Introduction
Fairfax Financial Holdings Limited (FRFHF) is a holding company which seeks to grow long-term shareholder value by achieving a high rate of compound growth in book value per share over the long term. The company's insurance operations generate float, which is then re-invested in an effort to achieve higher returns. The company's operating businesses are relatively decentralized, while the holding company is focused on capital allocation.
While its primary business is (global) insurance, in many respects, Fairfax operates like an investment fund. In this regard, Chairman and CEO Prem Watsa has a