In short: The proof that the marking gap is real, and realised at the parent. A private company in which Fairfax held a ~45% stake, carried at $15.50 per share. "In late May, Fairfax sold a ~23% stake for $28.30 per share, more than 85% above its carrying value. The sale generated $1.91 billion in proceeds and a pretax gain of $837 million." Cited as evidence rather than as a holding view — it is now largely sold.
Poseidon is a private company in which Fairfax owned roughly 45%, valued in its accounts at $15.50 a share. In late May it sold about a 23% stake at $28.30 a share — more than 85% above the carrying value — raising $1.91bn and booking an $837m gain.
It is included as evidence, not as an idea. The whole article rests on the claim that assets valued by management estimate are worth more than the estimate; Poseidon is the case where somebody actually paid cash and proved it. It is the strongest single fact in the piece, and it is the reason the same argument about Fairfax India's airport deserves a hearing.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.