Q: Hi,

After A&W’s recent conversion into a Corporation do you feel they could be a candidate for a takeover? Is it possible that this conversion to a corporation, which would simplify the structure, was done make them more desirable to an acquiring company? Two obvious Canadian suitors may be QSR and Fairfax which owns many casual dining restaurants under its Recipe Unlimited division. Looking forward to your comments. Thanks.

Q: Hi group can you please comment on Capitol direct trust - last quarter they paid out 9% + over last 3 yrs they have averaged 7+ %. What is your assessment of the risk rewards in this sector i suspect that restrictions on liquidly and management fees are concerns but the attractive quarterly payout are very attractive in this unstable market overall your thoughts please. I am 74 and retired so steady income is a driver. Also please rate the above stocks (1-10 . 10 being best) Thanks for your help

Q: Could you please comment on Fairfax Financial Quarterly/FY earnings released today.

We own Intact Financial, but are looking to add another P&C Insurance Co. ( which also is in asset management business - we already have Brookfield Corp. }

Fairfax seems to be executing very well and stock performance supports this thesis.
Company is also buying back its stock, aggressively.

How do you assess and rate this Co. , on valuation, debt, risk and consistency of Growth over long period of time ?

Would you be comfortable to start a new position or add at current levels ?

Thank You