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People remember you being cheap. Sooner or later, that will impact deal flow in a negative way. Deal flow over the long term is much more important. So if there is any reason to be "fair and friendly" that is aligned with shareholder interest, that would be it.

Here is a plug I posted on Twitter for David’s new book. Fairfax was founded in 1985. A $1,000 investment with Prem and team back then would now be worth more than $1 million. Yes, an amazing return = CAGR of 19% over 40 yrs. How did they it do it? In his book called ‘The Fairfax Way’, author David Thomas provides many of the answers. The narrative for Fairfax is upside down Fairfax is well known for a few of the big mistakes made that it has made. What is not well know are the many important things that the company got right. And given its outstanding performance over the past 40 years, it got way more right than it got wrong. What did it get right? The answers go way beyond the numbers. It includes the people, structure and culture - and a moat that has been slowly increasing in size around the company over the past 40 years: Prem Watsa (founder and CEO) - Driven, optimistic, risk taker, unconventional, ‘right’ temperament, able to attract and retain talent, nice and more… High quality management - Fairfax is stacked with quality people in all parts of the organization. We get to hear from many of them (past and present). A proven organizational structure. Decentralized operations - Run by entrepreneurs. Centralized capital allocation - Run by a best-in-class team. Long term focus. A strong culture - Its employee retention has been amazing. David’s book explores all of these topics and more. It is a treasure trove of information on the company. It is a great resource for investors. I really enjoyed and got great value from reading the book (I learned a lot). David, well done and thank you! ————— The 19% return over 40 years is in US$ and assumes all dividends were reinvested.