I love how he has started putting valuations on the unlisted investments. Peak on 5x FCF - I had not guessed that.
While I love the mea culpa, I really hope this isn't the lesson they draw. Nothing wrong with investing in technology - just maybe not the place to go looking for value among broken entities.
Yes, it's captured in the gains, NOT in FFH's reported operating earnings, which is what he is referring to.
This would in effect wipe out their surplus capital at every insurance subsidiary, and get them into serious regulatory trouble.