Parsad

Hi Everyone, Here are the details for this year's dinner. 2011 FAIRFAX FINANCIAL SHAREHOLDER'S DINNER The Fairfax Financial Shareholder’s Dinner we hold each year, is set for April 19, 2011 at Joe Badali’s in Toronto. We’ve always enjoyed support from Fairfax, and last year our guests were Sam Mitchell, Brian Bradstreet & Peter Furlan. As well, our dear friend Francis Chou of Chou Associates was there to answer questions. It was a terrific evening where investors asked virtually anything they wanted, and came away with some tremendous lessons. The dinner is held in memory of JoAnn Butler, who was our biggest supporter and Prem Watsa’s executive assistant for many years. JoAnn passed away on May 12, 2009 from colon cancer, and she was instrumental in the success of our dinners each year. We’ve changed the structure of the event a bit, as the guest count was at capacity last year, and the ordering process for dinner became quite a challenge. This year the ticket price is $45 per person, which includes an expansive buffet dinner, dessert, coffee & tea, as well as a third of the ticket price goes to the Crohn’s and Colitis Foundation of Canada, in memory of JoAnn. Corner Market Capital Corporation will once again match that donation. Last year, through your generosity, we raised $4,870! Please get your RSVP’s and payments in early, as we will be limited to 70 people attending this year. Fairfax Financial Shareholder’s Dinner Tuesday April 19, 2011 Joe Badali’s 156 Front Street West Toronto, Ontario (416)977-3064 Meet & Greet: 5:30pm-6:00pm Dinner Buffet: 6:00pm-8:00pm Q&A: 8:00pm-9:30pm Tickets: $45/person RSVP: cornermarketcapital@gmail.com Paypal: cornermarketcapital@gmail.com Memo: FFH Shareholders Dinner Checks: Corner Market Capital Corporation Suite 1620, Box 36 1140 W. Pender Street Vancouver, BC V6E4G1 If you have any questions, please feel free to ask them here. The menu for the buffet is below. Cheers! ~SALAD BAR~ * 1 HOUSEMADE SOUP * CAESAR SALAD WITH ROASTED GARLIC DRESSING * BADALI SALAD WITH FRESH LEMON HERB VINAIGRETTE * TOMATOES * CUCUMBERS * LEMON WEDGES * SLICED OLIVES * SLICED RAW MUSHROOMS * CROUTONS * BACON BITS * ROMANO CHEESE * 5 ANTIPASTI ITEMS (ASSORTED VEGETABLE & FRESH PASTA SALADS) ~ENTRÉE ITEMS~ * CHEF'S CARVERY (ROAST BEEF) * 2 FRESH HOT PASTAS (1 VEGETARIAN) * FRESH P.E.I. MUSSELS * ROASTED CHICKEN * RICE PILAF OR ROASTED POTATOES * ASSORTED STONE BAKED PIZZAS ~DESSERT ITEM~ CHEESE CAKE WITH SEASONAL BERRY COULIS COFFEE or TEA

