Subject: Re: FAIRFAX /FFH
The insurance business has performed exceptionally well for a long time now. That is very valuable. However, insurance is a dangerous business.

And surprises are usually bad.

Here’s where I learned that lesson:
https://www.pwc.co.uk/services...

Not saying Fairfax is not reserving correctly, I have no idea. When it comes to insurance it’s Berkshire only for me.