There is an interesting article on Fairfax ($FFH.TO) explaining how M. Watsa is well positioned in case of a market tumble. We know he made a killing in 2007 to 2009 with his hedges and CPI bets, and he is doing the same now. Here is the article:
http://seekingalpha.com/article/3959332-fairfax-prem-watsa-prepared-next-event