Hi Everyone, Here are the details for this year's dinner. 2011 FAIRFAX FINANCIAL SHAREHOLDER'S DINNER The Fairfax Financial Shareholder’s Dinner we hold each year, is set for April 19, 2011 at Joe Badali’s in Toronto. We’ve always enjoyed support from Fairfax, and last year our guests were Sam Mitchell, Brian Bradstreet & Peter Furlan. As well, our dear friend Francis Chou of Chou Associates was there to answer questions. It was a terrific evening where investors asked virtually anything they wanted, and came away with some tremendous lessons. The dinner is held in memory of JoAnn Butler, who was our biggest supporter and Prem Watsa’s executive assistant for many years. JoAnn passed away on May 12, 2009 from colon cancer, and she was instrumental in the success of our dinners each year. We’ve changed the structure of the event a bit, as the guest count was at capacity last year, and the ordering process for dinner became quite a challenge. This year the ticket price is $45 per person, which includes an expansive buffet dinner, dessert, coffee & tea, as well as a third of the ticket price goes to the Crohn’s and Colitis Foundation of Canada, in memory of JoAnn. Corner Market Capital Corporation will once again match that donation. Last year, through your generosity, we raised $4,870! Please get your RSVP’s and payments in early, as we will be limited to 70 people attending this year. Fairfax Financial Shareholder’s Dinner Tuesday April 19, 2011 Joe Badali’s 156 Front Street West Toronto, Ontario (416)977-3064 Meet & Greet: 5:30pm-6:00pm Dinner Buffet: 6:00pm-8:00pm Q&A: 8:00pm-9:30pm Tickets: $45/person RSVP: cornermarketcapital@gmail.com Paypal: cornermarketcapital@gmail.com Memo: FFH Shareholders Dinner Checks: Corner Market Capital Corporation Suite 1620, Box 36 1140 W. Pender Street Vancouver, BC V6E4G1 If you have any questions, please feel free to ask them here. The menu for the buffet is below. Cheers! ~SALAD BAR~ * 1 HOUSEMADE SOUP * CAESAR SALAD WITH ROASTED GARLIC DRESSING * BADALI SALAD WITH FRESH LEMON HERB VINAIGRETTE * TOMATOES * CUCUMBERS * LEMON WEDGES * SLICED OLIVES * SLICED RAW MUSHROOMS * CROUTONS * BACON BITS * ROMANO CHEESE * 5 ANTIPASTI ITEMS (ASSORTED VEGETABLE & FRESH PASTA SALADS) ~ENTRÉE ITEMS~ * CHEF'S CARVERY (ROAST BEEF) * 2 FRESH HOT PASTAS (1 VEGETARIAN) * FRESH P.E.I. MUSSELS * ROASTED CHICKEN * RICE PILAF OR ROASTED POTATOES * ASSORTED STONE BAKED PIZZAS ~DESSERT ITEM~ CHEESE CAKE WITH SEASONAL BERRY COULIS COFFEE or TEA

ubuy2wron, you should consider reading Einhorn's book and its tale of the SEC and other authorities' dismissal of everything he says before making that claim. But that's Einhorn's book, correct? Why would he tell a story any different than his own perspective and experience? It would be like Jim Chanos writing about his experience around Fairfax and how hard he tried to convince everyone that Prem was a fraud. I wouldn't read that piece of crap either. Isn't there an inherent conflict of interest in the fact that he's making a profit on his short, and writing a book about the experience? Why doesn't he write about his experience at New Century? Did he attempt to contact the SEC about the fraud there? http://www.reuters.com/article/idUSN2631813920080327 People in glass houses shouldn't throw stones, and Einhorn is one of the biggest chuckers I have seen! The false sense of nobility that many investors attach to him makes me kind of want to vomit. He's a smart guy, but so is Sam Antar. Cheers!

Good stuff Lessthan! These guys disgust me, as well as the investment managers who have associated themselves with these guys over the years! Cheers!

I had some information this morning. Thanks. Well, I'm glad that they contacted you. As I've said before, if you've got questions, post them here and let the board work on them. If the answer isn't correct or complete, I'm sure Fairfax will try and do their best to clarify it in their filings, reports or letters. I do not know of any other company that does as much as they do to try and answer your queries, and not prejudice the process of releasing information equitably to their shareholders. That should be something to cheer, rather than jeer. As always, I encourage you to come to Toronto for the AGM, where everyone at the company is happy to assist shareholders with their queries and concerns. Buffett isn't nearly as accessible to shareholders as Prem is at his AGM. That may not last forever, just as it did not last at Berkshire. Cheers!

To what extent was the Sprott performance to making an energy/commodities bet? The return of energy index funds (VGENX) has been about 15% over the past 10 years. How does he compare to this index if this is his area of focus? A huge extent! Go back to Sprott's early annual reports in 2000 and 2001. He's been betting on gold and commodities since then in a big, big way. I don't want people to take this the wrong way, but I remember Frank Mersch at Altamira doing the same thing. He looked like a genius for a few years. In Sprott's case, due to the credit crisis and fears about currency devaluation, he's had a much longer run and is looking like an even bigger genius. Michael Lee-Chin looked the same way with a huge bet on financials through the 90's and early part of the new millenium. It's a bit suspect in my opinion...and yes, that is only my opinion! ;D I would take Berkowitz as a manager hands down if you look at his success over various sectors. Cheers!

haha. I saw that. The fund had about $525,000 in assets and now it's right around a million. Do you guys think that Chou may not focus on his American funds as much as his Canadian funds? That is one think that concerns me a bit. Raising capital isn't as easy as some people think. Francis has no real presence in the U.S., thus why would an investor choose his fund over some other guy who pours tonnes of money into marketing and already has hundreds of millions in a fund. It doesn't matter if he's a better manager! The capital eventually does go to where it is utilized most efficiently and successfully. No doubt Francis will be managing a lot of money in the U.S. over time. It's just going to take the U.S. public some time to wise up a bit! Cheers!

