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The Fairfax Way

Inside Prem Watsa's Secret to Lasting Success

Hardcover
$28.50 US
6"W x 9"H | 20 oz | 12 per carton
On sale Nov 18, 2025 | 376 Pages | 9781037802195

The rise and stall—and rise again—of corporate Canada’s least well-known spectacular success

Even those who have heard of Prem Watsa and Fairfax Financial probably don’t understand them. The company sprawls across more than 100 countries and is known for its complex finances—so complex, they once attracted a who’s-who of Wall Street short sellers who misread the company as the next Enron and decided it could be profitably pushed into an open grave. The hedge funds even had Bob Dylan lined up to sing at the company’s funeral party. Fairfax stared down regulators and fought back. Dylan never got the chance to sing.

Watsa, now 75, stole a page from Warren Buffett in building a $45 billion global empire built on value investing and insurance assets. Its bold and creative trades are legendary, often moving against the herd and making billions while others lose their shirts. These days, the company is back winning billion-dollar bets, but away from the headlines. The Fairfax Way explores the lessons learned and why skies are now blue above a transformed company.

In its 39-year history, Fairfax’s annual compound return of 19.2% trounces the S&P 500’s 11.3%. Lately, it is outperforming even Silicon Valley tech stocks and winning back an investor following. It’s time to get to know Fairfax better.  The company’s holdings include strategic investments like Bauer hockey sticks, William Ashley wedding gifts, Sleep Country mattresses, Golf Town stores, and Seaspan container ships. If you took home Swiss Chalet chicken last week or went for steak at the Keg, you ate at Fairfax restaurants. 

It’s time to get to know Prem Watsa better, too. People long misjudged him as a recluse. Truth is, he simply always wanted to build a business, not talk to the media. After 40 years, he and his executives have finally decided it’s a good time to open up.

For all the colourful dealmaking, billion-dollar bets, high-stakes hedge fund wars, Thomas reveals an inspiring story for our current troubled times.  What emerges is that many people just had trouble believing Fairfax had the audacity to build a company culture based on the golden rule—treat others as you would have them treat you. The Fairfax Way captures the inside story of how a culture of treating people right can be a secret competitive moat to long-term outperformance.
“Thomas has managed to pull the curtain back on the success behind Fairfax. The Prem Watsa he reveals is brilliant but humble, funny and generous. A must read for everyone who has waited decades to know more about him.”
—Amanda Lang, CTV News Chief Financial Correspondent

“Long overdue, David Thomas’ yeoman efforts have resulted in a masterpiece! Anyone who adopts Prem Watsa’s principles is going to end up with far greater success. The one constant with Prem over the decades has been his unwavering focus on sticking to his seemingly simple principles. It resulted in one of the best compounding machines on the planet and a great Canadian success story!”
—Mohnish Pabrai, Indian-born value investor and founder of Pabrai Investment Funds

“The Fairfax Way is a compelling chronicle of one of the great enduring business stories of our time. With clarity and insight, David Thomas reveals how Prem Watsa built a global enterprise through disciplined value investing, a decentralized management structure, and the cultivation of a singular corporate culture.
—Lawrence Cunningham, Director, John L. Weinberg Center for Corporate Governance, University of Delaware. Author of The Essays of Warren Buffett and Quality Investing

The Fairfax Way is the business book we have been waiting for. For the first time, legendary value investor Prem Watsa opens up on the disciplined approach that made him one of the country's most successful entrepreneurs.”
—Andrew Willis, Columnist, The Globe and Mail

“This book is excellent reading for anyone who wants to understand Fairfax —a complex, frequently misunderstood company whose low-profile CEO is a man of discipline and integrity. As an academic, pre-2004, I did not know much about value investing. Then I met Prem Watsa and discovered I was a value investor, too.”
—George Athanassakos, Professor of Finance, Ben Graham Chair in Value Investing at Ivey Business School, and Founder/Managing Director of the Center for the Advancement of Value Investing Education

“David Thomas captures the essence of what makes Fairfax special: its people, its values, and its disciplined approach to capital allocation. As someone privileged to serve on the board of Fairfax and to witness this culture firsthand, I found this a faithful account and a powerful reminder of what principled leadership can achieve.”
—Lauren C. Templeton, Principal, Templeton & Phillips Capital Management, LLC and Independent Director at Fairfax Financial & Fairfax India

"I expected a book written about Prem Watsa, who has led an organization to a meteoric rise in four decades, to be defined by audacious creativity, deep commitment to leadership and unconventional wisdom. This book delivers all that, and then some! The Fairfax Way shows us that success is not a coincidence; it is the result of adhering to well-defined guiding principles over time, which can take you from where you are to where you want to be.”
—Roy Ratnavel, #1 bestselling author of Prisoner #1056
DAVID THOMAS has had a front-row seat on the Canadian business world for several decades in Toronto, serving twice as Editor of the Financial Post and leading the reporting team at the Globe and Mail’s Report on Business. He served stints as Editor-in-Chief at MoneySense, Marketing and Canadian Business, and as Business Editor at Maclean’s.  He was born in Vancouver and is currently based in London, England, where you can still buy newspapers at the convenience store. View titles by David Thomas

About

The rise and stall—and rise again—of corporate Canada’s least well-known spectacular success

Even those who have heard of Prem Watsa and Fairfax Financial probably don’t understand them. The company sprawls across more than 100 countries and is known for its complex finances—so complex, they once attracted a who’s-who of Wall Street short sellers who misread the company as the next Enron and decided it could be profitably pushed into an open grave. The hedge funds even had Bob Dylan lined up to sing at the company’s funeral party. Fairfax stared down regulators and fought back. Dylan never got the chance to sing.

