I think shareholders at many successful companies get spoiled by great annual results for a period, and feel a sense of deflation when things aren't still going up double digits every year.
The irony with Fairfax is that they are still growing at terrific annual results, but because the stock price has stagnated slightly in the last 8-12 months, the sense of deflation has come swiftly!
Even long-term investors are vulnerable to that emotion...no matter how long they've held and what they've been through in the past. It's like eating just the right amount of your favorite food and instead of being satiated the next day, you feel let down that the feeling didn't linger longer.
I've seen every shape of shareholder do this and go through this, including with Fairfax. It's just funny to see it happen so quickly after 5 years of massive growth and returns...that are still continuing...but in book value, rather than stock price!
Cheers!