joey

elaborating on the UofW event: -an audience of about 200, maybe 300 max - scheduled for 12noon with a reception to follow (which I didn't attend) - and the audience appeared to me to be primarily staff and teachers/professors and retirees, with very few students (understandably, as those on campus are probably still distracted by exams) -it appeared to me that not many there knew about Prem (except, maybe, that he was the incoming chancellor); as I was coming into the theatre venue, I overheard someone asking the usher who's speaking today; and the usher didn't know. For the most part, those attending appeared to be people taking a break from their offices over the lunch hour for whatever the offering was in the theatre - Prem's 'lecture' was a friendly presentation - nothing heavy duty - during which he spoke of being the son of an educator, who would be proud of Prem's appointment as chancellor; and said also that his previous introduction to the university was through his nephew who attended as a student and through having read a 50th anniversary history of Uof W book, given to him by Pres. Johnston. Google watsa basketball U of waterloo; and see what you get: his nephew was an outstanding athlete and student - an all cdn all star. -the presentation was billed Prem Watsa on Fair,Friendly Acquisitions...The Fairfax Story. Prem spoke of how he got started and provided a few growth stats; and then worked his way through the guiding principles, Appendix A to the Annual Report. - I am biased; but I was impressed not so much by what Prem said; but by what surely must have been the impression: Prem just oozed decency, humility and 'smarts'. - so, the contrast was that Prem appeared to me to be presenting to a somewhat smallish gathering, to whom he was an unknown, and who probably cared not a wit about matters financial ( except that I read recently that their mandatory pension contributions are going up bec. the managed pension fund has taken a hit; so they probably care about that) It struck me as wonderfully ironic that Prem is succeeding Mike Lazaridis as chancellor. Prem, the poster boy for integrity, whose interests are aligned with long term shareholders and who eschews option grants as incentives for insiders and key personnel (he said yesterday that no subsidiary president had ever voluntarily moved on; so, what a farce that options are a necessary inducement to retain key people) is succeeding Mike Lazarides, the co-CEO of RIM, which was/probably still is an option machine with key exec's, Mike included, having profitted from and been sanctioned for option backdating abuses. Now, I respect Mike and his achievements and admire him for his philanthropy; and I personally believe that he is not motivated by greed and may have unwittingly been caught up in an illegal practice under inappropriate or no advice; but the facts are what they are, as admissions have been made - and Mike has had to cough up a few hundred million for this illegality; and may have more to come with the US authorities. So, I find it ironic... In my opinion, UofW is very 'lucky' - Prem gave much credit to luck and ego less team work yesterday - to have engaged Prem to be chancellor. regards all.

I went to Prem's lecture at the Uof W yesterday - and to the AGM last week. What a contrast! I hadn't known 'til yesterday that Prem is the incoming chancellor for the UofW - succeeding Mike Lazaridis! fyi: http://newsrelease.uwaterloo.ca/news.php?id=5000 One connection... I think Prem's been recruited by one who knows Prem well: FFH board member, David Johnston, who is the business oriented President of UofW. Here's the local paper's coverage of the event: http://news.therecord.com/Business/article/523889 What do you think, guys? Higher profile, here it comes... regards all.