Prem Watsa’s Fairfax 2011 Shareholder Letter: The Highlights

Prem Watsa’s 2012 letter to shareholders of Faifax Financial Holdings (TSX:FFH) was released today. According to a table on the opening page of the letter the firm’s value per share has increased 23.5% since foundation and 19.4% since five years ago. The tone of the letter is somewhat concillatory in nature it acknowledges early that there was noe growth in value for share in 2011. It reminds shareholders that a dividend of $10 per share was paid and moves on quickly to explaining the lack of growth analysing the large costs faced by the insurer in a year full of large…