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I don't know if Ben is capable of doing 22% annualized returns long-term...that's Buffett territory. But I'm pretty sure he's capable of doing 13-15% annualized...and that's all investor's and Fairfax need. Only time will tell. Cheers!

No one outside of India, investing in India has better connections than Ben.

For me, one very interesting comment was that even if CAT 4 hit Tampa directly, Fairfax would still have an underwriting profit for the year. Another was that interest and dividend income are running at $2.5bn per annum, vs $2.2bn previously stated.

Post Q324 there is nothing to stop index arbs from running up FFH shares into the likely 60 add in December. Book value is growing 3-5% per quarter which makes it easy to own. The wild card is where investors let go of their shares. Based on the discussions on this board maybe we won’t see much multiple expansion but there is only one way to find out. I’ll be holding on to my shares regardless of multiple as long as BV keeps growing 10%+/yr.

Usually, historically Fairfax shareholders have often seen the company in a precarious or challenging situation when markets were rising and things calm...such as their short positions, poor turnarounds, etc. This is the first time in probably 20+ years that Fairfax is steadily making money just from bond and dividend income, and smooth insurance operations. Combine that with no dysfunction in their investment and associates portfolio, and FFH shareholders are having difficulty watching their company actually hitting ROE targets with ease and no encumbrances. They're just not used to this...this is Berkshire territory! Keep it up Prem! Cheers!

Another strategic shift Fairfax appears to be making is to build out the size of the non-insurance operating companies bucket. In 2022 they took out Recipe. They just added Sleep Country. And in Q4, with the takeout of Peak Achievement (Bauer) they will add one more. This could take pre-tax earnings for non-insurance operating companies from $150 million to perhaps $300 or $350 million per year - which now makes it a meaningful number. This income stream is different from the other 4 incomes streams Fairfax has: - It is not correlated with the insurance business/cycle - so provides important diversification to earnings. This benefits the income statement. - It also provides an important source of liquidity for the company - they are owned/controlled assets that could be sold if needed. This benefits the balance sheet. It will be interesting to see if Fairfax continues to grow the non-insurance consolidated companies bucket in the coming years.

There was podcast that Ben did on India that year or in 2022 that I thought it was really good. Macro stuff. And nothing "directionally" new, but I thought he presented the India opportunity much better than the FIH team. This is before he became FIH chair.