I agree with you Nelis that the fee is a cash grab and they failed to inform the purchaser and the user appropriately. At the same time, I wouldn't be too hard on the person that bought you the card...at least they gave you a gift! And no it wasn't me! ;D Cheers!

I can understand Partner's frustration, especially since many shareholders feel a very close kinship with the company, not unlike Berkshire owners. But at the same time, they are a public company and there is a very clear and ethical line that all information should be be provided to ALL shareholders in an equitable manner, thus taking phone calls and questions from a single shareholder is something they refrain from doing. They are probably even more careful after all the crap that was in the papers during the short attack days. I think their PR is really in the interviews Prem is willing to do these days, and the Q&A period at the meetings. I'm not sure we really should ask for more than that. At the same time, Fairfax does listen to their shareholders, and they do try and incorporate questions they may have heard into their annual reports and letter. We are not far from the annual report, thus if Partner wants clarification on a point, maybe he should just ask it here, and let's see if they clarify the matter for shareholders. They've done that in the past, and there aren't too many companies that would be willing to do that. On that point though, I'm not sure it would be a bad thing for Fairfax to incorporate an email such as info@fairfax.ca or something to that effect, where shareholders could refer questions. I'm sure Paul Rivett doesn't have much to do these days at the company with all the hats he wears, so answering emails with a polite "Dear _____, thank you for your question, but unfortunately Fairfax only discloses such matters in their securities filings." ;D Thus they could avoid phone calls where a little more than they like could actually be said, and there is no record of their actual response. This would protect them, as well as improve the feedback to shareholders. Cheers!

Alot of tech stocks are trading at huge multiples of book right now. Nothing like the tech wreck era, but definitely inflated. The $50B valuation on Facebook gives it a earnings multiple of 100 and a price to revenue of 33. Cheers!

Article on the 4th hedge fund that was raided in November. No one knows who, but that it was in Manhattan. Cheers! http://www.cnbc.com/id/40952590

Things are looking quite robust! Cheers! http://www.bloomberg.com/news/2011-01-06/north-american-rail-freight-carloads-for-jan-1-table-.html?cmpid=yhoo

You seem like a man who tap dances to work. I hope to say the same about myself fairly soon. You will love it! Challenges and all. Cheers!

Parsad I dont know how you find the time. Everyone thinks im the most efficient person they know, but you remind me of that army commercial. "We do more before 9AM than most people do all day." You definitely do more then me. I am a happy man if I can sleep till 8 AM. No, it just seems that way. I don't have a wife, or kids. I raised my brother from the age of 9 after our father died...I was 21. Once he was in University, I decided that I wanted to focus on my career. So my life at this stage is really all about my business...it's my baby! Usually when I watch sports, it's with my brother, friends, etc. We play hockey every Tuesday night with about 10 of our friends as well. I go to the occasional wedding or party on the weekends, but really I like to spend it around the house reading or watching football and hockey. So, it just seems like I'm busy, but it's only because I probably have less outside responsibilities in my life, whereas most other people my age have spouses, children and now even grandchildren! ;D By the way, I do sleep till 7:30am each morning, but I don't go to sleep till 1 or 2 am. The best thing I did was switch to public transit a couple of years ago to get to the office each day. I'm not wasting time in traffic anymore. That's where I check emails, the markets and read alot of my news online, and often a 10-K or two. I get an extra 45 minutes of work done each way, with virtually no more stress from being stuck behind other drivers! I pick up my coffee and muffin from Starbucks next to my building and I'm good to go as soon as I sit down at my desk. And because I usually eat lunch at my desk, I don't waste an hour plus at a restaurant or cafe...something I heard that Jimmy Pattison does...it works! I only go out of the office if I have a meeting or something...so I get alot of work done in my day compared to most people. My life is awesome! I love what I do and I really do have fun every day. Cheers!

