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Tell me I'm Seeing Things: Prem Watsa only owns 1.47% of FFH now ?


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I was on Morningstar and went to shareholder information & saw that apparently Prem Watsa disposed of 1,547,560 shares ? A few months ago it said he had a 6.74% stake in his company. Is this correct or is it a blunder on Morningstar's part ? I can't seem to find any information on it.

 

http://investors.morningstar.com/ownership/shareholders-overview.html?t=FFH&region=CAN&culture=en-us

 

 

It won't change my mind about Fairfax but I just thought that this was interesting. Why would Prem sell such a significant stake in his company ?

 

Tell me I'm seeing things.....

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I was on Morningstar and went to shareholder information & saw that apparently Prem Watsa disposed of 1,547,560 shares ? A few months ago it said he had a 6.74% stake in his company. Is this correct or is it a blunder on Morningstar's part ? I can't seem to find any information on it.

 

http://investors.morningstar.com/ownership/shareholders-overview.html?t=FFH&region=CAN&culture=en-us

 

 

It won't change my mind about Fairfax but I just thought that this was interesting. Why would Prem sell such a significant stake in his company ?

 

Tell me I'm seeing things.....

 

I don't see what you saw on Morningstar, but I suspect that they have an error.  There is no way, NO WAY, that Prem would sell his stake in Fairfax.  He will die before he does that, just like Buffett...or it will go into a trust for his family or into an endowment.  The bulk of his shares are also held in "The Sixty Two Company", not his own name.  Cheers! 

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That's what I'm saying, it can't be right. No way he'd sell 83% of his shares....

 

But, if he bought/owned them through his other companies wouldn't it show up on there ? Especially for such a big stake ? Wouldn't he make a press release or something ??

 

I think it'd be a good question to ask him at the AGM.

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@wknecht

 

I think I'm gonna take your word for it. I think Morningstar made a mistake or something, has to be an error.

 

Almost certainly an error of substance.  Sometimes reports are misperceived as when Charlie Munger put most of his BRK shares into a trust or something like that several months ago.  :)

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As was said earlier, SEDI.ca is where you go to find this information.  Their site sucks, but poking around you can find what you are looking for.  Find "issuer reports" and then search for FFH.  You can also find what holding companies Prem owns his FFH through and what % of said holding companies he owns.

 

----- Below is the full report for Fairfax of Insider owners from SEDI, sorry for formatting ----

 

Legend: Insider's Relationship to Issuer: 1 - Issuer, 2 - Subsidiary of Issuer, 3 - 10% Security Holder of Issuer, 4 - Director of Issuer, 5 - Senior Officer of Issuer, 6 - Director or Senior Officer of 10% Security Holder, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6), 8 - Deemed Insider - 6 Months before becoming Insider.

 

Issuer Name: Fairfax Financial Holdings Limited

Date of Last Reported

Transaction(YYYY-MM-DD) Security

Designation Registered

Holder Closing Balance Insider's calculated balance Closing balance of equivalent number

or value of underlying securities  

Insider Name: Ambridge, Trevor  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2006-12-31 Subordinate Voting Shares   14,177    

2006-12-31 Subordinate Voting Shares Faith Ambridge 266      

2003-03-10 Subordinate Voting Shares The Cymru Trust 80    

 

 

Insider Name: Barnard, Andrew  

Insider Relationship: 2 - Subsidiary of Issuer  

Ceased to be Insider: Not Applicable  

2012-12-31 Subordinate Voting Shares   36,715      

 

 

Insider Name: Bennett, Peter Malcolm  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2006-09-26 Subordinate Voting Shares   300    

2006-09-26 Subordinate Voting Shares Elizabeth Bennett 400      

 

 

Insider Name: Bennett, Robert  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   2,161    

 

 

Insider Name: Bonham, David  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019   $75,000      

2012-08-07 Options (Subordinate Voting Shares)   3,750   3,750

2012-03-30 Subordinate Voting Shares   542      

 

 

Insider Name: Boyle, Lawrence J.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-10-28 Subordinate Voting Shares   0    

 

 

Insider Name: Bradstreet, F. Brian  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 The Bradstreet Family Foundation $175,000      

