CIB (Egypt) (OTCPK:CIBEY). As I have mentioned to you previously, CIB is one of the world’s best banks, with an unmatched 20-year track record. Its average annual return on equity over that period is 25+%, earnings per share have compounded annually by an average 21% and the stock at year end was selling at 10x earnings. We purchased CIB in 2014 at 22 Egyptian pounds, while its market price today is 70 Egyptian pounds, up 220% from our cost. However, in U.S. dollars, because of the Egyptian pound’s 50% devaluation in 2016, CIB is up only 30%. We own 7% of CIB and are very excited about its prospects under the leadership of Hisham Ezz Al-Arab and Hussein Abaza.
From Prem Watsa (Trades, Portfolio)'s fourth-quarter 2018 Fairfax Financial shareholder letter.
