{
  "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": 34,
  "pageCount": 72,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a Muddy Waters Research template, typical of activist short-selling reports.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-92c6b164e5b0/34",
  "deckHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0#slide-34",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Extending the guarantee period presumably continued to keep losses on these associates from being realized on Fairfax's income statement and / or avoids Fairfax having to lay out the cash.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb31-5249ebc23d7c",
      "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": "a12fc289-b785-4f63-b12b-db09f94f5c4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "list",
      "text": "The guarantee period was extended through 2023. Extending the guarantee period presumably continued to keep losses on these associates from being realized on Fairfax's income statement and / or avoids Fairfax having to lay out the cash. It is presently unclear whether Fairfax bought the associates back in 2023 or was able to negotiate another extension.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5a1728f-957d-4e4c-bff0-7e643927b033",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1 Fairfax Financial Holdings Interim Financial Report Q3 2023, Pg. 23.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88ddfd88-9d63-4b63-be92-21ab8c11c1b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Fairfax Extended the AVLN Guarantee Period",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0b39aa1-9d71-4925-bd0a-9eeb8cbe4a30",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "f97f605b-ad6e-4b5d-afee-6ff96cbf880c",
      "evidence": "The slide highlights accounting maneuvers (guarantee extensions) to avoid loss recognition.",
      "confidence": 0.85
    }
  ],
  "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
}