A bad year on the underwriting side (far from being the first one), a bad year on the hedge side, a good year (fortunately) on the bond side.
Some of their stuff I like a lot (like good, big and cheap big companies), some of their stuff I wonder what they are doing there (like RIM), and the macro stuff that I can't predict.
If the insurance business prices are getting interesting, it's a good thing to write more business, as long as you not fooling yourself with "catastrophes are not normal part of the business" kind of mindset.
It's been some time since I've reviewed a lot of things in details with FFH, but overall, correct me if I'm wrong, but Fairfax will do very well if their deflation scenario happens, and will do bad if interest rates increase significantly.
Regarding the stock price drop today, we're at about the same level as last october. Nothing to be excited or worried that much. Remember 2003? ...
