Parsad

They are actually only paying $1.2M a year, and they can either reduce the fee or terminate the contract if either team leaves. Cheers!

That was weak! Maybe Sokol should fire his counsel because he's getting poor representation and bad advice. Cheers!

I think David Rosenberg has finally sunk his career to the level of Abbey Joseph Cohen. The perennial bear is now bullish due to "technical" fundamentals. Ppphhhtttt! Slowly all of the perma-bears are going to get sucked in. Human temperament never changes...if you can't stand the heat, stay out of the kitchen. I think Rosenberg should go back to kitschy quotes on how bad things are, or in this case, how bad they are but no one really wants to believe him. Cheers! http://www.cnbc.com/id/42782844

Overstock.com has bought the naming rights to the Oakland A's and Oakland Raiders Coliseum. They would be the only online retailer to have such naming rights, and purchased a relatively short-term contract of $2M/year for six years. The other benefit is that the A's and Raiders together play virtually the entire calendar year, thus Overstock's visibility would be maximized. That would be the only baseball and football team left sharing a single facility. Cheers! http://www.sportsbusinessdaily.com/Daily/Issues/2011/04/26/Facilities/Overstock-Oakland.aspx

The fund of funds is still in the lead, but the S&P500 is catching up. Cheers! http://finance.fortune.cnn.com/2011/04/26/the-warren-buffett-hedge-fund-bet-tightens/?source=yahoo_quote

Businesswire is holding a contest for college students, with the prize being a lunch with Warren Buffett. Thought some of our college readers, or boardmembers with children in college might be interested. Cheers!

As Prem left our dinner, half the crowd got up and followed him out, so I never had a chance to properly call out the raffle ticket numbers. I put them in the other post, but it probably should be posted seperately, so here they are: - 0501971 - 0501993 - 0501997 If you have a winning ticket, let me know by email at cornermarketcapital@gmail.com. Mail the ticket to my office address (Suite 1620, Box 36, 1140 W. Pender Street, Vancouver, BC, Canada V6E4G1) and include your mailing address and phone number. I will mail the book out to you. If any of the prizes aren't claimed, I will just put them back into next year's raffle draw. Cheers!

Thanks Partner! Looks like my diet has caused the stagnation in Fairfax's price! ;D Cheers!

Any new insights on investing? Was anything shared on Sandridge / Commodities? Yup...lots! I believe other than Prem, Tom Ward was asked the most questions and spoke the most. You had to be there! ;D Cheers!

