Viking

Prem did not name specific companies. I was referencing comments Prem made later in the Q&A when asked a question about non-insurance acquisitions. He said they had ‘deviated’ in the past. He was talking about the importance of management and went on to use Atlas and Stelco as recent examples of where they had gotten the management thing right. They had a run of a few years where they bought poor businesses with poor/questionable management and often kept throwing more money at them: Blackberry, Resolute Forest Products, and Recipe are a few that come quickly to mind that they still own. APR and Fairfax Africa had complete management overhauls in the past 12 months. I compare these past purchases to the more recent Atlas and Stelco purchases. Perhaps i am just hearing what i want to hear. But it looks to me like Fairfax has tweaked their value investing methodology and are placing a higher weighting on management when making their very large equity purchases. I think Fairfax has also learned over the past 7 or 8 years that they are not turnaround experts (at their investment office). Prem talks about how they run a lean head office.

The big takeaway for me from listing to the annual meeting Q&A: we can offially put a pitchfork in the 7 bad year stretch. There were 2 key drivers of the underperformance the past 7 years: 1.) terrible use of derivatives 2.) poor purchase decisions on a bunch of equity positions Moving forward, no more shorting of indexes or individual names. Prem also admitted they had made mistakes in the recent past on some of the equity purchases (poor management); less likely this will be repeated in the future (with quality management being a more important part of the purchase decision).

The dividend paid in Q1 will also be reducing BV by $10 when they report.

Nice to see Fairfax starting to outperform expectations. This makes it two quarters in a row. And the beats have been significantly better (not just a little). 1.) insurance: 96%CR is good; growth of 17% is very good 2.) net gains on investments is very good 3.) fair value of associates and consolidated stocks (in aggregate) is now comfortably over carrying value. This makes reported book value more meaningful (and lessens the need for the stock to sell below book value). And the equity holdings (in aggregate) do not look crazy overvalued at March 31 prices... lots more upside to be had in 2021 and 2022. In terms of the stock price, the big question is when do we see shares trade back above book value? Fairfax is currently trading at the low end of where it was trading pre-pandemic. Yet its business (insurance and investments) look to be in much better shape. With lots of tailwinds...

I understand the value of the site and will support whatever you decide. Ads do not both me. Paying a monthly/annual fee also does not bother me. I just hope any changes you make supports new people coming to the site and becoming active members (perhaps first 6 months for free). Enough time for new people to become engaged and part of the community. Once they are hooked you will have them for many years...

Attached below is a spreadsheet that captures the value of Fairfax India's publicly traded equity holdings at March 31. They were up US $331 million (35%) in Q1 to $1,267 million = an increase of $2.21/share. Not too shabby. BV at Dec 31 was $16.37. When Fairfax India reports Q1 earnings we should see a nice increase in BV to perhaps around $18/share, a new record high. Shares look cheap to me currently trading at $12.45. I was adding to my position late last week. Fairfax India is also in the process of IPO'ing three holdings: Seven Islands, Sanmar and Anchorage (BIAL). Once completed (likely later this year) more than 90% of Fairfax India's holdings will be publicly traded stocks and this will make it pretty simple for investors to value FIH. If the shares stay this cheap one has to wonder why FIH does not get more aggressive with share buybacks. Especially once the Anchorage transaction is approved and they receive proceeds of $130 million. Looking further out, if FIH shares stay cheap into 2022 (permanent large discount), I wonder if Fairfax decides to move to 100% ownership. Similar to what Brookfield is doing with Brookfield Property. Perhaps the first step in this happening will be in FIH gets aggressive with share buybacks (which will increase FFH ownership); this is what we saw at Brookfield Property. __________________________ So Fairfax India launched in 2016 at a price of $10; they raised more capital in late 2016 at $11.75/share. Shares are trading in April 2021 at $12.45. Since IPO in 2016, looking at the publicly traded stocks, Fairfax India is up almost 100% (Cost = $657 million; March 31 value = $1,267). Bottom line, Fairfax India has performed very well with its publicly traded stock investments. These companies represent 38% of the fair value of Fairfax India's total equity holdings. Looking at the private equity holdings the only poor performer has been NCML (down about $90 million). All the other private holdings are worth more today than they were purchased for. (Cost = $1,205; Dec 31 fair value estimate = $2,070 million). BIAL, at 42% of FIH, is the big fish here. So when i look at the full body of work (publicly traded and private investments) it looks to me like Fairfax India has done a pretty good job since 2016. Fairfax India has also done a fair bit of work positioning the holdings to be successful: splitting IIFL into 4 companies; management of BIAL; new management at CSB bank; re-org of Privi and Fairchem Organics. IPO of Seven Islands and Sanmar two more steps in the right direction. Bottom line, most of the companies Fairfax India owns look to be well managed and they look positioned to be successful moving forward. Fairfax Equity Holdings Mar 31 2021.xlsx

