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TIVP085: FAIRFAX FINANCIAL (FFO.TO): THE BERKSHIRE OF THE NORTH
W/ KYLE GRIEVE & SHAWN O’MALLEY
TIVP085: FAIRFAX FINANCIAL (FFO.TO): THE BERKSHIRE OF THE NORTH W/ KYLE GRIEVE & SHAWN O’MALLEY
22 July 2026
In today’s episode, Kyle Grieve and Shawn O’Malley analyze Fairfax Financial, the insurance conglomerate that Prem Watsa built from a near-bankrupt trucking insurer into a compounding machine often compared to Berkshire Hathaway. They break down Fairfax’s insurance and non-insurance segments, its use of float, and the capital allocation moves, from acquisitions to buybacks, that have driven decades of growth. The conversation also covers Fairfax’s competitive advantages, key risks such as catastrophe exposure and succession, and whether the business remains an attractive opportunity today.
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IN THIS EPISODE, YOU’LL LEARN:
- Why Fairfax’s history shorting backfired for years
- How Fairfax structures its insurance and non-insurance businesses
- How Fairfax treats its winning investments
- What the combined ratio reveals about Fairfax’s underwriting abilities
- Why Fairfax’s culture keeps talented operators for decades
- How Fairfax uses debt to fund acquisitions
- Why Fairfax’s buyback timing shows disciplined capital allocation
- How Prem Watsa’s pay stays modest despite success
- What risks Fairfax has as it continues to scale
- Valuation discussion of Fairfax
- Intrinsic value of Fairfax
- Whether Kyle and Shawn will add Fairfax to the Intrinsic Value Portfolio
- And so much more!
For the full show notes, go to this page.
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BOOKS AND RESOURCES
- Join the exclusive The Intrinsic Value Mastermind Community.
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- Learn more about how to join us in NYC for our Intrinsic Value Conference.
- Read The Fairfax Way by David Thomas here.
- Listen to Kyle’s episode, where he covers the history of Fairfax Financial here.
- Related books mentioned in the podcast.
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