Yet Another Value Podcast The Fairfax Way with David Thomas $FFH.TO
6 snips
Dec 16, 2025 David Thomas, a seasoned business journalist and author of The Fairfax Way, shares insights into the remarkable journey of Fairfax. He delves into the company’s impressive 19.2% annual returns and its evolution in the insurance and investment landscape. David discusses the strategic lessons learned from both successes—like shorting tech—and challenges such as the missteps with BlackBerry. He also reflects on the importance of political contexts in investment decisions and offers a glimpse into the future as Fairfax navigates upcoming leadership changes.
AI Snips
Chapters
Transcript
Episode notes
Exceptional Long-Term Track Record
- Fairfax delivered a 19.2% compounded annual return from 1985 through 2024.
- That performance places it among the top long-term investment records comparable to Berkshire Hathaway.
Strategy Evolved From Turnarounds To Boltons
- Fairfax evolved from buying distressed insurers to a more disciplined insurance and investment model.
- They learned not to buy broken insurers and now favor bolt-on, healthier acquisitions like Allied World.
Portfolio Shifts And Non-Tech Bias
- Fairfax's public equity portfolio shifts over decades and often contains commodity and hard-asset exposures.
- They hold long-term positions and favor management-led, non-tech businesses and bond expertise.