Greg, I agree. It looks to me like the US housing party is just getting started In Canada for single family homes we have record high demand, record low supply and record low mortgage rates. Any one of these three variables being in record territory would cause house prices to increase. Until ALL 3 normalize i think single family home prices will continue to move higher. And i do not see ANY of the 3 factors normalizing until later in 2021 or even 2022 (until covid is in the rear view mirror). So prices will continue to set records. We are seeing the impact of record low interest rates = spike in asset prices (housing and stocks). This is resulting the ‘wealth effect’ and subsequent boost to the economy that central banks wanted. With all central banks stating that interest rates are staying in record low territory until at least 2023 my guess is the asset price spike party is just getting started. Welcome to the roaring ‘20’s

To add another example: we bought our 4 bed house in suburbs of Vancouver (Langley) in 2010 for a little over $600,000. We sold it last week for over $1,300,000. (28 year old house with lots of original stuff that will need to be replaced soon - windows, plumbing, bathrooms, kitchen, garage door etc; my estimate is it will need about +$80,000 in improvements in the next 5 years.) It was listed on a Wed. Showings were Fri, Sat and Sun (17 in total). Offers accepted Mon at 4pm. We had 7 offers and 6 were subject free. We received about 6% over ask. $100,000 deposit (bank draft attached to offers). Exact close dates we wanted. We will be renting a 4 bedroom house in a very fun part of Vancouver (close to beaches, parks, trendy restaurants shopping). ‘New’ house is worth about $2.6 million; rent is $5,000/mo. Rents in urban Vancouver are down about 8-10% year ofer year (unheard of in this market). Old house was a great place to raise a family. New house is great location for our next life stage (and much closer to all 3 kids at university). PS: i do expect real estate prices to keep rising; key driver being crazy low mortgage rates. But i am a real estate idiot; i thought prices were high when we bought our house in 2010.

Fairfax India, similar to Fairfax, has been a tough buy and hold stock for investors. However, trading at $12.60 today the stock, at current levels, looks cheap to me. I only have a very small position but would be happy more on weakness (I still own a bunch of Fairfax). The good news is the equities in Fairfax India that are publicly traded are on fire. As a result book value will be up significantly in Q1. The near term challenge with Fairfax India is BIAL. Not sure how fast airport travel will pick up in 2021 but it makes sense to me it will take 12-18 months to get back to the new normal. If investors remain luke warm on airport assets this could hold down the stock price of Fairfax India. I am very much in favour of the two announced IPO’s (Seven Islands and Sanmar). It appears financial markets are keen for IPO’s and the businesses need $ for growth and to manage their balance sheets. With 2 more companies publicly traded this will make it more transparent to value Fairfax India. It also looks like Fairfax/Fairfax India is sending the message to their equity holdings that they need to swim on their own moving forward (with less support from the mother companies) - at least i hope this is the case And Anchorage, when it finally happens, will be interesting to learn more about. It adds complexity. And it is very ambitious. Infrastructure is a hot sector right now. Fairfax/Fairfax India has a pretty good long term track record investing in India so i am going to give them the benefit of the doubt for now. Another layer is how one views emerging market in the coming years. My guess is India could perform well and i like getting exposure through Fairfax and Fairfax India (where the 2 stocks are priced today). Both look to be trading at a nice discount

Attached below is my tracking file for Fairfax equity positions updated for March 31 stock prices. Please note, I have NOT updated any of the positions to reflect information in the AR (hoping to do this in May). I also added Farmers Edge and Boat Rocker but need to confirm shares owned by Fairfax. Fairfax saw an increase of about $1.5 billion = US$60/share (pre-tax). About $20 of the total is market to market and $40 is associates/consolidated. This is similar to what I came up with for Q4 and Fairfax blew that number out of the water when they reported results; so my guess is my estimate for Q1 is low again. Gains were very broad based. Biggest gainers for Q1: 1.) Atlas = $350 million (shares + warrants) 2.) Blackberry = $183 (shares + debentures) 3.) Eurobank = $166 4.) Fairfax India = $154 5.) Resolute Forest Products = $166 6.) Fairfax Total Return Swaps = $133 7.) Quess = $99 8.) Recipe = $81 9.) IIFL Finance = $65 10.) Stelco = $59 Fairfax Equity Holdings Mar 31 2021.xlsx

