Second stock in the clip. GLTA
https://www.bnnbloomberg.ca/video/brian-madden-s-top-picks~2613439
Fairfax Financial (FFH TSX)
Last purchased in December 2022 at $809.26
Fairfax is a leading global insurer with home, auto and specialty lines of business, among others. In its core insurance underwriting business, it is booking combined ratios in the mid 90’s – some of the best underwriting margins they’ve earned in 10+ years, as the entire industry benefits from tight underwriting capacity and good pricing power. Its $53 billion investment portfolio is $35 billion invested in cash and very short duration, high credit quality bonds and will benefit enormously this year from reinvestment at higher interest rates as the bonds mature. The shares trade at 1.1x book value and a scant 7x expected 2023 earnings, both deeply discounted versus insurance peers and versus its own historic average trading multiples.
TOP PICK
Fairfax Financial(FFH-T)
19/01/2023 at 07:00pm
Global insurance business based out of Toronto. Value oriented leadership under Prem Watsa. Highest underwriting profits in years. Investment portfolio performing very well. $35 billion bond portfolio about to renew at higher rates.
Insurance
Brian Madden
$810.570
Owned