Posted on 13/11/09
A CONTRARIAN HOLDS FORTH
FINANCIAL SERVICES REPORTERFairfax Financial Holdings Ltd. CEO Prem Watsa not only predicted a financial storm was coming - he put his company's money where his mouth was. While other companies struggled during the crash, Fairfax, an insurance and investment firm, turned a tidy profit thanks to its decision to buy credit default swaps that would make money if a number of financial institutions fell on hard times. So it's not surprising that members of the audience at a private equity conference in Toronto yesterday were eager to pick his brain on investing strategies as well as the insurance market. Here are some excerpts:
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