The European/japanese investment banks can’t seem to catch a break. $1 billion here, $1 billion there and pretty soon you are talking real money... ————————————- “ CFDs aren’t legal in the U.S. but their usage in other regions, particularly Europe, may be something that regulators weigh as they monitor this margin-call situation, Amy Lynch, a former SEC regulator and president of FrontLine Compliance, told MarketWatch in a Monday-afternoon interview. “Extremely risky,” is how she characterized CFDs. “[u]It’s kind of like being able to go into a naked position[/u],” she said, referring to naked bets where investors use derivatives to gain exposure to an investment without owning the underlying asset. to gain exposure to an investment without owning the underlying asset.

It is interesting to see how leveraged this one fund was and how, when stressed, it impacted not only specific stocks and sectors but also the overall market. Let’s hope this is an isolated case :-) Hard to understand how more transparency would not be beneficial.

Vancouver and Toronto are 2 very different cities on opposite ends of the country. Have you ever tried living in either? It's basically like Chicago/NYC vs Seattle. I purchased a home outside of Vancouver in December. I had to put in a bully offer 4 hours after the property was listed, after getting outbid on a number of other properties. Since then the market has apparently gotten even crazier with fewer listings on the market. The vacancy rate in the city I purchased is currently under 1%. Logically one would think it is a good time to pick up a condo in downtown Toronto with the mass exodus caused by the pandemic, but all of the government bailouts seem to have prevented a significant correction in prices at least for now. There was an article in the G&M a few weeks ago about bidding wars returning at some condo buildings. As others have mentioned the government policy to prop up Canada's lagging productivity is to increase immigration rates to some of the highest in the world. As long as this policy continues it will create pressure on the real estate market. There is tons of red tape and regulatory issues with building new housing units in Canada right now. The interesting thing is immigration numbers the past year are at historic lows (% of population) and housing prices have spiked and at at historic highs. So i don’t think immigration is the issue today. Now, moving forward, if the government does expand immigration to 400,000 per year then this increased demand for housing will impact prices. There are so many one time ‘historically high or low’ factors impacting the economy in general it is pretty much impossible to predict with any certainty where we go from here. Stay inquisitive and open minded (as Druckenmiller likes say).

I took 2 things away from this. 1. Your life sounds very nice and congratulations on this set up. Sounds like a great family setup and overall lifestyle. 2. Holy shit, I knew Canada housing was expensive but that is another level of insanity. That’s like less half the gross rental yield in my area, and many would consider housing in wealthy suburban DC to be “expensive”. From a financial perspective, the housing market in areas like Vancouver and Toronto is predicated on continuing price appreciation. For buyers at todays prices to make money they need to see continued price appreciation for their ‘investment’ to pay out. But it has been happening since 2000 so why would it not continue? The new wrinkle, with the recent price explosion, is they also need cheap money to stay cheap (5 year fixed mortgage rates to stay at 2%). The interesting thing about Vancouver is it is a small city. It appears an enormous amount of money is flowing in from Hong Kong (due to China’s crack down - people are looking to get out once and for all). More money is flowing in from China. There always has been a big amount of drug money laundered through the housing market here. All of these money flows have nothing to do with return; they are all about capital preservation. Add it all up and you get a spike in prices that has nothing to do with the local economy and what the average family earns. Today residential housing is now 9.2% of Canadian GDP; i think the US is a shade under 5% (and was about 6.7% during the 2008 housing bubble). Interesting times :-) - https://betterdwelling.com/canadas-over-30-more-dependent-on-real-estate-than-the-us-in-2006-shows-gdp/

I think the same thing has happened in Vancouver; rents have come down quite a bit year over year. However, the provincial government has announced that all universities will be full in class instruction in the fall (no online or hybrid) so demand from domestic and international university students will spike demand for rentals. Once travel opens up (further down the road) the Airbnb supply (converted to rentals because of covid) will be taken out of the rental market. So my guess is it will take 6 to 12 months for supply to get tight and prices (rents) to spike. The challenge for landlords in Vancouver is the rental market is heavily regulated by the government. Once they drop their rent it is very difficult to quickly get it back to what it was (if you have a long term tenant). Here the government actually sets the maximum allowable rent increase = 2.5% in 2019, 2.6% in 2020 and 1.4% in 2021. Crazy low. So if you are able to find a good rental at a good price with a landlord that wants to rent long term this is a very good time to rent in the urban parts of Vancouver.

