Fairfax Financial

Fairfax Financial Holdings Limited
Public
Traded as TSX: FFH
TSX: FFH.U
OTCQB: FRFHF
Industry Insurance
Founded 1985
Headquarters 95 Wellington Street West
Toronto, Ontario, Canada
Key people
 V. Prem Watsa,
Chairman/CEO
Products Property and casualty insurance
Revenue Increase US$6.2 billion (2010)
Increase US$469 million (2010)
Total assets Increase US$31.7 billion (2010)
Total equity Increase US$7.8 billion (2010)
Number of employees
 8,200
Website www.fairfax.ca

Fairfax Financial is a financial holding company based in Toronto, Ontario, which is engaged in property, casualty, and life insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Odyssey Re, Northbridge Financial, Crum & Forster and Zenith Insurance Company.

As of December 31, 2010, Fairfax had total assets of approximately $31.7 billion, and its revenue for the prior twelve months was approximately $6.2 billion. Over the last 27 years (that is, since present management took over—until fiscal year Dec. 31, 2012), the company book value per share has compounded by 23% per year,[1] while the common stock price has followed the growth at 19% per year.

On September 23, 2013, Fairfax Financial Holdings made an offer to purchase cell phone maker BlackBerry for $4.7 billion or $9.00 a share.[2] BlackBerry announced it had signed a letter of intent but would be open to other offers until November 4, 2013. Fairfax already holds 10% of BlackBerry.[3]

Fairfax Financial has over 8,200 employees worldwide (5,000 of them in the United States). There are just 30 employees at head office in Toronto.

History

Fairfax Financial Holdings Ltd. (“Fairfax”) was incorporated under the Canada Corporations Act on March 13, 1951 and continued under the Canada Business Corporations Act in 1976. Fairfax's original name was Markel Service of Canada Ltd., The name was subsequently changed to Markel Financial Holdings Ltd. and, in May 1987, to their current name of Fairfax Financial Holdings Ltd.[4]

Fairfax is led by Chairman and CEO Prem Watsa. Watsa controls nearly half of Fairfax; his value-oriented investing strategies have been compared to those of Warren Buffett.[5][6] Fairfax is similar to Leucadia National Corporation (NYSE:LUK) and Markel Corp (NYSE:MKL). Leucadia and Markel are also value-oriented firms that follow, to varying degrees, the principles outlined by Benjamin Graham and David Dodd in their texts Security Analysis and The Intelligent Investor.

Fairfax Financial's investment team at "Hamblin Watsa Investment Council" (HWIC), an affiliate of Fairfax has achieved similar outstanding long-term results. From 1985 to the end of 2010, Fairfax Financial had a compound growth rate of approximately 25% in book value per share (per year), it's about 243 times what Fairfax began with in 1985.[7][8]

V. Prem Watsa was born in 1950 in Hyderabad, India. Watsa eventually trained to be a chemical engineer. He graduated from the Indian Institute of Technology Madras in 1971/1972 with a bachelor's degree in Chemical Engineering. Watsa changed his path in 1972, however, moving to London, Ontario, where his older brother resided. Watsa's dad figured prospects were limited in India, so he told him that he, too, should go to Canada. Thereafter Watsa enrolled in the MBA program at the University of Western Ontario and obtained his Master Degree in Business Administration.

Prem Watsa's professional career began in 1974 when he joined Confederation Life Insurance Co. in Toronto, where he quickly moved from his position as an investment and research analyst to one of a stock portfolio manager for pension clients. His first boss at Confed, John Watson, handed him Benjamin Graham's The Intelligent Investor, the classic book of value investing. Watsa was a Vice President of Confederation Life Investment Counsel from 1974 to 1983.

In 1983, with almost ten years of experience under his belt, Watsa signed on with GW Asset Management (Gardiner Watson), a start-up asset management firm in Toronto. He served as Vice President of GW Asset Management from 1983 to 1984. At Gardiner Watson, Watsa met the talented Francis Chou in 1984.

Chou was also born in India and immigrated to Canada in 1976 with only $200 in his pocket. Success and a tidy personal fortune have come to Francis Chou through a remarkable Forrest Gump (character) type of odyssey. Initially, Francis worked as a telephone repair man and technician for seven years at Bell Canada. In the late 1970s, Chou became interested, as a hobby, in investing and discovered Ben Graham and his book Security Analysis, as well as the methodology of Warren Buffett. In July 1981, Francis Chou, who had only his a high school diploma under his belt, set up an investment club with seven co-workers and $51,000 in capital. By 1986, it had grown to about $1.7 million when the original investment club was converted to a mutual fund, Chou Associates. Chou left Bell Canada in 1984 and became a retail analyst at GW Asset Management (after 18 months at GW, Chou joined Prem Watsa at Fairfax Financial as one of its original investors).

In 1984, Prem Watsa left GW Asset Management to found his own asset management firm, Hamblin Watsa Investment Counsel Ltd. (now fully owned by Fairfax) together with his former boss from Confed, Tony Hamblin. Tony was the Chief Investment Officer at Confed. The five founding partners were: Tony Hamblin, Prem Watsa, Roger Lace, Brian Bradstreet and Frances Burke. All former colleagues from Confed are still with him today at HWIC. Francis Chou is an associate at Hamblin Watsa. In terms of results of long-term investments of funds of clients, his company ranked in the top 10% across Canada.

In 1985, Prem Watsa took control of Markel Financial, a Canadian-based specialist in trucking insurance. The company was controlled by the Virginia-based Markel family. The company was almost bankrupt, but Watsa figured it just needed a capital injection. Watsa hit it off with Steven Markel, who is still a friend. In May 1987, he re-organized Markel Financial Holdings Limited and renamed it Fairfax Financial Holdings Limited (FAIRFAX: short for "fair, friendly acquisitions"). Prem Watsa has served as Chairman and Chief Executive Officer of Fairfax Financial Holdings Limited (formerly Markel Financial Holdings) since 1985 and as Vice President of Hamblin Watsa Investment Counsel Ltd. (HWIC) since 1985. He is also the Chairman of Odyssey Re Holdings Corp's (ORH) board of directors. Mr. Watsa, directly, and indirectly through 1109519 Ontario Limited, The Sixty Two Investment Company Limited and 810679 Ontario Ltd., owns the controlling equity voting interest of Fairfax Financial Holdings Limited("Fairfax").[9] He owns roughly 10% of Fairfax, which accounts for 99% of his personal wealth. His 10-for-1 multiple voting shares give him just over 50% ownership. The guiding principles of Fairfax are still intact. Honesty and integrity are essential in all relationships and will never be compromised. They never lost a President or Fairfax officer:[10] Sir John Templeton had the biggest influence in Watsa's life, as both a friend and business adviser. Watsa visited him at least once a year at his home in the Bahamas. Sir John was a Fairfax Financial shareholder for a long time.[11]

Mr. Prem Watsa is a Chartered Financial Analyst, a graduate of the Indian Institute of Technology with a degree in Chemical Engineering and a holder of an MBA from the Richard Ivey School of Business of the University of Western Ontario. He is a member of the Board of Trustees of the Hospital for Children, a member of the Advisory Board for the Richard Ivey School of Business, a member of the Board of Directors of the Royal Ontario Museum Foundation and as well as Chairman of the Investment Committee of St. Paul’s Anglican Church.[12][13]

Subprime mortgage bubble

As early as the 2003, in an annual report issued by the company, chief executive Prem Watsa raised concerns about securitized products and talks about the subprime mortgage crisis and the United States housing bubble:

"We have been concerned for some time about the risks in asset-backed bonds, particularly bonds that are backed by home equity loans, automobile loans or credit card debt (we own no asset-backed bonds). It seems to us that securitization (or the creation of these asset-backed bonds eliminates the incentive for the originator of the loan to be credit sensitive... With securitization, the dealer (almost) does not care as these loans can be laid off through securitization. Thus, the loss experienced on these loans after securitization will no longer be comparable to that experienced prior to securitization (called a ‘‘moral’’ hazard)... This is not a small problem. There is $1.0 trillion in asset-backed bonds outstanding as of December 31, 2003 in the U.S.... Who is buying these bonds? Insurance companies, money managers and banks – in the main – all reaching for yield given the excellent ratings for these bonds. What happens if we hit an air pocket? Unlike...":[14]

In an interview in the Globe and Mail in 2007, Mr. Watsa said believed that the global credit squeeze is in its "early days," and indicated he believed there may be similarities to the Japanese asset price bubble.[15]

Financial results[16]

Credit ratings

Fitch Ratings (as follows as at December 31, 2009:)

During the year 2009, S&P’s upgraded the financial strength ratings of the Crum & Forster operating companies to an A– rating and upgraded the issuer credit rating to investment grade, a BBB– rating. Also, Moody’s upgraded Fairfax and Crum & Forster to a Ba1 rating.

Hamblin Watsa Investment Council Ltd. (HWIC)

Investment Performance[19]

Fairfax's internal money management firm, Hamblin Watsa, earned 19.9% compounded returns annually, on its stock investments (includes Equity Hedging) between 2000 and 2009. The investment team is led by Brian Bradstreet, Roger Lace, Sam Mitchell and Chandran Ratnaswami. The fixed income/CDS portfolio managers team has only two members, Brian Bradstreet and Enza LaSelva.

The following table shows the time-weighted performance of HWIC vs S&P 500 Index and the BofA Merrill Lynch U.S. Corporate Bond Index.

5 Years to Dec. 31, 2009 10 Years to Dec. 31, 2009 15 Years to Dec. 31, 2009
Common Stocks (HWIC) with Equity Hedging 17.1% 19.9% 18.3%
Common Stocks (HWIC) 5.9% 13.9% 14.3%
S&P 500 0.4% (-1.0%) 8.0%
Bonds (HWIC) 11.8% 12.1% 10.6%
BofA Merrill Lynch U.S. Corporate Bond Index 4.5% 6.4% 6.8%

At December 31, 2008, Fairfax's investment portfolio of $18.4 billion consisted of approximately 46% ($8.4 billion) of bonds, approximately 30% ($5.5 billion) of cash and short-term investments and approximately 21% ($3.8 billion) of common stocks. Included in the bond portfolio are $4.0 billion of tax-exempt bonds approximately 87% of which are insured by Berkshire Hathaway Assurance Corp.[20]

HWIC bet against the Housing Bubble

The investment team of HWIC is benefiting from the subprime fallout, like John Paulson’s New York-based Paulson & Co., Kyle Bass' Hayman Capital, Andrew Lahde’s California-based Lahde Capital, Julian Robertson’s "Tiger Cubs" (formerly known as "Tiger Management Corp."),[21] and Michael Burry's Scion Capital (White Mountains Insurance Group is a minority investor in Scion Capital LLC), they have used derivatives to bet on the housing bubble. As of September 30, 2007, Fairfax and its subsidiaries own an enormous credit default swap (CDS) book with a $18.5 billion notional amount and an average term to expiry of 4.2 years, on about 25 to 30 companies, the majority of which are bond insurers and mortgage lenders. The CDS book had a cost of $344 million, and a market value of $546 million. The market value of these swaps have fluctuated significantly in the 3rd quarter of 2007 from less than $200 million at the end of June, to $537 million at the end of July to almost $1 billion (twice that value) in August to $544 million at the end of September.

In the housing bubble and financial crisis years of 2008/2009, Fairfax was as one of the uniquely few companies that was able to grow through outstanding investment returns its common shareholders’ equity base from $4.1 billion to $7.4 billion – an increase of $3.3 billion – resulting in an increase in book value per share of 61% (not including dividends). This was far more than any company in the financial industry.[22]

Subsidiaries

Other investments

Fairfax Asia Limited ("Fairfax Asia") is the fastest growing insurance line of business within the Fairfax Group.
Fairfax Brasil Seguros Corporativos S.A. ("Fairfax Brasil") is a Brazilian property and casualty insurance, headquartered in São Paulo.[32]
Polish Re (Polskie Towarzystwo Reasekuracji Spółka Akcyjna) based in Warsaw, Poland, writes reinsurance business in Central and Eastern Europe (100%-owned by Fairfax).[33]
Advent Capital, based in London, in the U.K., provides specialty property and casualty insurance, operating through Syndicates 780 and 3330 at Lloyd’s London (100%-owned by Fairfax).[34]
Fairfax owns a 20% stake in Alliance Insurance (Dubai).
Fairfax owns a 15% stake in Alltrust Insurance Company in China.[36]

In September 2013 the Blackberry signed a letter of intent to be acquired for $4.7 billion, or $9 per share by a consortium led by Fairfax Financial. The consortium has announced its intentions to take the company private.[37]

On August 17, 2010, Fairfax purchased 100% of General Fidelity Insurance Company (GFIC – a runoff company), for approximately $241 million. GFIC will be under RiverStone, Fairfax runoff group.[38]
On September 28, 2010, Fairfax purchased 41.3% of Gulf Insurance Co. (a Kuwait insurance company), for approximately $217 million.[38]
On October 28, 2010, Fairfax announced to acquire all of the outstanding shares of First Mercury common stock for approximately $294 million.[39][40][41] First Mercury will become the excess and surplus lines platform for Crum & Forster.
Pacific Insurance is headquartered in Kuala Lumpur, Malaysia. On December 3, 2010, Fairfax announced to acquire Malaysian insurer, The Pacific Insurance Berhad, for approximately US$64 million. Pacific will join the Fairfax Asia group. (The deal is expected to close in the 1st Q. of 2011)[42]
Odyssey Re, a wholly owned subsidiary of Fairfax owns a 4.8% stake of the Jordan Kuwait Bank.[43]
ICICI Lombard is the largest private general insurance company in India, with a 12.5% market share. ICICI Bank, which owns the 74% of ICICI Lombard not owned by Fairfax, requested Indian government approval to sell a 5.9% stake in itself (ICICI Financial Services Ltd.) for $600 million to a group of private equity investors. ICICI Bank was looking at valuing ICICI Holdings at $10 billion.[44][45][46]Goldman Sachs and other foreign funds were interested in buying the stake. Fairfax is carrying the minority interest in ICICI Lombard, on its balance sheet at $60 million, which appears to be a significant discount to intrinsic value (The 26% stake in ICICI Lombard is via Fairfax Asia, which is owned 100% by Fairfax Financial -- which also includes a 29.5% economic interest owned by Odyssey Re Holdings Corp).[47]
Fairfax holds a 16.5%[48] stake in online retailer Overstock.com (Chou Associates Management Inc. holds a 9.9%[48] stake). Patrick M. Byrne, the CEO, chairman and owner of Overstock comes from a family of value investors. He is the son of John J. Byrne, former chairman of Berkshire Hathaway's GEICO insurance subsidiary and White Mountains Insurance Group.
In late 2002, Fairfax invested $50 million in Chou Associates Fund and another $50 million in the first half of 2003 (Fairfax apparently owns more than 26% of Chou Associates Fund).

Canadian common stock holdings

This includes outstanding stock as reported in news releases by Fairfax:

Common stock holdings

This includes outstanding stock as reported in the last SEC EDGAR filing (Form 13F) by Fairfax (as of Dec. 31, 2008).

Source: SEC filings

Other notable transactions

Fairfax made an investment of $350 million in AbitibiBowater convertible debentures with an 8% cash coupon.[55] The debentures are convertible into common shares of AbitibiBowater Inc at US$10.00 per share. The debentures has an ability to pay interest in the form of additional "pay-in-kind" debentures at a rate of 10%, and has an AbitibiBowater subsidiary guarantee. They have a maturity of 5 years and are non-callable. Fairfax will have the right to appoint two directors to the Board of Directors.

Foundations

Not-for-profit entities affiliated with Fairfax:

Corporate governance[58]

Board of Directors

  • Prem Watsa [12] Chairman and Chief Executive Officer
  • Brandon W. Sweitzer Senior Fellow, U.S. Chamber of Commerce
  • Johnatan Stevenson Chairman, Brookfield Funds, Brookfield Asset Management Inc.
  • Alan D. Horn Chairman, Rogers Communications Inc. and President and CEO, Rogers Telecommunications Ltd (as of April 2008)
  • Robert J. Gunn Corporate Director
  • Anthony F. Griffiths Corporate Director

Officers

  • Prem Watsa and Chief Executive Officer
  • Bradley P. Martin Vice President, Chief Operating Officer and Corporate Secretary
  • John Varnell Vice President and Chief Financial Officer
  • Peter Clarke Vice President and Chief Risk Officer
  • Jean Cloutier Vice President, International Operations
  • David Bonham Vice President, Financial Reporting
  • Ronald Schokking Vice President and Treasurer
  • Paul Rivett Vice President and Chief Legal Officer
  • Eric P. Salsberg Vice President, Corporate Affairs
  • Hank Edmiston Vice President, Regulatory Affairs
  • John Cassil Vice President, Taxation
  • M. Jane Williamson Vice President

Articles

Videos

Regulatory filings

BlackBerry Announces Completion of Acquisition of Additional U.S. $250 Million Debentures by Fairfax.[59]

  1. ↑ (Fairfax Financial Holdings Limited 2012 Annual Report - PDF page 4) http://www.fairfax.ca/files/Annual%20Report%202012%20Final_v001_j973aj.pdf "
  2. ↑ "Indian Billionaire Prem Watsa acquiring Blackberry for $4.7 Billion". Retrieved 24 September 2013.
  3. ↑ http://www.cbc.ca/news/business/blackberry-to-be-sold-to-group-led-by-fairfax-financial-1.1864922
  4. ↑ (SEC.gov - Fairfax's EDGAR filing 2007-03-09) http://www.sec.gov/Archives/edgar/data/915191/000090956707000364/o35141exv1.htm "
  5. ↑ (Yahoo! Finance - Company Profile of Fairfax Financial) http://biz.yahoo.com/ic/56/56469.html "
  6. ↑ (Fool.com - 2007-12-05 - How to Dodge the Debt: BRK.A & FFH) http://www.fool.com/investing/general/2007/12/05/how-to-dodge-the-debt.aspx "
  7. ↑ (Fairfax Financial Holdings Limited 2010 Annual Report - PDF page 6) http://www.fairfax.ca/Assets/Downloads/AR2010.pdf "
  8. ↑ (Fairfax Financial Holdings Limited 2009 Annual Report - PDF page 6, 9 and page 182) http://www.fairfax.ca/Assets/Downloads/AR2009.pdf "
  9. ↑ (SEC.gov - 2007-02-14 - Form SC 13G/A – Statement of beneficial ownership by individuals)http://www.sec.gov/Archives/edgar/data/915191/000090956707000216/0000909567-07-000216-index.htm "
  10. ↑ (The 2007 Fairfax Annual Meeting Slide Presentation - PDF page 17) http://www.fairfax.ca/Assets/Downloads/2007_AGM_Slide_Presentation.pdf "
  11. ↑ (Fairfax Annual Report 1992 - Sir John Templeton - PDF page 7) http://www.fairfax.ca/Assets/Downloads/AR1992.pdf "
  12. ↑ 12.0 12.1 (BusinessWeek.com - Executive Profile - Prem Watsa/FFH) http://investing.businessweek.com/research/stocks/people/person.asp?personId=1136292&symbol=FFH.TO "
  13. ↑ (BenGrahamInvesting.ca - Prem Watsa biography) http://www.bengrahaminvesting.ca/Outreach/speakers.htm#Prem%20Watsa "
  14. ↑ (Fairfax Financial Holdings Limited 2003 Annual Report - pages 15-16) http://www.fairfax.ca/Assets/Downloads/040305ceo.pdf "
  15. ↑ (Globe & Mail Article - November 2007) http://www.globeinvestor.com/servlet/story/GAM.20071123.RFAIRFAXMARKET23/GIStory/ "
  16. ↑ Fairfax—2010 Annual & 4th Qtr. 2010 Interim Reports
  17. ↑ (Fairfax.ca - 2010-01-05 - Fairfax increased its annual dividend by 25% to $10 a share ) http://www.fairfax.ca/Assets/Downloads/Press/fpr2010-01-05.pdf"
  18. ↑ (Fairfax.ca - 2009-01-06 - Fairfax increased its annual dividend by 60% to $8 a share ) http://www.fairfax.ca/Assets/Downloads/Press/fpr2009-01-06.pdf"
  19. ↑ The 2010 Fairfax Annual Meeting Slide Presentation (page 23 of 41)
  20. ↑ - Fairfax Financial - Results for Year Ended December 31, 2008
  21. ↑ (Fortune - 2008-01-29 - Tiger's Julian Robertson roars again) http://money.cnn.com/2008/01/28/news/newsmakers/okeefe_tiger.fortune/index.htm "
  22. ↑ (Fairfax.ca - 2010-01-05 - Fairfax - 2010 AGM Slide Presentation - page 7 of 41) http://www.fairfax.ca/Assets/Downloads/2010_AGM_Slide_Presentation.pdf"
  23. ↑ http://www.fairfax.ca/Assets/Downloads/Press/fpr2009-01-13b.pdf
  24. ↑ (Crum & Forster based in Morristown, New Jersey, is a property and casualty insurance company) http://www.cfins.com"
  25. ↑ (2010-05-20 - Fairfax Announces Completion Of Acquisition Of Zenith National Insurance Corp) http://www.fairfax.ca/Assets/Downloads/Press/fpr2010-05-20.pdf "
  26. ↑ (Falcon Insurance based in Hong Kong, writes property and casualty insurance) http://www.falconins.com.hk"
  27. ↑ (The European runoff group consists of RiverStone Insurance UK and Dublin, Ireland-based nSpire Re) http://www.rsml.co.uk"
  28. ↑ (HWIC was founded in 1984 and provides investment management) http://www.hwic.ca/"
  29. ↑ (Cunningham Lindsey provides independent insurance claims services) http://www.cunninghamlindseygroup.com"
  30. ↑ 30.0 30.1 30.2 30.3 30.4 30.5 (Fairfax Financial Hldgs Ltd - 2010 Annual Report - PAGE 5) http://www.fairfax.ca/Assets/Downloads/AR2010.pdf"
  31. ↑ (MFXchange, established in 2002 and based in Morristown, New Jersey) http://www.mfxfairfax.com"
  32. ↑ (2009-11-24 - Fairfax Establishes New Brazilian Insurer) http://www.fairfax.ca/Assets/Downloads/Press/fpr2009-11-24.pdf "
  33. ↑ (2009-01-07 - Fairfax Announces Successful Completion Of Offer For Polish Reinsurer) http://www.fairfax.ca/Assets/Downloads/Press/fpr2009-01-07.pdf "
  34. ↑ (Fairfax.ca - 1st Q. 2007 Interim Report - PDF page 9) http://www.fairfax.ca/Assets/Downloads/2007Q1.pdf"
  35. ↑ (Fairfax Financial Hldgs Ltd - 2010 Annual Report - PAGE 10) http://www.fairfax.ca/Assets/Downloads/AR2010.pdf"
  36. ↑ (2009-08-31 - Fairfax Purchases Interest In Chinese Insurer) http://www.fairfax.ca/Assets/Downloads/Press/fpr2009-08-31.pdf "
  37. ↑ http://bgr.com/2013/09/23/blackberry-fairfax-financial-buyout/
  38. ↑ 38.0 38.1 (2011-02-17 - Fairfax - Financial Results For The Year Ended Dec. 31, 2010 - PAGE 2 of 7) http://www.fairfax.ca/Assets/Downloads/Press/fpr2011-02-17.pdf"
  39. ↑ (2010-10-28b - Fairfax To Acquire First Mercury Financial Corp) http://www.fairfax.ca/Assets/Downloads/Press/fpr2010-10-28b.pdf"
  40. ↑ (2011-02-09 - Fairfax Announces Completion of Acquisition of First Mercury Financial Corp.) http://www.fairfax.ca/Assets/Downloads/Press/fpr2011-02-09.pdf"
  41. ↑ (2011-02-17 - Fairfax - Financial Results For The Year Ended Dec. 31, 2010 - PAGE 3 of 7) http://www.fairfax.ca/Assets/Downloads/Press/fpr2011-02-17.pdf"
  42. ↑ (2010-12-03 - Fairfax To Acquire Malaysian Insurer) http://www.fairfax.ca/Assets/Downloads/Press/fpr2010-12-03.pdf"
  43. ↑ (2011-03-22 - Jordan Kuwait Bank announces Fairfax Financial as new investor/shareholder) http://www.ameinfo.com/259882.html"
  44. ↑ (BusinessWeek.com - ICICI Financial Services Ltd.) http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=33055100 "
  45. ↑ (ICICI Holdings valuing ICICI Holdings - Google Search) http://www.google.com/search?hl=en&q=%22%2410+billion%22+%22ICICI+Holdings%22&btnG=Search "
  46. ↑ (SeekingAlpha.com - 2007-09-19 - Fairfax Financial: The Tables Are Turning) http://www.seekingalpha.com/article/47343-fairfax-financial-the-tables-are-turning "
  47. ↑ (sec.edgar-online.com - 2007-03-09 - ORH Annual Report 10-K Notes) http://sec.edgar-online.com/2007/03/09/0000909567-07-000369/Section15.asp"
  48. ↑ 48.0 48.1 (SEC.gov - Overstock.com - SCHEDULE 14A - 2007 Proxy) http://www.sec.gov/Archives/edgar/data/1130713/000104746907002450/a2176990zdef14a.htm "
  49. ↑ 11-05-08 Fairfax Announces Acquisition of CanWest Global Shares..(http://www.fairfax.ca/Assets/Downloads/Press/fpr2008-11-05.pdf)
  50. ↑ (Fairfax.ca/subsidiaries.htm - Notes) http://www.fairfax.ca/subsidiaries.htm "
  51. ↑ (Fairfax Announces Further Purchase Of SFK Pulp Fund Units... - 2007-03-20) http://www.fairfax.ca/Assets/Downloads/Press/SFK_purchase.pdf "
  52. ↑ (SFK Pulp Fund - Website) http://www.sfkpulp.com"
  53. ↑ (Fairfax Announces Purchase Of Torstar Corporation Class B Shares...- 2007-04-12) http://www.fairfax.ca/Assets/Downloads/Press/fpr2007-04-12.pdf "
  54. ↑ (Fairfax Announces Purchase Of The Brick Group Income Fund Units... - 2006-04-03) http://www.fairfax.ca/Assets/Downloads/Press/fpr2006-04-03.pdf "
  55. ↑ (PRNewswire-FirstCall: AbitibiBowater announces agreement for private placement of US$350 million - 2008-03-24) http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/03-24-2008/0004778891&EDATE= "
  56. ↑ 56.0 56.1 (MarketVisual.com - V Prem Watsa - Direct Relationships) http://www.marketvisual.com/d/V_/V_Prem_Watsa_e309_1.htm "
  57. ↑ (SmartFund.ca - Foundation List) http://www.smartfund.ca/foundations.htm "
  58. ↑ Fairfax—Corporate
  59. ↑ BlackBerry Empire, BlackBerry Empire

External links