+1! I think they've added tremendous value to their investment return on the bond side...Brian has definitely added significant alpha. On the equities side, I think they would have done fine as well if they had stayed away from the short positions, etc. But because of those macro bets, just buying the S&P 500 would have given the same return or better on the equity side.
With Wade leading the way on the equity side going forward, I think you'll start to see better returns. But we may not do as well on the fixed income side when Brian is gone. Regardless, with the leverage Fairfax uses in float and debt, they don't need homeruns...just doubles and triples...to hit that 15% ROE.
Cheers!