My guess is crazy low interest rates are THE key driver of this current mania. Currently in Canada you can get a 5 years fixed rate mortgage (the norm in Canada) for about 2%. Historic low (about). And central banks have confirmed rates will be kept crazy low until at least 2023. So my guess is prices will continue higher and perhaps much higher. Covid has crated a situation where a whole bunch of things are happening at the same time creating a record spike in prices. Over the next 3 to 6 months, as Covid is hopefully brought under control and we return to a more normal situation, the question becomes how will behaviours change again? 1.) will demand to move out of the city and into the suburbs slow? 2.) will supply of houses in the suburbs increase with more people comfortable selling? Demand from Speculators: And now speculators are jumping in with both feet. Real estate has been the gift that keeps on giving (since 2000 in Canada) and NEVER goes down. A one way train = easy money. Demand from immigration: The government in Canada wants to jack immigration post Covid to 400,000 per year and these new citizens will need to live somewhere (buy or rent). Canada’s population is 37.8 milion. Demand from overseas money and money laundering: little data but both are perhaps significant drivers of steady demand and unlikely to slow. Cost for new build: is increasing dramatically (just look at lumber).

My rule of thumb is if you are going to be living in the area long term then buying is an ok option. The key is ‘fit’: personal and financial. Below are details of how my wife and i went through this process. My wife and i have recently decided to move (Langley to North Dunbar area of Vancouver). We will be renting a 4 bedroom house ($5,000/mo) and selling our house in Langley. (For interest, it costs about $3-$3,500 to rent a 4 bedroom house in Langley - located in the suburbs - about 60 minute drive from downtown Vancouver.) The house we will be renting is worth about $2.7 million. We made the decision looking at two buckets: 1.) personal situation - this is the driver 2.) financial situation - also a consideration Our view is we will be improving both our personal and financial situation with the move / sale / rental. Personal: our youngest (of three) is just graduating from high school. All 3 of our kids will be attending the same university in the fall (UBC) located on the other side of Vancouver (from where we live today). We chose to live in Walnut Grove, Langley because it was a great place to raise kids (great schools, quiet, safe, lots of other kids, parks, shopping, community centre, bike trails - most everything walking distance from our house). But now that our kids are gone both my wife and i are wondering what is next for us. So we decided to move to a really fun part of Vancouver - we found a rental that is in an established community and walking distance to beaches, shopping and great restaurants. I’m a biker and there are lots of great options for exercise. Our new place is also 20 minutes from UBC (Langley was about 70 minutes away). Our kids will be living on campus but it will be great to be closer (we are already lining up family dinner night when they are back in classes this fall). Financial: we will net a significant gain on the sale of our house tax free. We will be able to drop about 1/3 of this gain into our TFSA (which we drained the past couple of years). I did the math and we have earned 15% per year since buying our house 11 years ago. If i can earn mid single digit returns on the proceeds from selling the house we will be living close to rent free in our rental. If i do better than mid single digit returns we will be making money. Our current house in Langley is about 30 years old and needs about $80,000 in renovations. I estimate it would have cost us about $2,000-$2,500 per year to continue to live here (interest on small mortgage, property tax, maintenance, needed renovations etc). So spending $5,000 is ‘costing’ us an additional $2,500/month. And i can now invest the proceeds :-)

The picture you attached to your post made my laugh like hell. Nice lid :-)

Agreed. However, there are some years when Fairfax will grow BV by 15%. There are 2 key drivers to Fairfax being able to hit 15%: 1.) insurance underwriting 2.) investment results - especially equities Given the hard market in insurance and how they are positioned today with their equity holdings i think they can hit BV growth of 15% in 2021 :-)

SNC - with Dalzel and others pounding the table so hard... time to do do some research.

