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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide functions as a public demand for transparency from a short seller to a target company.",
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      "text": "This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital.",
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      "text": "1. For any associate that has been on the balance sheet since January 1, 2020, disclose by associate: a) Cash invested in common equity and dates b) Cash invested in preferred equity and dates c) Cash used to make loans and dates d) SOPOA, interest, and dividend income booked with a disclosure of how much of each was cash / non-cash e) Cash interest payments received f) Cash principal repayments received g) Disposal proceeds received including on warrants (broken out between cash and non-cash), along with any contingent liabilities arising from the disposal.",
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      "text": "2. There is a $101.7 million discrepancy between what the acquirer reports paying for RiverStone, pro rata for Fairfax’s ownership, and the total consideration Fairfax reports",
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      "text": "Because Fairfax noted that we had not previously asked questions of its management on its calls, we hereby submit a list of questions and requests for disclosures to the benefit of all investors (including Muddy Waters, which remains short).",
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      "text": "We have seen indicators that, in order to generate interest income and dividend income, Fairfax routinely throws good money after bad by lending money to associates that are struggling financially... This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital.",
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      "text": "“Fairfax Responds Further to Short Report”, 2-12-24 — Fairfax Financial Holdings Ltd.",
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      "text": "1 “Fairfax Responds Further to Short Report”, 2-12-24. 2 “Fairfax Financial Holdings Ltd.: The GE of Canada”, Pg. 30",
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      "text": "Muddy Waters’ Questions for Fairfax Management on the Q4 2023 Call",
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