January 28, 2025
The Empire Club of Canada Presents
2024 Nation Builder Award — Celebrating Prem Watsa
Chairperson: Jenna Donelson, President, Board of Directors, Empire Club of Canada
Nation Builder of the Year Award Recipient
Prem Watsa, Founder, Chairman & CEO, Fairfax Financial Holdings
Moderator
Andrew Willis, Business Columnist, The Globe and Mail
Distinguished Guest Speakers
Bill McFarland, Lead Director & Audit Committee Chair, Fairfax Financial Holdings
The Right Honourable David Johnston, Canada’s 28th Governor General [By Video]
Kathleen Taylor, Chair, Hospital for Sick Children
Justin Bennet, Joel Tillinghast, and Will Danoff, Fidelity Investments [By Video]
Sheamus Murphy, Board Director, Empire Club of Canada; Partner & Federal Practice Lead, Council Public Affairs
Kelly Jackson, Past President, Empire Club of Canada; Vice President, Destination Development, Destination Toronto
“O Canada” performed by Young Voices Toronto
Welcome Address by Jenna Donelson, President, Board of Directors, Empire Club of Canada
Welcome, everyone. Thank you for joining us today. It is so nice to see so many people in the room. Thank you, Young Voices Toronto. What a great rendition of “O Canada.” I invite you all to take your seats as you settle in. I would like to introduce our conductor, Carol Anderson, our pianist, Jae Eun Yoo, and our violinist, Margaret Fang. They will be joining the choir for their next performance. Enjoy it and then take some time to converse. Enjoy each other over lunch. The formal portion of the program will begin shortly. Enjoy.
Further performance by Young Voices Toronto
Jenna Donelson
Good afternoon, everyone. My name is Jenna Donelson. I have the privilege of serving as chair of this historic organization, and your host for today’s Nation Builder Awards Ceremony.
Before we begin, I want to acknowledge that we are gathering on the Traditional and Treaty Lands of the Anishinaabe, the Haudenosaunee, and the Wendat Peoples. I encourage you all to learn more about the Traditional Territory upon which you work and live.
I would also like to take a moment to recognize our sponsors, and a number of them have come out for you today, Prem. The Empire Club is a non-profit organization, and our sponsors generously support the club. They make events like this possible, and for those of you online, they’re all complimentary. So, please join me in extending a big thank you to our presenting sponsors, BMO, Scotiabank, and National Bank Financial Markets. And to our VIP Reception Sponsor, Ellis Don. Thank you. Thank you, as well, to our major sponsors Huron University, Maple Leaf Foods, Collier’s International Group, PWC, TD Securities, KPMG, OMERS, A&O Shearman, Citi Commercial Bank, and Waterous Energy Fund. Thank you for your support. And thank you, as well, to our Supporting Sponsors, RBC Capital Markets, APMA, Deloitte, Recipe Unlimited Corporation, Fasken, Trinchera Group, Sleep Country Canada, and Fairbank Investment Management Limited. Thank you for your support today. We also deeply appreciate the ongoing support of our Lead Season Sponsors, Bruce Power, and Hydro One, and our VIP Reception Season Sponsors, Waste Connections of Canada, and Ellis Don. Thank you for your continued support. And finally, thank you to our Media Partner, The Toronto Star, and our AV Partner, Bespoke Audiovisual. Thank you.
If you have a question for our speakers today, please scan the QR code found on your program, or through the Q&A function, if you’re online. For those of you online, if you require technical assistance, please use the chat feature.
The Empire Club has been a platform for meaningful dialogue, visionary leadership, and impactful conversations, since 1903. Over the years, this stage has welcomed some of our most distinguished builders of our nation, people who rose to meet challenges with courage, innovation, and integrity.
This afternoon, we gather for the sixth time, to formally recognize one such leader. We are all here to shine a light on someone whose contributions go far beyond their considerable professional achievements, someone who has helped enrich the very fabric of our country. Since the inaugural Nation Builder in 2019, the past few years have been particularly marked by change and uncertainty. Once again, we find ourselves looking out into the world, wondering what will happen next. Emotions are high, and so are the stakes. But as I reflect on this, I find comfort in the wisdom shared on this very stage by another Nation Builder, the Right Honourable Brian Mulroney, in 1991, during a time of profound national challenge. His words are as powerful today, as they were 34 years ago, when he said that “History has proven us a resilient people. Canadian sweat and genius have given us a dynamic economy, and the vision our founders have provided gives us a flexible system of government. But the world is changing, rapidly, and Canada must change with it.”
Our nation’s ongoing resilience comes from the people who embody and inspire that resilience. One of those people is Prem Watsa. Someone whose life and legacy remind us that even amid uncertainty, we can rise stronger, when we are guided by principles of honesty, integrity, and an unwavering commitment to doing what is right. That is why it is so important today, that we recognize him.
Prem’s story is one of remarkable vision and perseverance. When he came to Canada as a young man, Prem embraced the opportunities before him, building on a foundation of education, determination, and hard work. He represents a true Canadian success story, carving his path as a value investor, and staying true to his principles, even when it meant defying conventional wisdom. That’s how he grew Fairfax Financial Holdings into a global insurance powerhouse. Yet even in the middle of extraordinary successes, it’s clear that Prem has stayed humble and grounded, and focused on helping others. That is why we are also thrilled to honour his contributions that go far beyond business. He champions opportunities for the next generation, through his support for SickKids Hospital, the Horatio Alger Association, and Huron University, among others. And the impact of his support will continue to be felt for generations to come.