2009-03-31 Options (Subordinate Voting Shares)   1,603   1,603

2012-03-30 Subordinate Voting Shares   51,130      

2012-02-28 Subordinate Voting Shares 1004741 Ont. Ltd. 0    

2004-12-22 Subordinate Voting Shares 1352871 Ontario Ltd. 0      

2012-11-15 Subordinate Voting Shares RRSP 8,360    

2003-06-05 Subordinate Voting Shares RRSP of Spouse, Maria E. Bradstreet 2,185      

2012-11-15 Subordinate Voting Shares The Bradstreet Family Foundation 2,200    

 

 

Insider Name: Burke, Frances  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 RSP $65,000      

2012-03-30 Subordinate Voting Shares   14,048    

2003-03-10 Subordinate Voting Shares 1002743 Ontario Ltd. 11,249      

2003-03-10 Subordinate Voting Shares Danny Burke - RPS 550    

2010-12-31 Subordinate Voting Shares RSP 1,541      

 

 

Insider Name: Cassil, John  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2005-03-30 Options (Subordinate Voting Shares)   600   600

2005-02-11 Subordinate Voting Shares   29      

 

 

Insider Name: Chan, Sammy Y.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2004-12-31 Subordinate Voting Shares   24,548    

 

 

Insider Name: Chou, Francis  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2003-12-31 Subordinate Voting Shares   61,450      

2003-03-10 Subordinate Voting Shares Chou Associates Management 500    

 

 

Insider Name: Christiansen, Jan  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   2,968      

 

 

Insider Name: Clarke, Peter  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2010-05-10 Options (Subordinate Voting Shares)   5,025   5,025

2012-03-30 Subordinate Voting Shares   1,100      

2010-12-31 Subordinate Voting Shares RRSP 11    

 

 

Insider Name: Cloutier, Jean  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2006-11-23 Options (Subordinate Voting Shares)   8,070   8,070  

2009-10-05 Preferred Shares Series C   1,000    

2012-03-30 Subordinate Voting Shares   3,899      

 

 

Insider Name: Coerver, Richard F.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2005-08-04 Subordinate Voting Shares   312    

 

 

Insider Name: Dey, Innes Fraser  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

           

 

 

Insider Name: Dowd, James F.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

         

 

 

Insider Name: Esposito, Nicholas P.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-10-28 Subordinate Voting Shares   0      

 

 

Insider Name: Evensen, Philip  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2003-08-11 Options (Subordinate Voting Shares)   0   0

2003-12-10 Subordinate Voting Shares   100      

 

 

Insider Name: Gallagher, Christopher L.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2010-03-05 Subordinate Voting Shares   278    

 

 

Insider Name: Gibbs, Dennis  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2005-11-02 Subordinate Voting Shares   47,430      

 

 

Insider Name: Griffiths, Anthony Frear  

Insider Relationship: 4 - Director of Issuer, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2004-02-09 Options (Subordinate Voting Shares)   2,750   2,750

2002-12-30 Subordinate Voting Shares   1,690      

2002-12-30 Subordinate Voting Shares 3102726 Canada Inc. 1,000    

2002-12-30 Subordinate Voting Shares Fourfourtwo Investments Limited 4,010      

2002-12-30 Subordinate Voting Shares RBC Dominion Securities RRIF 6,300    

 

 

Insider Name: Gunn, Robert John  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2007-05-07 Options (Subordinate Voting Shares)   2,000   2,000  

2010-12-08 Subordinate Voting Shares   750    

2010-12-09 Subordinate Voting Shares RSP TD Waterhouse - Bob Gunn 250      

 

 

Insider Name: Horn, Alan Douglas  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2008-05-05 Options (Subordinate Voting Shares)   1,754   1,754

 

 

Insider Name: Hurlin, Garrick James  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

           

 

 

Insider Name: La Selva, Vincenza  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-08-27 Bonds 7.5% Senior Notes maturing August 19, 2019   $75,000    

2009-08-27 Bonds 7.5% Senior Notes maturing August 19, 2019 RSP $50,000      

2006-12-12 Options (Subordinate Voting Shares)   1,500   1,500

2011-06-23 Preferred Shares Series C   0      

2012-03-21 Subordinate Voting Shares   432    

2012-03-30 Subordinate Voting Shares RSP 1,638      

 

 

Insider Name: Lace, Roger  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2002-10-03 Subordinate Voting Shares   4,373    

