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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "notes": "The table highlights a 48.5% average decline in value for the listed assets between 12/31/19 and 3/31/20.",
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      "text": "It is impossible to know the amounts of losses on its associates Fairfax avoided by stuffing them into RiverStone, and presumably, much of these losses would have been recouped eventually as the market recovered.",
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      "text": "It is impossible to know the amounts of losses on its associates Fairfax avoided by stuffing them into RiverStone, and presumably, much of these losses would have been recouped eventually as the market recovered. However, it is clear that Fairfax was going to significant lengths to avoid showing losses in 2020. More importantly though, these investments cost Fairfax real cash, and it presumably is costing it more money to engage in this convoluted form of a repo of these securities.",
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      "text": "Fairfax valued the various shares of associates it stuffed into Riverstone as of 2019, but due to Covid-19, the values had fallen substantially at the time Fairfax and OMERS formed the JV (below).",
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