Prem Watsa has often been referred to as the "Canadian Warren Buffett" for his fabulous track record in investing. He has a very similar business model as Warren Buffet's company where he collects premiums through the insurance companies he owns, and invests these premiums in income generating assets.
His investment letters look very similar to Warren Buffett's which shows the similarities they share in their investment strategies. I just finished reading Prem Watsa's investment letter for Fairfax Financial for the 2015 year. It is one of the great treasures for investment wisdom in the investing world along with Jeremy Grantham's letters, Howard Marks', and Warren Buffett's.
Prem Watsa explains the reasoning for his company's lackluster returns compared to the S&P 500 index being due to insurance contracts that