{
  "docId": "019dd923-622c-750b-8b97-92c6b164e5b0",
  "docSlug": "b0d582a40bc2",
  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-02-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 21,
  "pageCount": 72,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "section_divider",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide serves as a transition into a specific example of accounting manipulation.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-92c6b164e5b0/21",
  "deckHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0#slide-21",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This Mis-Marking Has Enabled Fairfax to Avoid Losses (and Overstate Book Value) by More Than $245 Million.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb30-1177b1a9ff9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.1,
        "x": 0.87,
        "y": 0.03
      },
      "kind": "image",
      "text": "MUDDY WATERS RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e842d3f8-04ae-4e28-a56f-42be517734a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "overstated book value: $245 Million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb30-148667d6cdfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "In 2019, It Became Clear that Fairfax Had Been Avoiding Booking Losses in Associate EXCO Resources, as Fairfax Consistently Carried Its Investment Well Above Market Value. Even More Misleadingly, Fairfax Marked Its Fair Value for EXCO at an Even Larger Overstatement Relative to Market. This Mis-Marking Has Enabled Fairfax to Avoid Losses (and Overstate Book Value) by More Than $245 Million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5a902a1-d853-4702-801f-c12906aa485c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.52,
        "x": 0.24,
        "y": 0.26
      },
      "kind": "title",
      "text": "2019-Present: EXCO Resources",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51cb1c80-b8f5-4e47-afa8-238001e7662c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6e0d3736-ec4a-48ec-a3c4-fed2a0cf0ec9",
      "evidence": "The slide explicitly accuses the subject of mis-marking assets to avoid losses.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 72,
      "from": 4,
      "beatId": "e9a96546-1054-431c-aa6b-9c2a5e0f1f43",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeatedly highlighting contradictions and discrepancies in Fairfax Financial's accounting and valuation practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}