Fairfax third-quarter profit shrinks on steep investment losses

Fairfax Financial Holdings Ltd., led by well-known contrarian investor Prem Watsa, barely eked out a profit for the third quarter as the company booked steep losses on its investments.

Fairfax recorded net investment losses of US$199.5 million in the quarter, compared with a gain of US$425.6 million a year earlier.

Losses on investments were primarily due to price fluctuations in stocks and Consumer Price Index-linked derivative contracts, the company said in a statement.

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