Fairfax Financial Annual Meeting 2013 2013 Notes

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Fairfax Financial annual meeting 2013 notes via Ben Claremon.  Some very interesting remarks on economics, companies, Fairfax in particular.

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Opening remarks by Prem Watsa
About 5 years ago, John Templeton passed away.

  • Templeton was his mentor
  • Templeton was interested in spiritual growth
  • Wrote a book in 1990 called Riches for the Mind and Spirit
  • Prem recommended reading The Templeton Plan and Discovering Laws of Life
  • Wanted to highlight a movie called The Little Red Wagon that the Templeton
  • Foundation was involved in
  • Prem’s PowerPoint Presentation on Fairfax (FFH)

Brief point from Q&A on Japan and the US:

London Quality Growth Investor Conference: Buy Dassault Systemes

invest Southpoint CapitalAt this year's inaugural London Quality Growth Investor conference, Denis Callioni, analyst and portfolio manager at European investment group Comgest, highlighted one of the top ideas of the Comgest Europe Growth Fund. According to the speaker, the team managing this fund focus on finding companies that have stainable growth trajectories with a proven track record Read More

In Japan, after the bubble crashed, it took 5 years to actually see deflation
They then saw cumulative deflation for the next 17 years
It takes time for people to understand that they actually have to de-lever and that there is no other option Prem’s view is that there is a possibility of deflation in the US
o Since 2008 we have had a ton of stimulus and Fed monetary
actions
In spite of that the economy is weak and there is no inflation in sight

Full notes below in scribd:

2013 Fairfax Annual Meeting Notes Prem Watsa

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