Dear Investment Team,

Hello again gentlemen. I have been looking into some interesting companies lately and one stands out as a missunderstood winner. I think we should look closely at Fairfax Financial Holdings (FFH.TO). They have a debt to equity less than 50% and they recently bought back over 800 million dollars worth of shares. From what I can gather they are susceptable to interest rates but then what insurance company isn't. Furthermore they have 11 billion dollars in cash and cash equivalents which is up 20% from the previous quarter. Lastly they have a PE ratio of 7.77 as of the writing of this report, however! they have a reported forward PE of 9 which means earnings are expected to drop - or are they? Its a gamble, but they own some pretty big corporations globally like the Keg restaurants and Occidental Petroleum which is 27% owned by Berkshire (but Occidental did part with OxyChem a large petrochemical company). I don't know... Contact me

Sincerely,

King Henry George of Britain

Nov 13, 2025: Upon a deeper look at Fairfax I see that they have a large presence in the Ukraine. This scares me as the Ukraine will need their insurance companies to bail them out, post war. I am not sure how many billions of dollars Fairfax will need to spend in the Ukraine so lets not buy it just yet. If it gets into trouble we can always bail them out.