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Phoenix Investments and Fairfax


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Fairfax and Phoenix investments. It appears that FFH is creating a pretty sizeable stable of Phoenix like investments. Brick, Mega Blocks SFK Pulp, Canwest etc. A similar structure appears to be emerging where they hold less than 20% equity with a warrent that allows them to go over. Does this allow FFH to play with reported earnings in the future. If they exercise their warrent they will have to consolidate these Phoenix investments no? It is interesting because the market really gives zero value for Prems trading ability yet may provide a higher multiple for earnings that these phoenix investments may provide if run through a different set of accounts.

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