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Fairfax for the newbie


HumbleInvestor

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Hello,

 

What do you think is the best "primer" to read in order to understand Fairfax?

 

I am referring to a summary \ Valuation model, before diving into the annual letters and reports.

 

Many Thanks!

Humble

 

I think you should download the 2012 AGM presentation from Fairfax website. Then, read all Mr. Watsa’s letters to shareholders: they are great, full of a lot of information both on Fairfax and on the insurance industry and the investment world in general.  :)

 

giofranchi

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Guest longinvestor

Hello,

 

What do you think is the best "primer" to read in order to understand Fairfax?

 

I am referring to a summary \ Valuation model, before diving into the annual letters and reports.

 

Many Thanks!

Humble

 

I think you should download the 2012 AGM presentation from Fairfax website. Then, read all Mr. Watsas letters to shareholders: they are great, full of a lot of information both on Fairfax and on the insurance industry and the investment world in general.  :)

 

giofranchi

 

Yes, the slide presentation @ the AGM from 2012 is as good a primer on FFH as any. If I had to tell the FFH story in a few words, the following "scream" from the presentation: Long term focus, Totally risk averse, Against-the-herd, International (emerging markets ie non-USA) insurance growth focus and investor friendliness(Like few others!).

 

One fact included in the presentation that blows me away is their bond portfolio performance (5 year- 13.3%; 10 year - 12.5%; 15 Years - 10.4%)! Shareholders need to appreciate the bond team lead by Brian Bradstreet for this, given the challenges faced by FFH especially during the last 10- and 15- year periods! IMO, this is unprecedented. Remember that  >80% of the investment portfolio was invested in Fixed Income over this period, Equities have increased only since 2008. This defines the investment mindset @ FFH better than anything else. 

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Hello,

 

What do you think is the best "primer" to read in order to understand Fairfax?

 

I am referring to a summary \ Valuation model, before diving into the annual letters and reports.

 

Many Thanks!

Humble

 

I think you should download the 2012 AGM presentation from Fairfax website. Then, read all Mr. Watsa’s letters to shareholders: they are great, full of a lot of information both on Fairfax and on the insurance industry and the investment world in general.  :)

 

giofranchi

 

Yes, the slide presentation @ the AGM from 2012 is as good a primer on FFH as any. If I had to tell the FFH story in a few words, the following "scream" from the presentation: Long term focus, Totally risk averse, Against-the-herd, International (emerging markets ie non-USA) insurance growth focus and investor friendliness(Like few others!).

 

One fact included in the presentation that blows me away is their bond portfolio performance (5 year- 13.3%; 10 year - 12.5%; 15 Years - 10.4%)! Shareholders need to appreciate the bond team lead by Brian Bradstreet for this, given the challenges faced by FFH especially during the last 10- and 15- year periods! IMO, this is unprecedented. Remember that  >80% of the investment portfolio was invested in Fixed Income over this period, Equities have increased only since 2008. This defines the investment mindset @ FFH better than anything else.

 

See if you can't find a copy of the First 25 years of Fairfax.

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See if you can't find a copy of the First 25 years of Fairfax.

 

That is a wonderful little book!  :)

 

giofranchi

 

"Fair and Friendly:

the First 25 Years Of Fairfax"

 

This is a screenshot of the mentioned book...

 

http://www.vivaandco.com/Assets/Fairfax/Vivaandco_Fairfax3.jpg

 

Photo Source: http://www.vivaandco.com/Assets/Fairfax/Vivaandco_Fairfax3.jpg

 

 

http://www.vivaandco.com/Home.aspx?newsID=24

 

 

-----

 

Here's information from an old message thread on how to get this book.

 

Fairfax Book!

March 4th, 2011

http://www.cornerofberkshireandfairfax.ca/forum/fairfax-financial/fairfax-book!/

 

http://www.cornerofberkshireandfairfax.ca/forum/fairfax-financial/fairfax-book!/20/

 

with instructions on how to get it->>>

http://www.cornerofberkshireandfairfax.ca/forum/fairfax-financial/fairfax-book!/msg54740/#msg54740

 

http://www.cornerofberkshireandfairfax.ca/forum/fairfax-financial/prem-watsa-highlights-from-fair-and-friendly-the-first-25-years-of-fairfax/

 

 

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