You actually said Dude Yup! ;D And my brother walking behind me said "Dude, you are awesome!" to him too! An observation (with neither a negative or positive tone to it): I am always surprised that people on this board have an interest in sports... Investment (well, more specifically, value investment) doesn't seem to be the type of thing that would have disciples that would like such things. Don't get me wrong, I take in an occasional game, and like to occasionally go see some pro stuff in person, but, still, I am surprised. Thoughts on this? Buffett is a sports junkie! I think his biggest past-times outside of investing are Bridge and watching sports. I'm a hockey, football, basketball, boxing and tennis junkie myself. I know plenty of other value investors who love sports. It adds balance to my life. I don't go to parties, I don't sail on yachts...I like reading and looking for investment ideas, and then I like watching my favorite sports and playing hockey Tuesday nights...that's pretty much it for me. Sundays I watch football pretty much from morning to night, while surfing the net. Friday nights and Saturdays I go out, but the rest of the week is much the same. I like it like that. Pretty much every day during the week...wake up, shower, go to office...check emails, market, read papers on the way...have a coffee and muffin for breakfast... return phone calls, get administrative work done...coffee/tea and sandwich for lunch...look for more ideas, read some more, any other work that needs to be completed...leave work, listen to music and read on the way home...dinner, watch sports or news, read and go to sleep...TV in my bedroom stays on all night on Bloomberg Sunday to Thursday...CNN on weekends. I can't sleep without noise for some reason! Weird! Even in hotels with those damn Heavenly Beds, I need the tv or radio on. As you can see, I don't think there is any single definition or correlating characteristic for value investors, except that we all love a bargain! Cheers!

The wisdom of crowds prevails. The dividend fell into the range most frequently selected by voters ($10-$12). Now I just need to decide what to do with the money in three weeks.... I think Prem looked at the voting and said..."Well, 29% voted for $5-$9.99 and 48.8% voted for $10-$11.99...Let's just split it up the middle and let the 48% have it...Ok John, we're gonna make it 10 bucks even!" You think that's how it works up there? ;D Cheers!

Yup, I like both of them too! I actually met Jeter about four years ago in Manhattan. I was walking through the Nike Store and he walked by me. Like any rabid fan I yelled out "Derek Jeter! Dude, I love you man!" He politely shook my hand and said "Thanks buddy!" ;D Cheers!

I guess giving a man $50 billion kinda makes him feel like he owes you something. Yup. He didn't give it to Howard! ;D Cheers!

What's not to like here? Plus, this guy (Biglari) is Lebron James - everyone hates him, but he is a good performer. Paid like Lebron too. I prefer Wayne Gretzky, Peyton Manning and Magic Johnson...or even Kobe and Dwayne Wade...not a LeBron fan, and he is going to lose in seven to Boston. By the way Bronco, have you noticed that we sit on top of the league with 1-2 games on hand on everyone! Cheers!

- Sokol will be CEO and oversee all of the non-insurance businesses - Jain will oversee all of the insurance businesses...not only National Indemnity - Coombs and the other future portfolio managers will look after the investment portfolios for Berkshire and all subsidiaries The Berkshire Board will oversee Sokol, Jain and the portfolio managers, with Gates being the actual Chairman and Howard Buffett being the figurehead Chairman. Cheers!

Article on Biglari Holdings interest in Fremont Michigan. Not a bad article and accurate on the price being paid for FMMH. Cheers! http://www.businessinsider.com/steak-and-shakes-berkshire-dreams-2011-1

This topic has been moved to Investment Ideas. [iurl]http://cornerofberkshireandfairfax.ca/forum/index.php?topic=1731.0[/iurl]

Sanjeev, how much do you know about Stilwell? And how confident are you with the stated book value? Not terribly. I've never owned Kingsway, nor was I interested in the past. But I'm more intrigued now at these prices after the fall, and now that they've sold a number of assets. We still don't own it, as I'm still working my way through the issues there and the risks involved, and examining exactly if there is an activist opportunity there. I'm not a pay up for a good business type of guy, let alone pay up for a business run by a guy like Dunning. Cheers!

I don't think he knows what he's talking about. He's using ROE as his guide, yet Fremont only has 6 years worth of data. In insurance, you really need to know the underwriter. If not, then you have to use book value as your guide and be very conservative in the valuation. In today's market, compared to other insurers that are available, it's not worth anywhere near $35 if you want a good return. Sardar's $31 offer is fair value right now. If he can squeeze out better performance from the investments and continue to underwrite well, then it's a fair price for both him and shareholders...but by no means a steal. Cheers!

Have them discover a Supernova from the safety of their home! Smart youngster. Cheers! http://news.blogs.cnn.com/2011/01/04/girl-10-becomes-youngest-to-discover-supernova/?hpt=T2