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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "The slide uses a Bloomberg terminal screenshot to illustrate the stock price collapse of Farmers Edge.",
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      "kind": "callout",
      "text": "This was an under-impairment, as Fairfax still carried it at $71 million while the market value was $5 million.",
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      "text": "Fairfax first invested in Farmers Edge in 2015. It IPOed in 2021 and is -98% since.\nIn 2022, Fairfax impaired it by $133.4 million. This was an under-impairment, as Fairfax still carried it at $71 million while the market value was $5 million.\nIn 2022, undisclosed in Fairfax's filings, Fairfax agreed to provide a C$75.0 million credit facility to Farmers Edge. Farmers Edge drew C$38.0 million on the line in 2022, and another $36.9 million through Q3 2023, for a total balance of C$74.9 million.\nFarmers Edge Adjusted Free Cash Flow through the first nine months of 2023 was -C$42.4 million.",
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      "text": "impairment: $133.4 million",
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      "text": "Under-Impairing and Good Money After Bad",
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