David Thomas, author of The Fairfax Way (amazon link: https://amzn.to/4adQ7JS), comes on the podcast for a wide-ranging podcast on Fairfax, including the company's origins, macro wins, missteps in insurance, and what the future looks like for Fairfax as Prem approaches his 80s.

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[00:00:00 ] Andrew returns with David Thomas

[00:02:31 ] David’s background in business journalism

[00:06:25 ] Fairfax’s long-term investment returns

[00:08:16 ] Evolution of investment and insurance strategy

[00:13:01 ] Fairfax’s stock picking and equity style

[00:16:39 ] Inflation themes in stock selection

[00:20:32 ] BlackBerry investment strategy and challenges

[00:24:14 ] Macro success: shorting housing and tech

[00:29:20 ] 2010–2016 bearish misstep reflection

[00:35:12 ] Politics influence on macro decisions

[00:36:56 ] Prem’s current macro outlook

[00:40:55 ] Discussion of Fairfax valuation

[00:41:34 ] Book value and buyback logic

[00:44:28 ] Overview of the short seller campaign

[00:49:04 ] Perspective on Fairfax's hedge fund lawsuit[00:51:14 ] Succession planning at Fairfax

[00:53:44 ] Stability of all business segments

[00:57:45 ] 15% target: still realistic?

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