Nice summary.

If I were not a shareholder of Fairfax, I would look at the last few years' results, with the share price up from $467 US at the beginning of 2022 (adjusted for dividends; the actual share price was $492) to the current price of $1066, and think I must have missed it.

But it is important to note that the current price, while much higher than 2 years ago, only represents modest increases in the price/book ratio, going from 0.83 to about 1.09 now, and actually represents lower multiples of earnings, since earnings have increased so much, largely from interest income. As ultimate mentioned, those interest earnings are locked in for about 4 years, so Fairfax can confidently expect at least $3.9b in operating earnings on top of whatever realized and unrealized capital gains they make. With their current market cap of $25.4b, or about 6 times operating earnings, they are still a pretty good deal, in my opinion.

dtb