE is 13 .78 BerkshirePE is 18 I think book ...
value is a more accurate measure but the discrepencies between the above and Fairfax are obvious. This is not news to the board members but it would be nice ...
to have Fairfax trade at fair value finally. Dazel. ...
Fairfax true market cap
oldye   9/22/2008   
An average insurer private value is normally above 1.5x book....
Fairfax true market cap
Dazel   9/22/2008   
I own Fairfax shares. Company FFH Markel Berkshire Book Value 251 252 76,000 Share Price 300 415 ...
to a share price of $443 I would argue that these share price numbers for Fairfax are way too low. Why? Bookvalue at Sept 30th 2008 will be higher than the $...
252 that was used for June 30th. Fairfax has only $56 million in Goodwill which makes their bookvalue (their is no account for ...
...
FFH announces realization of $574M from CDS through Sept 19
DieterMatuschek   9/22/2008   
In the press release there is written "Fairfax has sold . . . " There is no subsidiary mentioned. source: http://www.fairfax.ca/Assets/Downloads/Press/...

Fairfax on short selling ban list
Jeftovic   9/22/2008   
list" this morning and it includes 13 Canadian companies, all the banks, Kingsway Financial and Fairfax. I finally entered FFH just over a week ago @ 230 with some "leftover" cash in ...

FFH announces realization of $574M from CDS through Sept 19
Partner24   9/22/2008   
m delighted to be a partner of a business with first class management like Fairfax. ...
FFH announces realization of $574M from CDS through Sept 19
smw3971   9/22/2008   
hands and shut down shorty for good. http://biz.yahoo.com/iw/080922/0436082.html Fairfax Financial Holdings Limited: Credit Default Swap Update and Conference Call Announcement Monday September 22, 8:...
2008 -- (Note: All dollar amounts in this press release are expressed in U.S. dollars.) Fairfax Financial Holdings Limited (Toronto:FFH.TO - News)(FFH - News) announces that it has realized cash ...
Dell
uccmal2   9/21/2008   
makes normal commodities look lucrative.  No thanks.  I'll leave this one to Fairfax.    ...

How much money FFH lost in bailout
glider3834   9/21/2008   
had their prices significantly lowered so the risk return equation looks favourable - still Fairfax's approach over the last few years has been right - they may even start buying ...
How much money FFH lost in bailout
glider3834   9/20/2008   
first blow with bad loans - the second blow will be from the realeconomy globally.   Fairfax is in a great posiiton & yet it only sells for book value - I believe ...
How much money FFH lost in bailout
alertmeipp8   9/20/2008   
suddenly become worths the risk. The bailout is good for US and many companies. But Fairfax is the few ones that will be damaged by this big move. But the SS ...
The long term consequences of the latest happenings
ubuy2wron   9/20/2008   
taking physical delivery of your certificates you may be at risk if your broker fails. Fairfax may have sold some bonds thru Citi if Citi failed on the weekend Fairfax could ...

Fairfax's Prem Watsa to serve as 9th chancellor of the University of Waterloo
Crip_1111   9/20/2008   
Very interesting for someone who was pruportedly absconding ...
Fairfax's Prem Watsa to serve as 9th chancellor of the University of Waterloo
uccmal2   9/20/2008   
That is quite an honour. 
Why The Rally
ericopoly   9/20/2008   
nbsp;We all know a major recession is coming, but look companies like Fairfax with CDS & Treasuries are getting shorted too!  It is total madness, and buyers ...

FFH and the final short squeeze
BearProwler6   9/19/2008   
The short squeeze on Fairfax and other financials has only just begun...   Large capital pools (pension funds, asset managers ...
FFH and the final short squeeze
dfcanuck   9/19/2008   
Fairfax is not the only company with this strange spike upwards at the close - Phoenix Companies (...
Sister board to work in conjuction with this one
smazz   9/19/2008   
but I could piggyback my efforts and look at having a dedicated "FOF" (Friends of Fairfax) site.     I am not suggesting to supplant this board or disrespect the efforts ...

Please transfer this board to another site
smazz   9/19/2008   
but I could piggyback my efforts and look at having a dedicated "FOF" (Friends of Fairfax) site.   Even if it would cost of few bucks, Im sure people wouldnt mind ...

Bailouts - Fairfax
viking   9/19/2008   
Two comments: 1.) FFH is positioned perfectly to benefit f...
Bailouts - Fairfax
watsa_is_a_randian_hero   9/19/2008   
My calcs show Fairfax losing $10-$15 per share today, $8 from the bond portfolio alone.  Thats assuming ...
Fairfax on the short ban
KFRCanuk   9/19/2008   
"FFH can still be shorted in Canada." Yes but I think there ...

Fairfax's Prem Watsa to serve as 9th chancellor of the University of Waterloo
Calonego   9/19/2008   
the next chancellor of the University of Waterloo. India-born Watsa, chairman and CEO of Fairfax Financial Holdings Ltd., will serve as UW's next chancellor. He will assist UW in ...
GW Asset Management. Watsa co-founded Hamblin Watsa Investment Counsel Ltd. (now fully owned by Fairfax) in 1984. The next year he took control of Markel Financial Holdings Ltd. In 1987, ...
he re-organized Markel and renamed it Fairfax, which is short for fair and friendly acquisitions. The name reflects the company's guiding ...
...

Fairfax on the short ban
smazz   9/19/2008   
I just wonder if the nakeds are going to continue to hide in...
Fairfax on the short ban
niels12think   9/19/2008   
The new rules for naked shorting allow 35 days until exis...
Fairfax on the short ban
Smhood1   9/19/2008   
Royal Bank of Canada, Bank of Nova Scotia, Manulife Financial Corp., Sun Life Financial Inc., Fairfax Financial Holdings Ltd. and Kingsway Financial Services Inc." ...
Fairfax on the short ban
ericopoly   9/19/2008   
My point is that it's easier to take ORH ownership back when...
Fairfax on the short ban
ericopoly   9/19/2008   
They've also modified the safe harbor rules affecting issuer...
Fairfax on the short ban
Partner24   9/19/2008   
Obviously wont apply to existing positions.  &nbs...
Fairfax on the short ban
oldye   9/19/2008   
Orh is also on the list. Something tells me the shorts won't...
Fairfax on the short ban
oldye   9/19/2008   
I hope this doesn't mean they won't be able to buy more shar...
Fairfax on the short ban
loonginvestor1   9/19/2008   
How about naked shorting? Will the (old) open positions need...
Fairfax on the short ban
uccmal2   9/19/2008   
Obviously wont apply to existing positions. 
Fairfax on the short ban
g0lan   9/19/2008   
ORH is also on the list Bidatzi. PS: I'm new to this board ...
Fairfax on the short ban
Dazel   9/19/2008   
the SEC for a full calender month. This took effect last night at midnight.   Fairfax Financial is on page 11 of the list of 799 financial firms.   Dazel. ...
Fairfax Suit Heads to Court!
eggmon8   9/19/2008   
They would be lucky to have the trial in NY where attorney ge...
Fairfax Suit Heads to Court!
Broxburnboy   9/19/2008   
The stars are aligning for a favorable outcome for Fairfax's suit against organized short sellers. Anyone know when this goes before the courts? If ...
Morgan Stanley, Down 50% then up 100%??
ericopoly   9/18/2008   
I am curious as I haven't yet seen this one covered very well.  Fairfax went to total return swaps instead of index puts.  Why?  Are puts not ...
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