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Lucky. Just like when they sold Resolute at the top of the lumber cycle. Just like when they sold pet insurance when there was a mania in cats and dogs. Just like when the average duration of their bond portfolio was 1.2 years and bond yields spiked. Just like when they did a dutch auction and bought 2 million Fairfax shares at $500/share. I could go on… Maybe they aren’t lucky… maybe its skill… And if it is skill, the question becomes: “is it reflected in the stock price?” My guess is no. As a result, it is like an investor today is getting a free call option on this aspect of Fairfax. ( @Hoodlum , FYI, my comment above is not directed at you )