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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "notes": "The slide uses a chronological list to expose how the company shifted its valuation weighting between DCF and 'risk-adjusted transaction fair value' to inflate gains despite financing delays.",
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      "text": "In the Q3 Interim Report, Fairfax states that closing is now expected in Q4 and takes an additional $397.0 million gain based on a weighting of 35% DCF and 65% \"risk-adjusted transaction fair value\".",
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      "text": "In the Annual Report, Fairfax discloses that the financing has only partly closed ($122 million of the anticipated $200 million), and Fairfax takes an additional fair value gain in Q4 gain of $668.3 million based on \"the transaction fair value, which was supported by [the DCF]\".",
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      "text": "Fairfax's Q2 2021 Interim Report discloses that in June 2021, Digit entered into an agreement to raise $200 million at a valuation of $3.5 billion. The expected close was Q3 2021. Fairfax states it is taking a valuation gain of $425.0 million that quarter, 60% based on an internal DCF model of Digit and 40% on \"the risk-adjusted transaction fair value\".",
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      "text": "1 Fairfax Q2 2021 Interim Report, p. 64. 2 Fairfax Q3 2021 Interim Report, p. 13. 3 Fairfax 2021 Annual Report, p. 66.",
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      "text": "Fairfax's Mental Gymnastics Underlying its Promotion of Digit",
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