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I think we all should be absolutely happy, that analysts don't understand Fairfax and that Markets are not fair all the time. Is it entirely consistent to benefit from a structure and system (such as the market) because it offers us purchasing opportunities, while at the same time getting annoyed when the price does not reflect the intrinsic value after we made our purchase? Why should the mispricing end? Why should we have a right to it? Who says so? We have no right to expect the market to always turn in our favor when we need it to. Those aren't the rules of the game, and there's little point in getting upset about it. Either you accept them, or you simply don't invest in this game. And better than that, we all profit from the low share price again (so we not only profited when we purchased our shares): We are all net buyers this year with every share we hold throughout the year. If things continue like this, each of us will own 5% more of this wonderful machine on December 31 than we did on January 1. And we got that 5% of a machine growing with 15% to 20% at a great discount! If Fairfax continues to grow at this rate, the price remains constant, and Fairfax puts all its profits into buybacks, then Fairfax would buy back all its outstanding shares in less than 10 years. Think about that for a moment: If Fairfax price stays were it is today forever and it would put everything in buybacks from now on and you would hold just one share for less than 10 years, you would own whole Fairfax! How is that a bad position? And with every share bought back, you get nearer to that point owning the whole (Okay, which you won't reach in the end of course; but still it shows something about the value creation of the buybacks at these prices... So we should be happy, shouldn't we?) If the market price would always mirror the growth of earnings (so knowing, what the earnings will be and discounting that), none of us would beat the market. None! Noone would have profited from BRK, as the discount of future cash flows would have resulted in such a high price in 1960ies, that it would have given the same return to us than any other equity investment at the same time. If the DCF would be 100% accurate and easy for everyone to do, if everything was transparent for everyone, if all the numbers of the future were known und understand, we would all get the same returns. Unfortunately, there is no market that always responds when we want it to. But why lament this fact? Would it really be so great if the rules of the game were such that the market always responded when and how we needed it to? Where would the fun be in that? And where and what would the art of investing, the challenge, be? And we can't change the rules anyway, and the realistic alternative (everyone gets the same return) is not exactly attractive. In other words: No Mr. Market, no buybacks. No wrong analysis somewhere in the world, no outperformance somewhere else. It's not the articles and podcasts bringing other people to understand the beauty of Fairfax (as much as you all helped me and I am really grateful!), that help us outperforming over the longterm. It's the Brett Horns. The Mr. Horns of the world prepare the ground for our outperformance. No Brett Horns, no great entry price for Fairfax for us and no buybacks.