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Wow Francis is amazing! Thanks for sharing @mananainvesting. My sense is his not as famous as he should be outside of Fairfax community and Canada? Does anyone have his track record? Love the aspect he raises re. Investement leverage being high 2.5x-3x is super powerful which is what we have at Fairfax. To be fair a lot of other insurers also have high investment leverage (2.5x-3x) but none of them have i) A large allocation to equities like fairfax ii) a lot of the investing is outsourced (i.e more fees)

Value it on normalized investment returns and combined ratio and with this amount of the best kind of leverage, a big structural advantage that somehow remains overlooked, it's easy to see how the long term CAGR could easily continue to be in the ~20% range, especially if Mr Market ever slides them into the "great capital allocator" / "compounder bro" bucket at some point in the future. We're talking about a ~10% earnings yield, almost all of which is distributable for buybacks at a discount. And those earnings should grow at double digit rates for a long time. How many opportunities like that exist in "big cap, outstanding track record, long runway" land nowadays? Sure, odds are the various drivers will have a down period at the same time at some point, but maybe our only edge as non-pod investors is the ability and duration to focus on the structural advantages because we can accept and live with that cyclicality and volatility - and maybe even take advantage of it because we don’t have risk managers or LPs looking over our shoulders every month (or day). Of course, that doesn’t mean there aren’t better ideas out there! I think I've got a few too!

Disappointing to see so many comments focused about Ajit's suit. The man's an insurance genius, show some respect. I can grab a meth head off the street and put them in a tailored five piece suit, you want them running the insurance business instead?! Overall, I thought the meeting was great. Detailed discussion about the businesses. The company is in good hands with Greg and team.