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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "Includes a table comparing financial performance for the first nine months of 2023 and 2022 across business segments.",
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      "text": "We adjust the book value down by the difference between the take-private price and the ~$10 price it traded at prior to the take-out, reducing book value by $251 million.",
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      "text": "book value: $251 million",
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      "text": "Recipe uses the $15.30 for the take-private as the \"market price\" in FY 2022. This is an artificial price, however, set by the take-private transaction completed on 11/2/2022. The business has underperformed during the last 9 months. We adjust the book value down by the difference between the take-private price and the ~$10 price it traded at prior to the take-out, reducing book value by $251 million.",
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      "text": "The increase in revenue and expenses of Restaurants and retail in the first nine months of 2023 primarily reflected higher business volumes at Recipe principally due to the absence of COVID-19 related restrictions... The increase in expenses in the first nine months of 2023 also reflected higher costs of sales relating to food inflation and compensation expense at Recipe which negatively impacted pre-tax income before interest expense and other year-over-year.",
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      "text": "Financial performance table for 2023 and 2022 (first nine months) across segments: Restaurants and retail, Fairfax India, Thomas Cook India, Other, and Total.",
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      "kind": "title",
      "text": "Recipe Remains Overvalued on Fairfax's Book",
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