Leaderboard

I believe the rules for an associate holding, where Fairfax has between 20% and 50%, mean that it is neither consolidated (as it would be if it owned more than 50%) nor marked to market (as it would be if they owned less than 20%.) Since thery are going from 45% ownership to 22%, the same treatment should apply, and the fact that they just sold for twice their carrying value means that fair value goes up but carrying value stays the same.