Fairfax Financial Shareholder’s Dinner Well, it was one heck of a couple of days this year. Alnesh and I arrived around 5:10pm on Tuesday for the dinner and there were already five people seated in the empty room! We started to put together the name tags when guests started to flow in. If it wasn’t for one of our directors, Glen Rollins, and one of our attendees from the very first dinner, Enrico Visentini, we would never have been able to greet people and get them their nametags. Before 5:30pm, the room was more than half full! By the time the dinner started at 6:00pm, we had total attendance of 85 people, with another 6 people who paid, but could not attend at the last minute. They donated all of their dinner fee to “The Crohn’s & Colitis Foundation of Canada”. Dinner went great and everyone thoroughly enjoyed themselves. In attendance were former Fairfax analysts Wayne Cadwallader (now at Elkhorn Partners LP) and Martin Van Blerk (Baobab Fund). Alnesh and our other director, Andrew Cooke, went table to table selling raffle tickets. They were completely sold out in less than half an hour! Around 8:00pm we had to reorganize part of the room, and arrange the seats so that they would be ready for our guest speakers at 8:30-8:45pm. Vinod Loganadhan, Fairfax’s Director of Administrative Services, came into the room to retrieve me. He said to come with him to the front. I went over with Vinod, and to my surprise there was at least ten people, and in front of them all was Prem. He was facing the other way, and when I walked up, he turned around and I just wrapped my arms around him and yelled out “Prem, I can’t believe this!” I quickly shook hands with everyone, including another big hug for Francis, and then said for them to wait there while I got the audience ready. I tried to play it down, as if Fairfax somehow couldn’t send too many people this year, but I was told my poker face was terrible. In walked Prem and the crowd started clapping. One executive after another was brought into the room: - Prem Watsa (Fairfax) - Francis Chou (Chou Funds) - Paul Rivett (Fairfax) - Brian Bradstreet (Hamblin-Watsa) - Sam Mitchell (Hamblin-Watsa) - Peter Furlan (Hamblin-Watsa) - Mohnish Pabrai (Pabrai Funds) - Bill Gregson (CEO - The Brick) - Richard Garneau (CEO – AbitibiBowater) - Marc Bertrand (CEO - Mega Brands) - Tom Ward (CEO – SandRidge Energy) - Bill McMorrow (Chairman & CEO – Kennedy Wilson) - Mary Ricks (Vice-Chairman – Kennedy Wilson) While Fairfax’s own AGM is really a showcase of their insurance and investment executives, this was more a showcase of the great managers at Fairfax’s investee companies. I believe this was just the tip of the iceberg, as Prem now continues to build Fairfax in the Berkshire model, and will add fantastic non-insurance businesses to the portfolio. Never in my life have I heard or seen such a group assemble for a third-party function such as this. Each of these CEO’s are superb talents on their own. For them to take the time to come to our dinner, simply shows how much respect they all have for Prem as a leader. And just as importantly, how much respect they hold for the smaller shareholders of Fairfax Financial! Our normally expressive Hamblin-Watsa guests were unusually quiet, as Prem gave the floor to the investee CEO’s. Thus it seems with the quote from the annual report, and this year’s dinner, that the next 25 years of Fairfax will have an additional focus of acquiring non-insurance businesses. Prem and his team answered questions for about an hour, and then thanked everyone and excused themselves. As they left, hordes of people rushed after them taking pictures, and trying to shake hands and ask questions. In fact, people rushed out so quickly, that the three raffle prizes we had (autographed books by Prem), had not been drawn. So I quickly drew three tickets and read out the number over the microphone. The numbers were: - 0501971 - 0501993 - 0501997 So if you have the winning ticket, please mail it to my office with your name, address & email, and I’ll mail you the book prize. Thanks very much to Pat Hios, Prem’s executive assistant & JoAnn’s best friend, for the prizes. We raised over $11,000 in JoAnn’s name for “The Crohn’s & Colitis Foundation of Canada” this year…over double last year! This would not be possible without everyone’s support, so thanks for helping support the dinner. Francis Chou and Brian Bradstreet stayed for about another hour answering questions for the small scrums that had surrounded each of them. I had to finally usher everyone outside, as the restaurant was well past closing. I’d like to thank them for doing that! It really meant a lot to the “diehard groupies” as Charlie Munger would call them. We started this dinner six years ago with nine people and Francis was our first speaker. Now it’s grown to 91 people and we had 13 speakers! I’d like to thank Joe Badali’s Restaurant for all of their hospitality over the last six years. Unfortunately, we are going to have to move the event to another venue, as the sheer size of the group is now too large to gather comfortably at the restaurant. It was always my dream to get the main man himself out to the dinner, and I can’t tell you how much it meant to finally see him there. He’s been a massive influence on me, and the way I run my own company and investment funds. I’d like to thank Prem and everyone at Fairfax for attending. There is no way to measure the amount of loyalty he probably gained from all the shareholders in attendance. It was a show-stopper and something no one will forget! Fairfax Financial AGM The crowds were pretty big this year. The lobby of Roy Thomson Hall looked fuller. Not sure if the crowds were significantly bigger or just that the lobby area was reduced with booths from various affiliates of Fairfax…be it insurance, charities, etc. I expect the number of booths to increase year after year! The meeting started with Prem coming on stage and warming up the crowd with an amusing joke. He then thanked the shareholders and especially the employees of Fairfax. We were then shown a short video covering some of the chapters from the “25 Years of Fairfax” book. It was a very nice video and showed the cohesion within Fairfax during the good and bad times. Prem then went through the usual rituals of the AGM within five minutes. Before that, he thanked a number of people including Rick Salsberg and Mason Hawkins. As usual, he went around to the various insurance subsidiary heads and had them update shareholders on the year. Andy Barnard was introduced as the new head of all of Fairfax’s insurance operations. A review of Fairfax’s year through a slide show was next. I would expect the slides to be available on the corporate website soon enough. And then the Q&A session with Prem was conducted, and lasted at least an hour and a half…if not more! I don’t take notes at these things anymore, as I try and focus at the time to absorb as much as I can. Needless to say that I highly recommend you attend if a significant portion of your portfolio is in the company. Outside, Prem was once again engaging shareholders at the hor d’oeurve and cocktail reception. Shareholders were also able to talk to many other Fairfax executives. All shareholders received a copy of the book on the way out. I don’t know what they plan on doing going forward with the book, but as soon as I know, I will post it on here. Cheers!

