The 2010–2016 bearish mistake and lessons learned

David Thomas, author of The Fairfax Way (amazon link: https://amzn.to/4adQ7JS), comes on the podcast for a wide-ranging podcast on Fairfax, including the company's origins, macro wins, missteps in insurance, and what the future looks like for Fairfax as Prem approaches his 80s.

__________________________________________________________

[00:00:00] Andrew returns with David Thomas

[00:02:31] David’s background in business journalism

[00:06:25] Fairfax’s long-term investment returns

[00:08:16] Evolution of investment and insurance strategy

[00:13:01] Fairfax’s stock picking and equity style

[00:16:39] Inflation themes in stock selection

[00:20:32] BlackBerry investment strategy and challenges

[00:24:14] Macro success: shorting housing and tech

[00:29:20] 2010–2016 bearish misstep reflection

[00:35:12] Politics influence on macro decisions

[00:36:56] Prem’s current macro outlook

[00:40:55] Discussion of Fairfax valuation

[00:41:34] Book value and buyback logic

[00:44:28] Overview of the short seller campaign

[00:49:04] Perspective on Fairfax's hedge fund lawsuit[00:51:14] Succession planning at Fairfax

[00:53:44] Stability of all business segments

[00:57:45] 15% target: still realistic?

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer