THE DARK SIDE OF A VALUE INVESTOR, PREM WATSA OF FAIRFAX FINANCIAL

by on 13 Μαρτίου 2017

The Miracle on Wellington Street…

Theology and high finance rarely intersect but one place they likely met is at the Toronto headquarters of insurance conglomerate Fairfax Financial Holdings in the winter of 2003.

It was there, in the bitter cold of that early February, that V. Prem Watsa, Fairfax’s founder and chief executive, along with a handful of his closest colleagues, conceived a transaction whose effect has been nothing short of miraculous.

Certainly it didn’t seem like much: A then little known insurance company buying a block of shares in an even less well-known reinsurer it already virtually controlled hardly sparked chatter among insurance industry rivals or on Wall Street’s trading floors.

But it should have.

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