20 Feb 2009 Flush Fairfax Financial snaps up buying opportunities ( Portfolio )
“We think we are facing a long and deep recession... with many unintended consequences,” Mr. Watsa said.

“But as value investors we are seeing some excellent buying opportunities in common stocks for the first time in a long time, and we are taking advantage of them.”

“We consider this a time of opportunity,” he declared, as stock markets have fallen by half globally and spreads between the yields from corporate bonds and government bonds are near record highs.

However, “when I say that, I always say that with a five-year view. We really don't know what'll happen in the next three months, six months, a year from now. But five years from now, looking back, we think these prices will seem attractive,” Mr. Watsa added.