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@newtovalue you are welcome. Nice to hear that others find value in some of the posts. I use writing as a way to get my thoughts in order. And i love it when people take the other side as i spend a fair bit of time trying to figure out why i am wrong. I think my track record is pretty decent figuring out the earnings part of the equation. I am pretty terrible at figuring out the multiple expansion part of the equation (i tend to sell my big positions too early).

When I did my last update on Fairfax's earnings estimates for 2023 a couple of days ago, I noticed my spreadsheet had bunch of errors in it (mostly the historical information). I also: - added a few more years of history - added 2022 YTD numbers (to help forecast 2022 YE) - made a few tweaks to my 2022 & 2023 estimates ---------- Below is a short summary of what is included in each row. 1.) underwriting profit: is just insurance and reinsurance. Not runoff and life insurance (which is captured a couple of lines down). 2.) interest and dividends: for all of Fairfax 3.) share of profit of associates: for all of Fairfax; includes associate equity, real estate and insurance holdings 4.) life insurance and runoff: just underwriting results 5.) Other: captures Fairfax's consolidated equity holdings 6.) Interest expense: for all of Fairfax 7.) Corporate overhead 8.) Net gains (losses) on investments: captures realized and unrealized gains on Fairfax's fixed income and mark to market equity holdings (including derivatives like the TRS on FFH) 10.) Non-controlling interests: primarily the parts of Allied, Odyssey and Brit that Fairfax does not own I am least confident in my estimates for two buckets: Non-controlling interests and Income taxes. ---------- Below is a summary of Fairfax's equity holdings broken out by size and accounting treatment. A.) Mark to market is captured in 8.) Net gains (losses) on investments B.) Associates is captured in 3.) Share of profit of associates C.) Consolidated is captured in 5.) Other (revenue - expenses)