I think they will have blowout earnings when they report in mid-February (probably on Feb 12). At $2410, they are at 1.51x book and at 8.4x trailing earnings, which seems an attractive price.

Correction: it now seems likely that the Q4 (FY) earnings report will come out on Feb 19, not Feb 12, since they generally announce their earnings release at least 6 days prior.

In the meantime, the 'attractive price' of C$2410 (or US$1734) has now become slightly more attractive in the last few weeks, at C$2324 (US$1717 for the FRFHF shares traded OTC in the US). The USD has lost about 3% of its value against its peers in the last month, so this really is a substantially lower price.)

Last 12 months' earnings are $222/share, and I think Q4 2025 is likely to be very strong, like Q4 2024, so $222/share is a plausible full year earnings number for 2025. Fairfax reports in USD, so the current price represents 1717/222= 8x trailing earnings, and I expect earnings will be steadily growing in 2026 and beyond; at this price, earnings per share can be substantially influenced by share repurchases which the company has indicated are a priority.

Of course strong expected earnings may already be discounted by the market, so there's no guarantee that a great earnings report will make an immediate impact on the share price, but this seems like a good setup, with as good a price as we've had for Fairfax for a long time.

Regards, DTB