2002-10-03 Subordinate Voting Shares Draxson Holdings Ltd. 53,550      

2005-04-22 Subordinate Voting Shares Francis D. Lace 8,000    

2012-03-30 Subordinate Voting Shares Patricia, Joseph & William Lace 2,577      

 

 

Insider Name: Lovell, Peter H.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   1,344    

 

 

Insider Name: Mallier, Philippe E.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-10-28 Subordinate Voting Shares   0      

 

 

Insider Name: Martin, Bradley  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2006-11-23 Options (Subordinate Voting Shares)   14,500   14,500

2012-03-30 Subordinate Voting Shares   4,114      

 

 

Insider Name: Morvan, Lambert  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2007-02-22 Subordinate Voting Shares   69    

 

 

Insider Name: Murray, Paul L.  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2005-04-12 Options (Subordinate Voting Shares)   2,840   2,840  

2005-04-12 Subordinate Voting Shares Pinesmoke Investments 80,000    

 

 

Insider Name: Overy, Carl A.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2010-03-05 Options (Subordinate Voting Shares)   278   278  

 

 

Insider Name: Palmer, John Ralph Vernon  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2012-05-03 Options (Subordinate Voting Shares)   1,244   1,244

 

 

Insider Name: Pietropoli, Lucien  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2010-03-05 Options (Subordinate Voting Shares)   278   278  

2009-10-28 Subordinate Voting Shares   122    

 

 

Insider Name: Price, Timothy Robert  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2010-05-03 Options (Subordinate Voting Shares)   1,300   1,300  

2010-04-22 Subordinate Voting Shares   1,000    

2010-04-22 Subordinate Voting Shares Roppongi Investments Ltd. 700      

 

 

Insider Name: Quinn, Brian D.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2010-03-05 Subordinate Voting Shares   278    

 

 

Insider Name: Quon, Gary  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2006-07-01 Options (Subordinate Voting Shares)   600   600  

2006-07-01 Subordinate Voting Shares   541    

 

 

Insider Name: Ratnaswami, Chandran  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2008-09-24 Bonds 7.375% maturing April 04, 2018 BMO Nesbitt Burns $400,000      

2008-09-24 Bonds 7.375% maturing April 04, 2018 RRSP - Chandran R at ScotiaMcLeod $500,000    

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 BMO Nesbitt Burns $300,000      

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 RRSP - Chandran R at ScotiaMcLeod $250,000    

2006-12-21 Options (Subordinate Voting Shares)   4,312   4,312  

2012-03-30 Subordinate Voting Shares   9,417    

2012-03-30 Subordinate Voting Shares Anita, Mahima & Viren Ratnaswami 1,548      

2003-05-21 Subordinate Voting Shares Chan Vima Limited 500    

 

 

Insider Name: Rivett, Paul  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2004-04-15 Bonds 7.5% Senior Notes maturing August 19, 2019   0      

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 Janis Wolfe RRSP $5,000    

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 Janis Wolfe TFSA $5,000      

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 Paul Rivett RRSP $35,000    

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019 Paul Rivett TFSA $5,000      

2012-05-07 Options (Subordinate Voting Shares)   16,415   16,415

2012-03-30 Subordinate Voting Shares   804      

 

 

Insider Name: Rubin, Jeffrey M.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-10-28 Subordinate Voting Shares   0    

 

 

Insider Name: Salsberg, Eric  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2009-05-04 Bonds 7.75% due July 15, 2037   $250,000      

2008-12-31 Bonds 8.30% maturing April 15, 2026   $250,000    

2008-12-31 Bonds 8.30% maturing April 15, 2026 Lynne Salsberg $75,000      

2012-03-30 Subordinate Voting Shares   86,258    

2009-12-29 Subordinate Voting Shares Lynne Salsberg 0      

 

 

Insider Name: Salsberg, Eric P.  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

         

 

 

Insider Name: Salvesen, James B.  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   572      

 

 

Insider Name: Schokking, Ronald  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2009-08-18 Bonds 7.5% Senior Notes maturing August 19, 2019   $100,000    

2012-03-30 Subordinate Voting Shares   29,997      

 

 

Insider Name: Smith, Bryan  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2004-04-16 Subordinate Voting Shares   15,785    

 

 

Insider Name: Sweitzer, Brandon  

Insider Relationship: 4 - Director of Issuer  

Ceased to be Insider: Not Applicable  

2004-04-14 Options (Subordinate Voting Shares)   0   0  

2012-11-16 Subordinate Voting Shares   2,197    

 

