General Category > Fairfax Financial

2017 Annual Letter

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ValueMaven:
Should be out shortly...does anyone have an ETA?

Sincerely,
ValueMaven

ourkid8:
I believe it should be released Friday after market close...


--- Quote from: ValueMaven on March 06, 2018, 05:10:54 PM ---Should be out shortly...does anyone have an ETA?

Sincerely,
ValueMaven

--- End quote ---

ourkid8:
It's released.

http://s1.q4cdn.com/579586326/files/doc_financials/2017/annual/WEBSITE-Fairfax-Financial's-Shareholders'-Letter.pdf

steph:
Best letter in a very long time!
Prem finally admits that hedging was a mistake and that the equity selection was very poor over the last years.  They will do no hedging anymore and there will be a change in the equity team.
Mistakes are human, we all make them.  But it is important to admit them, learn out of them and move on.  It seems that Prem was finally able to do this and it is very important for the future of Fairfax. 

FairFacts:
I too liked the expansion of the investment team and the additional responsibilities of the younger members.

PW restated the investment goals and 15% increase in BV target.

'With $40 billion in investments, a current run rate of $11.5B in net premiums written and $12.5B in common shareholders equity, we need an investment return of approximately 7% in order to achieve an annual increase in 15% in BV per share, assuming a consolidated combined ratios of 95%"........."We have drilled deeper and by analysing each of our 21 insurance companies we have estimated the investment return needed for each company in order to achieve our 15% target. We have delegated investment responsibility for each of our insurance companies to one member of our investment team".


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