Last year I stated that Resolute (RFP, Financial) has been a poor investment to date. I should have said, very poor!! Brad Martin chairs the Board at Resolute and he continues to work with management to find a path to increase shareholder value in a very tough environment for paper, pulp and lumber. Our net investment in Resolute is $745 million while the carrying value of our shares is approximately $200 million.
From Prem Watsa (Trades, Portfolio)'s Fairfax 2019 annual shareholder letter.
