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