I have held thomas cook and Quess for a long time in india and followed both companies. At a minimum, the argument against Quess is weak to begin with. Quess invested in monster.com and has been incurring losses in this segment for more than a year. this has suppressed their operating margin which should improve by the end of the year as the new segment breaks even. Quess is growing its topline and its operating profit is up 15%+ for the year. The value of Quess is increasing, not reducing
Fairfax invested in thomas cook in the depths of 2020 Covid crisis and the risks were far higher. The stock is up 3X since then and the company is firing on all cylinders in India
The whole report appears like a multiple choice exam where the examiner deducts points for mistakes, decides to ignore all the questions the student got right. totals up the negative points and then fails the student.
If you are going to call out what is carried in excess of market value, then the same needs to be done for all investments where the carrying value is less than market value