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completely agree with this 100%. It’s based of my lived experience that most investors I know have studied or are invested in BRK/MKL but haven’t studied Fairfax or rejected it after a cursory look. Which explains to me why it trades at a big discount to peers. Nothing that time and continued execution won’t solve as long as we are right on management and their capital allocation. Bonus points: we get meaningful buybacks while we wait.

Does the 3:1 leverage give us 3 times that?

Ok. Let’s use a 40 year time horizon (I don’t). Their stock price compounded at better than 19% per year (US$, dividends included). And for the first 25 years of this time period they had some pretty crappy insurance businesses. Their stellar results were driven primarily by their investment decisions - which you characterize as ‘mediocre.’ Please square that circle… PS: Fairfax is a contradiction. What people think about the company. And what the company actually did. There is, IMHO, a massive disconnect.