 

Insider Name: Varnell, John Charles  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2010-06-07 Subordinate Voting Shares   2,929      

 

 

Insider Name: Wacek, Michael  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   5,161    

 

 

Insider Name: Watsa, V. Prem  

Insider Relationship: 3 - 10% Security Holder of Issuer, 4 - Director of Issuer, 6 - Director or Senior Officer of 10% Security Holder, 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2002-10-03 Multiple Voting Shares The Sixty Two Investment Company 1,548,000      

2012-03-30 Subordinate Voting Shares   127,973    

2002-10-03 Subordinate Voting Shares 810679 Ontario Ltd. 129,735      

2002-10-03 Subordinate Voting Shares Nalini, Ben, Christine & Stephanie Watsa 2,100    

2002-10-03 Subordinate Voting Shares The Sixty Two Investment Company 50,620      

 

 

Insider Name: Weiss, Robert Samson  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2006-04-10 Subordinate Voting Shares   800    

2006-04-10 Subordinate Voting Shares Robert S. Weiss RESP 10      

 

 

Insider Name: Williamson, Marilyn Jane  

Insider Relationship: 5 - Senior Officer of Issuer  

Ceased to be Insider: Not Applicable  

2005-03-30 Options (Subordinate Voting Shares)   2,850   2,850

2009-11-13 Preferred Shares Series C   2,100      

2010-02-23 Preferred Shares Series E   200    

2002-10-03 Subordinate Voting Shares   1,850      

 

 

Insider Name: Young, Brian David  

Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)  

Ceased to be Insider: Not Applicable  

2012-03-09 Subordinate Voting Shares   5,941

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I was on Morningstar and went to shareholder information & saw that apparently Prem Watsa disposed of 1,547,560 shares ? A few months ago it said he had a 6.74% stake in his company. Is this correct or is it a blunder on Morningstar's part ? I can't seem to find any information on it.

 

http://investors.morningstar.com/ownership/shareholders-overview.html?t=FFH&region=CAN&culture=en-us

 

 

It won't change my mind about Fairfax but I just thought that this was interesting. Why would Prem sell such a significant stake in his company ?

 

Tell me I'm seeing things.....

 

Hi scc,...

 

I just went myself to your mentioned website at Morningstar, and couldn't find any such information at all that you were mentioning. Maybe I'm today brainless, ::) but I couldn't find there any information of the share count of senior executives. They have there only tables of institutional holders (i.e. other insurance companies, funds and banks,... holding shares).

 

Dear scc,... not sure what you saw from your side,... from your computer.

But you might help us understand you, if you would be so kind as to make a picture/ screenshot of your browser window with this Morningstar.com page and upload the photo to this forum. Maybe it would clear any misunderstandings. Otherwise I think, your numbers might be a error of Moningstar or something.

 

I personally have been an Fairfax shareholder for almost a decade now, know all the Watsa family names, and have seen them at the AGM. Fairfax it's Prem's painting, like Buffett considers Berkshire his painting. They both will hold their shares until they die, or they will go to some family trust. Currently Prem holds most of his Fairfax ownership through his Sixty Two Company.

 

You might be able to read the last available Fairfax proxy letter here --->

 

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00002458&sub=1

 

Or here directly @ page 3  --->

 

http://www.sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00002458&fileName=/csfsprod/data127/filings/01870276/00000001/f%3A%5Cjbarrett%5Cfairfax1411-0001%5Ccircular2012%5C283469Circular.pdf

 

-----

(4) Mr. Watsa controls Sixty Two, which owns 50,620 of our subordinate voting shares and 1,548,000 of our multiple voting shares, and himself

beneficially owns an additional 257,714 of our subordinate voting shares and exercises control or direction over an additional 2,100 of our subordinate voting shares.

-----

 

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I was on Morningstar and went to shareholder information & saw that apparently Prem Watsa disposed of 1,547,560 shares ? A few months ago it said he had a 6.74% stake in his company. Is this correct or is it a blunder on Morningstar's part ? I can't seem to find any information on it.

 

http://investors.morningstar.com/ownership/shareholders-overview.html?t=FFH&region=CAN&culture=en-us

 

 

It won't change my mind about Fairfax but I just thought that this was interesting. Why would Prem sell such a significant stake in his company ?

 

Tell me I'm seeing things.....

