{
  "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",
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  "pageNumber": 64,
  "pageCount": 72,
  "prevPage": 63,
  "nextPage": 65,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a table to demonstrate that Fairfax's equity increase is significantly higher than its peers, suggesting potential accounting manipulation.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b97-92c6b164e5b0/64",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Fairfax's 6.1% gain is out of line with those of a comp group of other P&C insurers that have adopted IFRS 17.",
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      "kind": "list",
      "text": "We then divided the size of Fairfax's IFRS 17 adoption gain ($2.4 billion) by its post-gain Contract Liabilities ($39.9 billion) to arrive at an adjustment percentage of 6.1%. (Until companies adopt IFRS 17, there is no Contract Liabilities account, making only comparisons to post-adoption amounts possible.)\nFairfax's 6.1% gain is out of line with those of a comp group of other P&C insurers that have adopted IFRS 17.",
      "attrs": null,
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    {
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      "kind": "metric",
      "text": "IFRS 17 equity increase percentage: 6.1%",
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      "subkind": "primary",
      "toolName": "Quantification",
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    {
      "bbox": {
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      "kind": "table",
      "text": "Increase of equity post IFRS 17 | Admiral (68.4) | Hiscox 219.6 | Intact 420.0 | DFY 158.0 | Trisura 10.4 | Fairfax 2,439.0\nPost-Adoption Contract Liabilities | Admiral 4,025.4 | Hiscox 6,694.3 | Intact 28,946.0 | DFY 3,577.7 | Trisura 2,165.1 | Fairfax 39,900.0\n% Increase (Decrease) | Admiral -1.7% | Hiscox 3.3% | Intact 1.5% | DFY 4.4% | Trisura 0.5% | Fairfax 6.1%",
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      "kind": "title",
      "text": "Fairfax's IFRS 17 Adoption Equity Increase is Suspiciously Large",
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  ],
  "metrics": [],
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      "matchId": "7044744f-7f3d-4dda-916e-f19255a29b53",
      "evidence": "The slide explicitly labels the equity increase as 'suspiciously large' and compares it to peers to expose an anomaly.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "Repeatedly highlighting contradictions and discrepancies in Fairfax Financial's accounting and valuation practices",
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