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I think the same thing as Rationalwalk.

Of course this is not really quantifiable, and it is a checklist kind of thing, but if I really thought Prem Watsa was going to leave Fairfax next year, I would sell my shares. It is his record of going 25 years with over 20% per annum gains that makes this mediocre insurance conglomerate worthwhile. It currently trades at book, and would be worth about that without Watsa. I must think the added value of Watsa is huge, since it is my #2 position after Berkshire, at 24% and 30% respectively.

Regards, DTM
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