 

Hi scc,...

 

I just went myself to your mentioned website at Morningstar, and couldn't find any such information at all that you were mentioning. Maybe I'm today brainless, ::) but I couldn't find there any information of the share count of senior executives. They have there only tables of institutional holders (i.e. other insurance companies, funds and banks,... holding shares).

 

Dear scc,... not sure what you saw from your side,... from your computer.

But you might help us understand you, if you would be so kind as to make a picture/ screenshot of your browser window with this Morningstar.com page and upload the photo to this forum. Maybe it would clear any misunderstandings. Otherwise I think, your numbers might be a error of Moningstar or something.

 

I personally have been an Fairfax shareholder for almost a decade now, know all the Watsa family names, and have seen them at the AGM. Fairfax it's Prem's painting, like Buffett considers Berkshire his painting. They both will hold their shares until they die, or they will go to some family trust. Currently Prem holds most of his Fairfax ownership through his Sixty Two Company.

 

You might be able to read the last available Fairfax proxy letter here --->

 

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00002458&sub=1

 

Or here directly @ page 3  --->

 

http://www.sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00002458&fileName=/csfsprod/data127/filings/01870276/00000001/f%3A%5Cjbarrett%5Cfairfax1411-0001%5Ccircular2012%5C283469Circular.pdf

 

-----

(4) Mr. Watsa controls Sixty Two, which owns 50,620 of our subordinate voting shares and 1,548,000 of our multiple voting shares, and himself

beneficially owns an additional 257,714 of our subordinate voting shares and exercises control or direction over an additional 2,100 of our subordinate voting shares.

-----

 

 

*does print screen* This is what I originally saw:

http://i.imgur.com/kTTW79u.png

 

http://i.imgur.com/kTTW79u.png

 

 

You guys were right - he just transferred it to The Sixty Two Investment Company that's why it showed up like that on Morningstar. I've owned FFH for 4 years now, I can't even front I thought I was going nuts at first lol.

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*does print screen* This is what I originally saw:

http://i.imgur.com/kTTW79u.png

 

http://i.imgur.com/kTTW79u.png

 

 

You guys were right - he just transferred it to The Sixty Two Investment Company that's why it showed up like that on Morningstar. I've owned FFH for 4 years now, I can't even front I thought I was going nuts at first lol.

 

Scc,...

 

Thanks for posting the screenshot,... just saw it now - finally. Just wonder why I was brainless last night, not finding it,...lol.

 

It seems Mornningstar got it wrong,... they probably can't make the distinction between

"subordinate voting shares" and

"multiple voting shares".

 

The first number "310,434" in that Morningstar table, is to my logic only the added sum of the "subordinate voting shares", (50,620 + 257,714 + 2,100 = 310,434). And while looking at the second number "1,547,560" (shares changed), it seems that Morningstar got accidentally some system glitch/error,... almost comparable to Charlie Munger misperceived reports.

 

@wknecht

 

I think I'm gonna take your word for it. I think Morningstar made a mistake or something, has to be an error.

 

Almost certainly an error of substance.  Sometimes reports are misperceived as when Charlie Munger put most of his BRK shares into a trust or something like that several months ago.  :)

 

This second "1,547,560" number by Morningstar (as of 2011-12-31),... seems to be accidentally subtracted, because this Morningstar table can't make a distinction between the two share groups (i.e.: "subordinate voting shares" and  +/or "multiple voting shares").

 

This number should exactly be that 1,548,000 of the "multiple voting shares", as reported in last years Proxy letter at page 3 (as of March 9th, 2012).

http://www.sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00002458&fileName=/csfsprod/data127/filings/01870276/00000001/f%3A%5Cjbarrett%5Cfairfax1411-0001%5Ccircular2012%5C283469Circular.pdf

 

These "multiple voting shares" are held not directly, but rather indirectly through "Sixty Two", which Prem Watsa totally controls.

 

Thus Morningstar has only a messed up database with errors.

 

So there is nothing to worry and Prem still holds all of his shares, and nobody has stolen them. ;D

 

 

 

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According to CapitalIQ, Prem owns 8.52% of shares outstanding ~ $620 mil at 1,726,593 total shares held... Insiders own a total of 10.02%

 

Southeastern Asset Management is the largest holders at 13.42% of shares outstanding

 

I don't see Prems name listed in the top 5 sellers in the past quarter

 

 

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