Fairfax's 2015 annual report and letter to shareholders were publicly released, and it is very positive even though book value grew only by 4.5%. Despite weakness in the numbers, M.Watsa is still increasing the intrinsic value of the company by improving the results of its insurance business, by acquiring good businesses like restaurants (Keg, Cara), and focusing on minimizing losses in the investment portfolio with hedges, which so far haven't worked out but are due to pay off. Watsa is very optimistic on his company's future prospects. My only concern remain valuation which has grown above 1.5x book value, and in my opinion too much to justify a purchase.
Here is a direct link to the Annual report:
http://dbr.ee/Mr6i
