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Fairfax’s stock did terribly from 2010 to 2020 for one big reason: the equity hedges. The short positions were a second smaller factor. Everything after this pales in comparison - I.E. excluding these two factors, Fairfax’s performance would have likely been ok (including lower interest income from how defensive they were with the duration of their fixed income portfolio beginning at the end of 2016). Fairfax booked about $250 million in realized gains when they sold off their corporate bond portfolio in 2021 (at a yield of 1%). And in 2002/03, Fairfax avoided billions in losses in their fixed income portfolio because of how defensive they were positioned. And because they were so short duration, in 2022/23 the earn through from much higher rates (much higher interest income) was very quick. When you add up all the puts and takes, Fairfax likely did very well with the total return they earned on their fixed income portfolio from late 2016 to 2023.