mengan

Fairfax Files Early Warning Report in Respect of Blue Ant Media TORONTO, June 05, 2026 – Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) announced today that it has filed an early warning report (the “Early Warning Report”) under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with its holdings of subordinate voting shares (“Subordinate Voting Shares”) of Blue Ant Media Corporation (TSX: BAMI) (“Blue Ant” or the “Corporation”). https://www.fairfax.ca/press-releases/fairfax-files-early-warning-report-in-respect-of-blue-ant-media/ Not consequential.

This has nothing to do specifically with Fairfax. It's an accounting standard (IFRS 13). Similar rules exist for US GAAP and also for German HGB.

Hopefully at 0.75 book (~1300 CAD / share), then that would equal to 20% return without considering future growth assuming 15% ROE.

Metlen, largest position in the public portfolio, followed by Commercial International Bank of Egypt.

Rocket Lab (!!) to the mooon!

I hope that was a joke.

Anyone know if Airbus was sold?

Absolutely, yes.

$0 – $2B (essentially no buybacks) Still rich valuation.

I'm still unconvinced. I think prices are excessive. PE20 equals 20 years of earnings at no growth to "get back" your investment. So either, you bet your horse on growth or you bet someone else is willing to pay more for your assets later. Both are gambling imo. when everyone starts normalizing these prices, it shows more that this is a peak of a bubble than anything else

I look at cash flow, not accounting earnings as my main method of valuating companies. It's great to find companies like Fairfax where accounting earnings are highly volatile whereas cash flow is much more steady.

It is obviously getting worse each year. I hope he is seeing a doctor.

I would like to see the source of such arrangement exists for fairfax's TRS.

Are you sure? I have not seen any clear cash movement tied to the open TRS positions in Fairfax’s financial statements so far. My understanding is that mark-to-market runs through earnings each quarter, while the gain or loss is only actually realized in cash when FFH or the counterparty closes, resets, or terminates the position.

Seems to be in deep turnaround/restructuring. If they manage to turn it around, there should be quite a lot of operating leverage.

It should not have any effect on operating results or on cash flow. It increases volatility of the stock, i.e. "beta".

According to the 10Q, they are related to losses from commodity hedges.

Yes, it's a self-fulfilling prophecy. As the share price declines, the TRS losses add up lowering EPS. As the EPS get lower, the share price declines.

Terrible question by that activist. She should come here to Germany.

Ajit needs better fitted suit.

Oxychem lossmaking so far.

Another 580M paid in connection to wildfires in Q1. Almost done.

Solid quarter. There is finally some excess fair value over carrying value.

Market extrapolates revenue and EPS to derive terminal value. A small change in growth rate and EPS has a big influence on asset value. Expect next quarter results to result in a large upswing.

Brett Horn is vindicated.