What is super interesting today is we have so many significant experiments going on. Like QE. And governments spending like (almost) never before. At the same time we have significant one time things going on. Like a pandemic. And then a massive recovery. That is global. And what are the linkages of all these significant events. My base case is we get 12 months where economic growth surprises to the upside. But good luck predicting where we go from there. It depends on what happens to: - virus - is it defeated? What does that look like? - US economic growth - how fast does service sector bounce back? Travel? - employment - how much does it bounce back? How fast? - fed - what will they do as the economy heats up? Will they wait for markets to throw a tantrum before acting? - interest rates - how fast and how high do they go? - federal government - is an infrastructure bill passed? Higher corporate taxes? - global economy - how fast does the global economy open up? Travel? - debt - do debt levels matter? How much and how fast will they grow from here?

When i post on real estate you probably should stop reading. :-) I think interest rates are very important; if they are driven by inflation expectations then i would expect higher inflation leading to higher interest rates leading to higher mortgage rates to matter (impact real estate pricing). How much? It depends on the magnitude of the move in rates, the country and which segment you are talking: residential, office, commercial etc. Talking residential, my read is the US has a long runway ahead for higher prices given the big correction in prices after 2008, current lack of supply (after under-building for years) and consumers who are not over levered. The market is poised for a multi year run. Crazy low interest rates will just turbo charge the ST gains. Higher rates will just result in a slower march higher. Residential in Canada is in a very different situation. We had no big correction in prices post 2008 (just a dip), new supply has been coming on the market (Canada was not under building like the US) and consumers are the most levered they have ever been (by far). Especially the big cities like Vancouver and Toronto. The pandemic is also another overlay. Single family homes in Canada are currently in VERY short supply (no one wants to move out of a house with space right now). At the same time there is massive demand as a massive amount of people are desperate to get out of their tiny accommodation and into a house (especially if they have small kids). And the gasoline on the fire the past year has been interest rates. In Canada the most used mortgage is the 5 year fixed rate (with an much amortization of 25 years or longer). People were able to get 5 years mortgage rates as low as 1.5%; i think they are around 2% today. So we have historically low supply, historically high demand and historically low interest rates. I think it is having an impact of housing prices (‘hottest housing market ever’ was a recent headline). Where i live (suburban Vancouver) prices are going up right now about 10% per month. Would a 1.5 or 2% mortgage rate result in a sudden spike higher for single family homes in the US? My guess is yes. (Now i know the mortgage market is different in the US but just image if a 2% mortgage rate was possible and normal). Now what happens when, post covid, the economic recovery takes hold and inflation starts to tick higher and bond yields/mortgage rates start to normalize/increase to the average of the past 5 years? For residential real estate in the US i would expect price increases to slow or perhaps go side ways. For residential real estate in Canada (in the urban centres) i would expect a correction in prices (remember my opening line). Especially if, post covid, supply spikes (people want to cash out) and demand slows (people decide they no longer need to move into a bigger space). Crazy times here in Vancouver.

I guess I am in your camp, but I think the risk/contrary view is quite simple. Given the past decade, what should give an investor confidence about any of these things? Take your number (3) - no artificial restraints on investments. I'm not sure that is the case. It is very much unclear that any of the BB position was sold. Why not? Everyone here was jumping up and pounding the table to monetize. Fairfax was certainly aware. If they didn't monetize, I'd guess it was some type of artificial, shareholder unfriendly, self-imposed restraint on dumping the BB position. How about (4) - Fairfax was done shorting, but managed to lose a cool $704 million in 2020 in short equity positions. More than 6% of the current market cap. Just a massive amount well after they realized that it isn't something they should be doing. Basically, they've managed to screw things up in the recent past. How can one be certain they won't screw things up in the future, perhaps in new and unforeseen ways? What are the big risks in investing today in Fairfax? 1.) crash in equity markets. One scenario is virus mutates into more lethal version; current vaccines no longer work etc 2.) catastrophic insurance event (Much bigger than Texas) 3.) Fairfax management credibility. Below are just a few examples: - makes a big insurance acquisition. And overpays and uses Fairfax shares to pay (trading well below book). - spends $500 million or even $1 billion on a swing for the fence, supposed ‘deep value’ stock in a shitty industry with terrible management. - starts pouring big money (hundreds of millions) into current equity holdings that are struggling to help them make acquisitions and grow their business. Funded by selling the good assets (like Riverstone UK). Peter Lynch called this ‘pulling the flowers and watering the weeds’ I could go on. My eyes are wide open in understanding the risk investing in Fairfax. I will monitor the situation very closely. If Fairfax management does stupid things i will react accordingly with my shares. I like to describe Fairfax as a hairy type investment. So it is likely a trade for me and not a long term ‘buy and forget’ type stock.