Article from the Financial Post on the deflation hedges, as well as a list of other recent articles by the Post. Cheers! http://www.nationalpost.com/related/topics/index.html?subject=Prem+Watsa&type=Person

Sanjeev...congrats on the fundraising and to all the contributors. Did you have any advance notice of the guests? I only expected Francis, Sam, Brian & Peter. Mohnish had told me he was coming. I had no idea about Prem, Paul or any of the CEO's from the investee companies. It was a nice surprise to say the least! ;D Cheers!

Oh and I totally forgot to mention it...Mohnish also came with Prem! We also raised over $11,000 for "The Crohn's & Colitis Foundation of Canada" in memory of JoAnn Butler, who passed away in May of 2009. I'll have a more accurate number after I add the checks that were sent to the office in the last couple of months. There was a lot of comments this year, and I really need a few days to absorb it all and put pen to paper...or rather pixel to screen. It was one of the greatest couple of days of my life! Cheers

Just to put things in perspective relative to the whining regarding the website...tell me the last time the CEO of a company brought his entire investment team and CEO's of large investees to a third-party dinner that they did not organize? Buffett goes to third-party functions, but he doesn't take half of Berkshire's executive team with him. Prem brought about ten people to our dinner this year! Not only Francis, Sam Mitchell, Brian Bradstreet, Paul Rivett, and Peter Furlan, but also the CEO's of Megablocks, Sandridge, Abitibi-Bowater, Kennedy-Wilson & The Brick! It was nuts and the shareholders at our dinner loved every moment. Unfortunately I have to step out of my hotel right now for a dinner, but I will expand on my comments above sometime this week. In the meantime, I would ask that anyone who attended the festivities post their comments on this thread. I think our boardmembers who were not able to attend will be quite surprised by the exact depth of Prem's loyalty to his shareholders. If anyone deserves the mantle to Buffett, and I've never said this before, it's Prem! Cheers!

Impressions are important. If you are going to invest with someone or meeting with a real estate salesman and when they meet you for the first time you see them driving a beat up old car and are dressed in a sloppy manner, it doesn't make a very good impression. I don't care who you are or what you are selling (insurance or investments) it is always important to put forth a good impression. As someone once said " A shiny red apple will always sell better than a dull green one." I think this is the general attitude to these things, but I'm guessing Fairfax, not unlike Berkshire or Leucadia, is trying to attract a certain shareholder. If investors cannot get over these things, it's their loss. Cheers!

Yeah, he runs Fortress. I don't know him personally. Cheers!

Thanks Alan! Cheers!

Just type in www.fairfax.ca. If you still get an error, you may need to update your browser. Cheers!

