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Reduced Fairfax - valuation driven, + it was stunningly a large position... still one of my top 5 holdings.


I noticed that Markel eliminated its position in FFH.TO in 1Q2015 after a long ownership. I will admit that their ownership gave me some comfort as I think they probably understand the business model. There are lots of reasons to sell and I know they did invest with them in India.

MKL has 11.5% of their port in BRKA/B so they're not abandoning the idea of investing in insurance companies.
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