Great article in the AFR that suggests Omaha is not the only place that value investors are heading to for great ideas. It seems Denver and Toronto are becoming equally important destinations, as are the annual meetings of Markel Corporation and Fairfax Financial, as investors prepare for life after Buffett and Munger.
Toronto in time may become the next Omaha. For years, Prem Watsa, the chairman of Canadian insurance group Fairfax Financial, has been heralded as that nation’s version of Warren Buffett.
Here’s an excerpt from that article:
Denver and Toronto are becoming equally important destinations, as are the annual meetings of Markel Corporation and Fairfax Financial, as this dedicated group prepares for life after Buffett and Munger.
Toronto in time may become the next Omaha. For years, Prem Watsa, the chairman of Canadian insurance group Fairfax Financial, has been heralded as that nation's version of Warren Buffett. If Buffet and Munger are the eternal optimists, Watsa is steadfast in his bleakness. He famously made inspired and lucrative "big short" derivative bets against US housing in 2008 that netted the company billions.
Some investors are losing patience, but Watsa isn't budging. He used a parable about the "stupidest boy in the world" to explain to shareholders why he is sticking to his bearish bets.
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You can read the full article here.
This article was originally posted by Johnny Hopkins at The Acquirer's Multiple.
