fairfax at 12month low can it go lower, page-3

a danger lies with the intangibles getting written down during a recession which will obviously upset the balance sheet. cash flow obviously gets hit in any downturn but for me the price is allowing for most of this. i bought on friday. prepared to average down if price falls 15% below now and much beyond that. many media companies abroad have eyed fairfax in the past and will do so again. imo, mkts are not far from bottom but the recession is not. and if you don't think oz will go into recession then the all ords should be at 5000.

be good,

40.