Looks like Fairfax has refreshed their corporate site. Scroll down when you get there. Going global anyone! Cheers! http://www.fairfax.ca/Corporate/default.aspx

It's going to be a tight squeeze for the presentation part this year as well folks! I'll be exploring other venues on this trip, and we'll arrange something that can comfortably accomodate a larger crowd for next year. Although, we've enjoyed Joe Badali's hospitality for the last six years! When we started we only had nine attendees. Now we have ten times as many, and I'm guessing that will increase at least two-fold over the next 5-6 years. Cheers!

Even with the Flyers sucking playoff hockey is simply awesome. Yup, couldn't agree more. The players and fans turn it up a whole notch at this time of year. Cheers!

Nice title Bronco! Way to butter us up. ;D You're an author and the spelling is "giabroni"! As per the "Urban Dictionary": giabroni A guy. A somewhat dopey, common man. An everyday normal guy. Take a look at those two giabroni's changing that tire! gabronie gibroni gabroni guy dude dope By the way, we'll be up two nothing after tonight. Did you guys win your first game? ??? Cheers!

Onyx, that's very generous and much appreciated! Smazz, yes that's fine...every little bit helps...just use my email on Paypal (cornermarketcapital@gmail.com) and under the memo just note "FFH Dinner Donation". Cheers!

Hi Folks, Next Tuesday night is the dinner...over 90 people attending. After the buffet, our guest speakers will arrive, and there should be a couple of surprise guests as well! We will once again be holding our charity lottery with prizes donated by Fairfax, so make sure you bring plenty of cash and your check book! We've already received some direct check donations for "The Crohn's & Colitis Foundation of Canada". If you make your check directly payable to them, they will send you a tax receipt once we submit all the donations. They send the tax receipt to U.S. residents as well. I would like to ask a favor of our attendees. I'm usually so busy running around seating people, mingling and then running the mic during the presentation, that I was hoping some of you would be able to take pictures of the event, and post them on here for all boardmembers. Maybe a couple of you can take some notes and post them here as well. It would be much appreciated by me, as well as the many Fairfax shareholders who aren't able to attend. Finally, I'd like to thank Prem and everyone at Fairfax for their support, in particular Prem's executive assistant, Pat Hios. She was best friends with JoAnn and this event means alot to her. Details are below and we'll see you all there! Cheers! 2011 FAIRFAX FINANCIAL SHAREHOLDER'S DINNER Fairfax Financial Shareholder’s Dinner Tuesday April 19, 2011 Joe Badali’s 156 Front Street West Toronto, Ontario (416)977-3064 Meet & Greet: 5:30pm-6:00pm Dinner Buffet: 6:00pm-8:00pm Q&A: 8:00pm-9:30pm Tickets: $45/person RSVP: cornermarketcapital@gmail.com Paypal: cornermarketcapital@gmail.com Memo: FFH Shareholders Dinner JOE BADALI’S FRESH PASTA BAR BUFFET ~SALAD BAR~ * 1 HOUSEMADE SOUP * CAESAR SALAD WITH ROASTED GARLIC DRESSING * BADALI SALAD WITH FRESH LEMON HERB VINAIGRETTE * TOMATOES * CUCUMBERS * LEMON WEDGES * SLICED OLIVES * SLICED RAW MUSHROOMS * CROUTONS * BACON BITS * ROMANO CHEESE * 5 ANTIPASTI ITEMS (ASSORTED VEGETABLE & FRESH PASTA SALADS) ~ENTRÉE ITEMS~ * CHEF'S CARVERY (ROAST BEEF) * 2 FRESH HOT PASTAS (1 VEGETARIAN) * FRESH P.E.I. MUSSELS * ROASTED CHICKEN * RICE PILAF OR ROASTED POTATOES * ASSORTED STONE BAKED PIZZAS ~DESSERT ITEMS~ * FRESH FRUIT PLATTER * CHOCOLATE CAKE * COFFEE or TEA

Terrific quote! Accurate as well. Cheers!