Subject: Re: Price/Book same as BRK
Well, book value per share is probably up for Q2. The Total Return Swaps alone are looking to have a hell of a quarter. Fairfax still hasn't been added to the TSX 60 index.

I think the analog is the many many years that Berkshire traded at a large premium to accounting book value and it was a mistake to sell "on valuation."

Relative to earnings, Fairfax is not overvalued.