BlackBerry’s Woes Draw Canada’s Contrarian Mogul Into Spotlight

[indythinker85]

BlackBerry’s Woes Draw Canada’s Contrarian Mogul Into Spotlight

 

Arguably Canada’s leading contrarian investor, Mr. Watsa enjoys a disproportionately large reputation as a canny player within the country’s relatively small financial community. But unlike, say, Conrad M. Black, he is far from a public figure. Both Mr. Watsa and his executives gave no interviews to media outlets for years and now do so only sporadically. And Fairfax, which was founded in its current form in 1985, only began quarterly conference calls with analysts in 2003. No one from the company would be interviewed for this story.

 

Even in a country with a large population of immigrants from South Asia, many of whom went on to great success, Mr. Watsa, 63, stands out. He was born near Hyderabad, India, and studied chemical engineering at the Indian Institute of Technology before joining his brother in London, Ontario, after his graduation in 1971. He sold air conditioners and furnaces door to door to pay for M.B.A. studies there at the University of Western Ontario.

 

In Mr. Watsa’s legend, a key moment is when one of his managers at Confederation Life, a now defunct insurer, gave him a copy of “The Intelligent Investor” by Benjamin Graham. The book’s advocacy of value investing resonated with Mr. Watsa, who also came to admire Warren E. Buffett, chairman of Berkshire Hathaway, for similar reasons.

[Peregrine]

I read that just now. Anyone have any more details on Fairfax's problems with short-sellers in 2006? What exactly happened there?

 

Thanks.

[Guest longinvestor]

I read that just now. Anyone have any more details on Fairfax's problems with short-sellers in 2006? What exactly happened there?

 

Thanks.

 

One line summary: Long term shareholders made a nice buck (some, gazillions) off the Short sellers, that's what happened.

[Peregrine]

I read that just now. Anyone have any more details on Fairfax's problems with short-sellers in 2006? What exactly happened there?

 

Thanks.

 

One line summary: Long term shareholders made a nice buck (some, gazillions) off the Short sellers, that's what happened.

 

What were the reasons for them shorting?

[Guest longinvestor]

I read that just now. Anyone have any more details on Fairfax's problems with short-sellers in 2006? What exactly happened there?

 

Thanks.

 

One line summary: Long term shareholders made a nice buck (some, gazillions) off the Short sellers, that's what happened.

 

 

 

 

What were the reasons for them shorting?

 

 

 

http://fairfax.ca/news/press-releases/press-release-details/2006/Fairfax-Announces-Filing-of-Lawsuit-Alleging-Stock-Manipulation/default.aspx