Watsa, now 75, stole a page from Warren Buffett in building a $45 billion global empire built on value investing and insurance assets. Its bold and creative trades are legendary, often moving against the herd and making billions while others lose their shirts. These days, the company is back winning billion-dollar bets, but away from the headlines. The Fairfax Way explores the lessons learned and why skies are now blue above a transformed company.

In its 39-year history, Fairfax’s annual compound return of 19.2% trounces the S&P 500’s 11.3%. Lately, it is outperforming even Silicon Valley tech stocks and winning back an investor following. It’s time to get to know Fairfax better.  The company’s holdings include strategic investments like Bauer hockey sticks, William Ashley wedding gifts, Sleep Country mattresses, Golf Town stores, and Seaspan container ships. If you took home Swiss Chalet chicken last week or went for steak at the Keg, you ate at Fairfax restaurants. 

It’s time to get to know Prem Watsa better, too. People long misjudged him as a recluse. Truth is, he simply always wanted to build a business, not talk to the media. After 40 years, he and his executives have finally decided it’s a good time to open up.

For all the colourful dealmaking, billion-dollar bets, high-stakes hedge fund wars, Thomas reveals an inspiring story for our current troubled times.  What emerges is that many people just had trouble believing Fairfax had the audacity to build a company culture based on the golden rule—treat others as you would have them treat you. The Fairfax Way captures the inside story of how a culture of treating people right can be a secret competitive moat to long-term outperformance.

Praise

“Thomas has managed to pull the curtain back on the success behind Fairfax. The Prem Watsa he reveals is brilliant but humble, funny and generous. A must read for everyone who has waited decades to know more about him.”
—Amanda Lang, CTV News Chief Financial Correspondent

“Long overdue, David Thomas’ yeoman efforts have resulted in a masterpiece! Anyone who adopts Prem Watsa’s principles is going to end up with far greater success. The one constant with Prem over the decades has been his unwavering focus on sticking to his seemingly simple principles. It resulted in one of the best compounding machines on the planet and a great Canadian success story!”
—Mohnish Pabrai, Indian-born value investor and founder of Pabrai Investment Funds

“The Fairfax Way is a compelling chronicle of one of the great enduring business stories of our time. With clarity and insight, David Thomas reveals how Prem Watsa built a global enterprise through disciplined value investing, a decentralized management structure, and the cultivation of a singular corporate culture.
—Lawrence Cunningham, Director, John L. Weinberg Center for Corporate Governance, University of Delaware. Author of The Essays of Warren Buffett and Quality Investing

The Fairfax Way is the business book we have been waiting for. For the first time, legendary value investor Prem Watsa opens up on the disciplined approach that made him one of the country's most successful entrepreneurs.”
—Andrew Willis, Columnist, The Globe and Mail

“This book is excellent reading for anyone who wants to understand Fairfax —a complex, frequently misunderstood company whose low-profile CEO is a man of discipline and integrity. As an academic, pre-2004, I did not know much about value investing. Then I met Prem Watsa and discovered I was a value investor, too.”
—George Athanassakos, Professor of Finance, Ben Graham Chair in Value Investing at Ivey Business School, and Founder/Managing Director of the Center for the Advancement of Value Investing Education

“David Thomas captures the essence of what makes Fairfax special: its people, its values, and its disciplined approach to capital allocation. As someone privileged to serve on the board of Fairfax and to witness this culture firsthand, I found this a faithful account and a powerful reminder of what principled leadership can achieve.”
—Lauren C. Templeton, Principal, Templeton & Phillips Capital Management, LLC and Independent Director at Fairfax Financial & Fairfax India

"I expected a book written about Prem Watsa, who has led an organization to a meteoric rise in four decades, to be defined by audacious creativity, deep commitment to leadership and unconventional wisdom. This book delivers all that, and then some! The Fairfax Way shows us that success is not a coincidence; it is the result of adhering to well-defined guiding principles over time, which can take you from where you are to where you want to be.”
—Roy Ratnavel, #1 bestselling author of Prisoner #1056

Author

DAVID THOMAS has had a front-row seat on the Canadian business world for several decades in Toronto, serving twice as Editor of the Financial Post and leading the reporting team at the Globe and Mail’s Report on Business. He served stints as Editor-in-Chief at MoneySense, Marketing and Canadian Business, and as Business Editor at Maclean’s.  He was born in Vancouver and is currently based in London, England, where you can still buy newspapers at the convenience store. View titles by David Thomas