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Prem Watsa, Chairman and CEO of Fairfax Financial
Prem Watsa, Chairman and CEO of Fairfax Financial
(Charla Jones/The Globe and Mail)

Prem Watsa’s grim view of the markets

Amid high debt levels, slow economic growth and persistent low interest rates, Fairfax Financial Holdings Ltd. and its value-focused founder Prem Watsa have little confidence in the equity markets.

Mr. Watsa took questions on the company’s investment strategy at an annual general meeting in Toronto on Thursday. He spoke about the firm’s long-term focus, and he repeatedly told a large crowd of investors that the company’s first priority is not to lose money. It’s a line he has borrowed from another well-known, long-term investor: Warren Buffett.