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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "Uses a direct quote from a Fairfax annual report to expose a potential misrepresentation.",
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      "kind": "callout",
      "text": "Digit, under Kamesh Goyal, continued its exceptional performance in 2021 as a start-up (five years ago), with gross premiums expected to be up 50% to $700 million for the year ending March 2022. Recently, Kamesh raised $200 million, valuing Digit at $3.5 billion – the first unicorn in India in 2021. Unlike many unicorns, Digit is already profitable. As you will see later, this capital raise, including Sequoia (awaiting regulatory approval) and Wellington among its investors, contributed $1.5 billion to our net gains in 2021. More to come we think!",
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      "kind": "paragraph",
      "text": "In its 2021 Annual Report, Fairfax claimed that Digit is \"already profitable\" in 2021. However, Digit's financials record net losses in its fiscal years ended March 31st, 2021 and 2022.",
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      "kind": "source-note",
      "text": "1 Fairfax Financial Holdings Annual Report 2021, Pg. 8. 2 Fairfax Financial Holdings Annual Report 2021, Pg. 12. 3 Digit Prospectus Dated March 30, 2023, Pg. 26.",
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      "kind": "title",
      "text": "Did Fairfax Lie About Digit's Profitability?",
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