The ultimate reason I have a very important part of our portfolio in Fairfax is the chairman and CEO: Vivan Prem Wasta. His letters to the shareholders of the company are a masterpiece of financial knowledge and literacy of the insurance industry in Canada. I was far from surprised since he is a proud member and advocate of the value investing philosophy. He adheres to making much reflected acquisitions and keeping the company in a strong financial position; that focus is reflected in their very healthy balance sheet. Since he is a big individual shareholder of Fairfax, his attitude is very much reflected in how he leads the company. He is exactly the king of managers I look for.
Fairfax is probably one of my most promising positions and it has proved its performance by showing record profits in a year gloomed by a bear market. Acquiring parts of that company at such a low price is the closest thing to a robbery and I am pretty sure that I will be even more surprised when the company gets to be fairly valued by the market.
More on their website at: http://www.fairfax.ca/