This is a multi-part message in MIME format. ------_=_NextPart_001_01D25D75.546A5C4F Content-Type: multipart/alternative; boundary="----_=_NextPart_002_01D25D75.546A5C4F" ------_=_NextPart_002_01D25D75.546A5C4F Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Good evening, =20 As some of you are aware, we follow (and in some cases invest in) the = companies managed by Canadian investor Prem Watsa. Mr. Watsa is the = founder of Fairfax India Holdings (FIH.U - founded in 2014) as well as = parent company Fairfax Financial Holdings (FFH - founded in 1985); both = of these securities are listed on the Toronto Stock Exchange. Mr. Watsa = has been very active this week with a very large acquisition announced = Sunday evening followed by an African investment-related IPO officially = announced around 14:30pm today (see today's Globe and Mail story and the = official press release below). =20 When considering an investment such as Fairfax Africa Holdings Corp., = investors must first consider the role of "frontier markets" in their = investment portfolios. For a little primer on this topic, we encourage = you to read "A new frontier" by Vikram Barhat (December 2015) = - spoiler alert: don't be surprised if you = recognize the odd name here and there. =20 We wish you and your families a happy, healthy and safe holiday season! =20 All the best, =20 Geoff and Howard =20 Fairfax plans $1-billion African IPO SUBSCRIBERS ONLY JACQUELINE NELSON = =20 =20 The Globe and Mail Published Friday, Dec. 23, 2016 5:00AM EST Last updated Friday, Dec. 23, 2016 5:03AM EST =20 Fairfax Financial Holdings Ltd. is plotting more growth in Africa with = plans to launch a new public company that would invest in the = continent's businesses, according to people familiar with the plans. The Toronto-based insurance and investment firm is set to file on Friday = a prospectus for an initial public offering for Fairfax Africa Holdings = Corp. amid a dearth of new offerings this year. The company is seeking = to raise as much as $1-billion. Fairfax has already secured about = $500-million from cornerstone investors and its own funds, the sources = said. Subordinate voting shares in Fairfax Africa will be made available for = $10 (U.S.) a piece in the IPO. A Fairfax subsidiary will take on the = role of portfolio manager and will bring on a local partner to do = investment research and help find potential deals, those people said. Fairfax Africa plans to embark on an investment safari, putting money = into a wide range of businesses in pockets of the continent where gross = domestic product growth is forecast to be swift. A recent study of = economic growth in Africa done by the World Bank Group indicated that = some countries, such as Ethiopia, Rwanda and Tanzania, are growing at = annual average rates of more than 6 per cent, although not all countries = have posted such gains. The push to launch this new company on the Toronto Stock Exchange c