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Fairfax’s Watsa Lost $121 Million in a Day on BlackBerry, Stelco

Prem Watsa
Prem WatsaPhotographer: Norm Betts/Bloomberg

Tuesday was a day to forget for Prem Watsa, often referred to as Canada’s Warren Buffett. His Fairfax Financial Holdings Ltd. lost more than C$160 million ($121 million) just in his top five listed Canadian investments, according to the latest filings compiled by Bloomberg.

BlackBerry’s abysmal fiscal second-quarter earnings, which saw one of its staunchest bulls join the bear camp, was the prime offender. The stock fell 23% on Tuesday and extended declines Wednesday to the lowest in six years.