StevieV, i agree with pretty much everything you say. And in terms of last year, my big purchase was Nov after the vaccine news came out. My point was more along the line that from March and for much of 2020 investors had lots of opportunity to pick Fairfax up at a very good price. So we agree that Fairfax has been a terrible investment for investors who bought and held for the past 7-10 years. Especially those who bought in US$ 10 years ago. The issues that Fairfax has had with its business the past 10 years have been well documented on this site (each and every year) and i don’t think they have been sugar coated. I am simply of the opinion that Fairfax has been, for a few years now, slowly been dealing with many of the core issues that were causing underperformance. And yes, it has been 2 steps forward and one step back sometimes. I want to learn from the past. But what i care about more is what will happen in the future. Investors often get anchored in the past and it prevents them from being objective when assessing a company, its current situation and its future prospects. I remember investing in Apple in the summer of 2013. The narrative surrounding the company at the time was completely wrong. And the stock was dirt cheap and it just kept going down... so i backed up the truck. The narrative has completely flipped today and people can’t pay a high enough price for the stock. Interesting thing is not all that much has changed at Apple (other than it has execute well). Same thing with the big US banks in the summer of 2016. The narrative at the time was completely backwards looking, and of course, was completely wrong. It completely ignored/discounted all of the changes what had taken place at the companies and on the regulatory front. People could not get 2008-2010 out of their head. And it stopped them from understanding the big banks had completely changed as an investment on a go forward basis. I think Fairfax is lining up the same way. Company has, for the past couple of years, been slowly been fixing issues it can fix. We are in an insurance hard market (only happens every 10 or 15 years). And, as vaccinations accelerate, financial markets (sectors Fairfax is heavily weighted towards: cyclicals, emerging markets, service) are taking off. And the stock is trading (still) close to historically low valuation (it is cheap). As i said, the risk/reward set up looks very good. The key now is execution. Fairfax needs to perform. And in a somewhat predictable way (to re-build credibility with the investment community). But it will likely take time for Mr Market to get on board. It took years for the narrative for Apple and the big US banks to shift and just reflect reality. And in Apple’s case today it looks to me like the narrative is now overly optimistic. But this is often how investors make the big money.

D, thanks for the heads up; i will add both to my tracker portfolio. EXCO: From the 2020 AR: P29: Fairfax owns 44% of Exco, a U.S. oil and gas producer. Despite weak energy prices in 2020, Exco generated $128 million in EBITDA and $36 million in free cash flow. Net debt fell to $145 million (1.1 times EBITDA). Led by Chairman John Wilder and CEO Hal Hickey, Exco achieved these results through high field level productivity and company-wide cost control. In December, Exco recorded its 73rd month without a lost time incident. Exco’s Chairman, John Wilder, is a great partner. We are well served by his leadership. P 70: On June 28, 2019 EXCO Resources Inc. (‘‘EXCO’’) emerged from bankruptcy protection and settled the company’s holdings of EXCO bonds with common shares, resulting in the company recording a net loss on investment of $179.3 (realized losses of $296.3, of which $117.0 was recorded as unrealized losses in prior years). LEONS: Mr. Leon continued, "In January (2020, i think), Fairfax Financial converted approximately $48.5 million in convertible debentures into common shares of our Company. We have welcomed Fairfax's investment in LFL Group since 2013 and have appreciated the confidence of their team over the past several years. Entering 2020, LFL is better positioned than ever. As anticipated, we have significantly deleveraged following the acquisition of The Brick in 2013 and are now sitting with a net cash position on our expanded balance sheet. We continue to focus on delivering top-line growth accompanied by strict cost controls in order to translate that growth into expanded earnings for our shareholders and executing on our strategic initiatives to position the Company for continued success." - https://www.newswire.ca/news-releases/lfl-group-leon-s-furniture-limited-releases-record-revenue-and-earnings-for-the-fourth-quarter-ended-december-31-2019-and-announces-a-14-3-increase-to-its-dividend-811063897.html