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
