Subject: OT - Fairfax annual letter / report
Apologies for an off-topic post, but the Fairfax Financial annual letter just came out and this company is well run and inexpensive. Market cap is $15.2 Billion USD. Annual run-rate of just their interest income is $1.5 Billion and rising. Average duration on their enormous bond portfolio is 1.6 years, projected to slowly increase to 2 years. They are exceptional fixed income investors and opinions differ on their equity investments. Equity method / investments in associates are an important bucket of value. Enjoy

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