Fisgard

What would be an example of final settlement of P/L on this trade?

Thanks TwoCitiesCapital: - by kicker I mean is there a cost/fee charged to exit/payout the TRS.

Appreciate all your posts Viking and safetyinnumbers. This TRS trade fascinates me. It’s like a hedge fund but FFH is not a hedge fund. I’m wondering if anyone could answer some questions I have: - Who is on the other side of the trade? OMERS? - What is the arrangement for the other party? Floating rate plus a point or two? - Is there a kicker on the exit? - Why is Fairfax buying back shares instead of closing out the TRS? Is it because they still think the shares are selling at a discount? I have to admit I didn’t understand or appreciate the trade fully in 2021. But love it now that I have seen it play out.

The best part is FFH has so many wins it is hard to choose just one without defining it. Most of the choices build on the other investments. Strong cap allocation thru out FFH combined with a low P/B multiple - makes buying back shares and the TRS great investments.