Berk

@Viking sorry I am a little late here but, I've been thinking about this since they raised the debt. Do you have a sense for why they chose such long-term financing with a 2056 maturity? I believe you asked management about this during AGM week, but I can’t remember their response. At a 6.2% coupon, the debt was issued at ~123 bps over the 30-year Treasury, at that time. I understand the logic of locking in long-term capital, but I’m trying to better understand why Fairfax would prefer 30-year debt versus something shorter-dated, especially given the cost.

Can someone help me understand their options with the TRS and what you think they should do with the position? I was at the COB&F charity dinner listening to the room ask / discuss the options with Brian Bradstreet and a bit of it went over my head. My understanding is that they can buyback the shares, recognize the gain from the share owners, or hold onto the position. Is this correct? From what I heard, Brian Bradstreet and Peter Clarke (at the AGM) both said that they will likely do some combination of monetizing gains and repurchasing stock. Are there any tax advantages / implications to either of these approaches?

Curious how people are thinking about the current Iran conflict and potential disruption in the Strait of Hormuz in the context of Fairfax. Does this meaningfully affect Fairfax at all, either through its investment portfolio or through the insurance side? With Trump now reportedly discussing government guarantees for shipping insurance in the Gulf, I’m wondering whether insurers like Fairfax could actually benefit from higher war-risk premiums or whether the government backstop effectively caps that opportunity.

Hey @Viking - how did you calculate the ~$56 excess of FV over CV? I am seeing "The excess of fair value over carrying value of investments in non-insurance associates and market traded consolidated non-insurance subsidiaries increased to $3.1 billion at December 31, 2025 from $1.5 billion at December 31, 2024, with $1.4 billion of that increase related to an increase in the publicly traded market price of Eurobank." With 21mn shares out, this should be closer to ~140-150 per share, right? What am I doing wrong?

Hey guys - random question here. I am not an accounting and would love to hear some of your thoughts on the question below... Are interest and dividends and share of profit of associates for non-insurance companies (Pg. 126 on the 2024 AR) assigned to those companies/groups because those companies have their own investment portfolio OR are they interest and dividends and share of profit of associates from the holding company that they assign to these non-insurance companies/groups? If the latter, how do they decide that? Why this matters?: When I am valuing the non-insurance companies, I want to make sure I am not double counting if I include the interest and dividends and share of profit of associates for the non-insurance companies. For a blunt example... Where does the 10mn of interest and dividends and .1mn of share of profit of associates come from for restaurants and retail? Is it from restaurants and retail's investments? Or how does Fairfax assign those values to restaurants and retail?

@dartmonkey Have you seen Alexander Steinberg's SOTP model? (I pasted a snapshot from his substack below) Do you have any thoughts? I am a bit confused on the below: 1) I can't wrap my head around what his payout ratio is and how he is still valuing the mark to market common stocks while also including the interest and dividends in the insurance company value. 2) The share of profits of associates included in the insurance value isn't comprehensive of all of the share of profits of associates (for CY2024 he has 745 while the total share of profits of associates in 2024 was 956 on the income statement) and I think it is missing the portion that the holding company own and maybe life insurance? Would appreciate any thoughts on this? I am not saying his approach is flawed/incorrect, I am just bringing these up from my own ignorance. (link: https://alexandersteinberg.substack.com/p/buying-fairfax-now-smart-move-or)

Losing Steph Curry definitely doesn't turn it around.

Does anyone value Fairfax through a SOTP method? If so, how do you think about assigning multiples to life insurance/runoff and share of associates' profits? fyi - I am new to investing (less than a year), very new to Fairfax, and extremely new to COBF. So, I appreciate all the thought I've read so far and apologize if I've missed a prior discussion on this...

Thank you @SafetyinNumbers. Apologies for not noticing the prior thread. Looking forward to attending and potentially meeting you!

I’ll be attending The Ben Graham Centre’s 2026 Value Investing Conference on April 14th and the Berkshire Hathaway annual shareholders’ meeting on the 16th. Since it’s my first time attending both, I was wondering if anyone knows of any other events, meetups, or gatherings happening on the 15th that might be worth checking out. I’d also appreciate any tips or recommendations on how best to attend both events and make the most of the week.