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I thought Jen was a superstar on the call. I am an accountant so what she says isn't gobbledegook like it could be for non-accountants. I loved it when she stuck the knife in "IFRS is not USGAAP". That was an FU to Mr. Block. Then he asks for more disclosure of immaterial items. Sorry, that's not how it works. In my opinion Fairfax's disclosures are quite comprehensive, especially when compared to MRK or BH (Markel lumps all its non-insurance Ventures investments into one bucket with little further detail other than a breakdown into categories). It will be interesting to see if FFH increases any of its disclosures in the 2023 AR. I thought Prem sounded strong (pissed off maybe) and Mr. Clarke was nervous...although that may be par for the course with him (I don't recall thinking this on earlier calls). So now, what does everyone think about the AGM? Does Mr. Block show his face?

In what universe are you given ONE make-or break-question on a company’s conference call - where everyone knows your intent is to take down said company - and your ONE question is WHY DON’T YOU DISCLOSE MORE INFORMATION?? Oh brother, that was really pathetic. FFH is worth $1500 to $1800 USD per share. Kudos to Prem & Co. for a job very well done!

I love when they mouth off and short first and then ask questions later…ultimately ending up begging for better disclosure because they didn’t do the appropriate work in the first place and got it wrong.

Jen Allen giving a MasterClass in Insurance accounting. "If you come for the king - you best not miss"

"We maintain our C$1,600.00 target price based on 1.1x but see potential upside should FFH begin to be valued off of earnings, where the peer group median is ~12x in 2024 vs. FFH currently below 8x."