Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Prem Watsa

T2InvestorsCompany owners and private capital

Indian-Canadian billionaire who runs the Toronto insurance and investment holding company he founded in 1985.

Fairfax Financial Holdings

Wrote no book, but forty consecutive annual shareholder letters that are among the most complete and candid primary records of insurance-float value investing.

42 letters · 7 books they recommend

Recommends 7Letters 42Links 1
Security AnalysisSecurity Analysis
T1 Security Analysis
Benjamin Graham, David L. Dodd · 1934
Open LibraryGoodreads

How to read financial statements sceptically and value bonds and stocks.

“And I thought I got it from reading Security Analysis by Ben Graham!!” — Prem Watsa

Source: Fairfax Financial 2009 Annual Report, Chairman's Letter to Shareholders, p. 7

Also recommended by: Christopher Bloomstran, Howard Marks and 10 others

The Intelligent InvestorThe Intelligent Investor
T1 The Intelligent Investor
Benjamin Graham · 1949
Open LibraryGoodreads

Treat stocks as parts of businesses and buy only with a margin of safety.

“As Ben Graham, dean of security analysts, stated a long time ago in his book ''The Intelligent Investor,''” — Prem Watsa

Source: Fairfax Financial 1987 Chairman's Letter to Shareholders

Also recommended by: Benjamin Graham, Christopher Bloomstran and 26 others

Value Investing: From Graham to Buffett and Value Investing: From Graham to Buffett and Beyond
T3 Value Investing: From Graham to Buffett and Beyond
Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema · 2001
Open LibraryGoodreads

Wiley published it in 2020.

“George has also written a book on value investing, From Theory to Practice, which I highly recommend.” — Prem Watsa

Source: Fairfax Financial 2021 Shareholders' Letter, p. 35

Also recommended by: Mohnish Pabrai, Joel Greenblatt and 1 other

Lessons from Century Club CompaniesLessons from Century Club Companies
T4 Lessons from Century Club Companies
Vicki TenHaken · 2016
Open LibraryGoodreads

What Japanese companies that have lasted over a century have in common.

“''Lessons from Century Club Companies, Managing for Long Term Success'' by Vicki Tenhaken” — Prem Watsa

Source: Fairfax Financial 2020 Shareholders' Letter, p. 30

The Living CompanyThe Living Company
T4 The Living Company
Arie de Geus · 1997
Open LibraryGoodreads

What companies that lasted over a century have in common, from a Shell planner.

“Recently, I came across two books on long lived companies: ''The Living Company, Habits for Survival in a Turbulent Business Environment'' by Arie de Geus” — Prem Watsa

Source: Fairfax Financial 2020 Shareholders' Letter, p. 30

Also recommended by: Mohnish Pabrai

Extraordinary Popular Delusions and the MadnExtraordinary Popular Delusions and the Madness of Crowds
T1 Extraordinary Popular Delusions and the Madness of Crowds
Charles Mackay · 1841
Open LibraryGoodreads

Crowd manias from the Mississippi scheme and South Sea Bubble to witch trials.

“Reminds me of the outstanding book ''Extraordinary Popular Delusions and the Madness of Crowds''.” — Prem Watsa

Source: Fairfax Financial 2017 Shareholders' Letter, p. 22

Also recommended by: Barton Biggs, Bernard Baruch, Peter Cundill and 1 other

The Essential Worldwide Laws of LifeThe Essential Worldwide Laws of Life
T4 The Essential Worldwide Laws of Life
John Templeton · 2012
Open LibraryGoodreads

“we will be giving you a book by Sir John Templeton: this year, ''The Essential Worldwide Laws of Life''” — Prem Watsa

Source: Fairfax Financial 2016 Shareholders' Letter, p. 26

Tags

fairfax-financialhamblin-watsaodyssey-rewarren-buffettjohn-templetoninsuranceequitiesmacrovalue-investingfloat-investingdeflation-hedgingshareholder-letterscontrarian-investing