Ok taking a crack at this. Might have some faulty assumptions, so feel free to correct me...numbers are in USD.
Whether Fairfax is a good investment depends on how you see the normalized investment returns going forward, in my opinion.
I'm making quite a few assumptions here that people may not agree on, e.g. that the cost of float is essentially zero going forward in perpetuity.
I also assume that FFH will generate at least 6% over the long term, but over the next few years, wll that's anyone's guess.
Hopefully this post can stimulate some discussion, I don't pretend to be an authority on FFH or on insurance companies generally.
I will venture to say though that I think these valuation levels are attractive from a long term point of view.