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Fairfax chief Prem Watsa called Facebook Inc.’s $19-billion (U.S.) purchase of WhatsApp the ‘poster child for the excesses that prevail in the tech world!’
Fairfax chief Prem Watsa called Facebook Inc.’s $19-billion (U.S.) purchase of WhatsApp the ‘poster child for the excesses that prevail in the tech world!’
(Charla Jones/The Globe and Mail)

Fairfax’s Prem Watsa sums up year of hedging

Fairfax Financial Holdings Inc. chief executive Prem Watsa still has deep concerns about the shape of the world’s economy.

The insurance and investments company’s hedged common equity exposures kept it on the sidelines in 2013, while financial markets soared. The S&P 500 was up 30 per cent last year, while Fairfax had a total investment return of minus-4.9 per cent.