valuesource

You should see it today. The F/X rate on our CAD a/c was 0.9962. I just waited until the dividend hit CDS (approx 12:00 noon) and changed the money.

$1Billion of common shares were issued @$347 announced Sept 8/09

sorry Ben, for the delay. Let's wait and see what happens. I called VFIN to ask if they would make a market. 90%+ of the Canadian stuff is traded OTC as well as on the TSX. You're right about the juice. These guys don't work for free -- however, the liquid stuff is well arb'd by a plethora of market markets. I don't know about this ADR business. Seems to me, if there was an ADR we wouldn't need VFIN, NITE or Jefferies.

If you are a US investor with a discount broker account, there will be no "conversion" of your shares. You'll be holding Fairfax shares like you always have. Your issue is with the conduit facilitating your trade (exchange). One of two scenerios will occur: 1) Your broker will facilitate trades on the TSX. My guess is this will be the best market to execute your trades (whether USD or CAD). 2) Most discount houses will have access to OTCBB and Pinks. VFIN, NITE and Jefferies will be making markets. It's the same piece of paper. Trading it will be just as easy.

I counted 5 questions: #1 Jeff @ Cormark on investment gains. They didn't sell much. Convertible bonds, those with an imbeded put, index SWAPs, options, etc... are marked to market -- so they impact earnings. All equity positions float with the market and affect book value. #2 Ryan Pitan (?) Increase in ratios. Insurance 101. Fairfax also matches investments as a cheap way to hedge currency exposure. Sometimes mucks with combined ratios. ie. Lose on operating side and Gain on investment side. #3 Mark Dwelle @ RBC (formerly Ferris, Baker Watts) Washington, DC -- I think Mark is the most informed and familiar analyst covering FFH. He asked about the increased position in ICO which they would never comment on. Sometimes I think analysts just join the queue immediately after joining a call. It's in their best interests to ask a question so they do. There wasn't much meat on the bone today. #4 Paul O'Neil (Talisman Global) asked about book value at July 30. Sometimes they will offer a glimpse. If so, they would usually issue a press release. Prem suggested he check out a filing and mark changes to the equity portfolio... like the rest of us. #5 (Blank) Colbey of Jac Investments -- Thoughts on re-hedging stock portfolio.