There is still much more to say, and I know we’re all looking forward to hearing from some of Prem’s esteemed peers and colleagues, shortly. So, I’ll finish these opening remarks by saying this. The Nation Builder Award is a celebration of the values and principles that build our country. Resilience, vision, and a commitment to lifting others up along the way. In Prem Watsa, we see a shining example of what it means to live those values. And today, we proudly add his name to the distinguished list of those who have shaped Canada’s legacy, and inspired its future.
Now, before we hear from our four endorsers, it is my pleasure to invite our Presenting Sponsor, Mark Mulroney, Vice Chair of Global Banking and Markets at Scotiabank, to the podium to deliver some welcome remarks. Please join me, in welcoming to the stage, Mark Mulroney.
Opening Remarks by Mark Mulroney, Vice Chair, Global Banking & Markets, Scotiabank
Thank you, Jenna. That was terrific. And thank you for that quote. Bringing back my dad into this floor was extremely important. I know he was very close to Prem, as well. Good afternoon. I’m Mark Mulroney, Vice Chair in Global Banking and Markets at Scotiabank. On behalf of Scotiabank, it is a great honour to be here with all of you, as we celebrate one of Canada’s finest, Prem Watsa, as the recipient of this year’s Nation Builder Award, by the Empire Club of Canada.
Scotiabank is very proud to be a sponsor of this award, which celebrates exceptional Canadians, who have made a positive and lasting contribution to our country, and who are inspiring role models for Canadians. Banking is about people. At Scotiabank, client primacy is very important to us. Growing with and supporting our partners is what matters most. Prem, you are the definition of a partner. Widely recognized as a distinguished and respected Canadian business leader, entrepreneur, and philanthropist—that was a lot to get out there—Prem embodies the spirit of this award, and what it is to be an outstanding role model.
Known to many as the Warren Buffett of Canada, Prem’s story as an immigrant to this country and his journey as a business founder, leader, and visionary, is an inspiring example of what hard work and determination can achieve. Moving to Canada from India, his energetic and tenacious spirits led him to eventually set his sights on starting his own business, in 1984. He began acquiring insurance companies, and founded Toronto-based financial services firm Fairfax Financial, in 1985. Today, Fairfax is a leading holding company, primarily engaged in property and casualty insurance, reinsurance, and the related investment management, among other things. Prem continues to serve as chair and CEO, and under his leadership, Fairfax has expanded its footprint, and reached globally, with operations spanning North America, the Caribbean, South America, Europe, the UK, Africa, the Middle East and Asia.
Prem is, at his core, a deal-maker. No one—sorry, excuse me—never one to rest on his laurels, he continues to expand Fairfax’s reach into new jurisdictions, always looking at new opportunities, and transacting virtually every year. It is with this spirit that he has built Fairfax into the global champion it is today, and sometimes, I get the impression that he’s just getting started. Prem believes business to be a tremendous force for good, and he has instilled the spirit into Fairfax as a company, which is guided by the Golden Rule of treating others as we would like to be treated ourselves.
Beyond his business endeavors, Prem is an all-around good person. He cares deeply for his family, and is a pillar of the community, actively volunteering his time on several boards, not to mention his work through Fairfax Foundations in Canada, and around the world. Scotiabank is honoured and grateful for our long-standing relationship with such remarkable Canadians, such as Prem. Congratulations, Prem, on a well-deserved award, and thanks for all you do for Canadians, and for so many around the world.
Jenna Donelson
Thank you, for those welcome remarks, Mark, and for setting the stage so beautifully. Prem’s impact as a leader and philanthropist is reflected in the voices we are hearing today. And so, it’s my pleasure to introduce a series of testimonials, to honour his remarkable contributions. We’ll begin with Bill McFarland, Lead Director and Audit Committee Chair for Fairfax Financial Holdings. Please join me, in welcoming Bill to the stage.
Bill McFarland, Lead Director & Audit Committee Chair, Fairfax Financial Holdings
Good afternoon, and thanks, Jenna, and thanks to the Empire Club of Canada. It truly is an honour to be here today, to celebrate the accomplishments of Prem Watsa. Prem has inspired many of us in the room today, and others from across Canada, and around the world. The Nation Builder Award recognizes Canadian leaders from various fields, that have truly made a difference. And I have been really lucky to have a front row seat for the past two decades, and watched Prem have an incredible impact.
As many of you know, Prem came from humble beginnings in India, attended the prestigious India Institute of Technology, in chemical engineering—I’m not sure he remembers much about that training, today. But he then moved to Canada with only a few bucks in his pocket, worked as a salesman, to put himself through the Richard Ivey School of Business, and get an MBA.
After a short stint at Confederation Life, as Mark mentioned, in ’85 he acquired, with the help of a few friends, a small insurance company Markel for $10 million. And he told me it was the hardest money he ever raised in his life. And he renamed it Fairfax, which stands for Fair and Friendly Deals. And yes, as Mark mentioned, Prem and the Fairfax team have closed a few deals, over the years. Fairfax has become, and is, a great Canadian success story. And over the past 40 years, has grown from that small company, to have a market cap of over $45 billion. Its share price has climbed from slightly over $3, in 1985, to $2,000 today, and is now a leading global property and casualty insurance company. It is truly an amazing story.
And through all those years, the secret sauce to Fairfax’s success is the culture that has been built within the company. The culture is based on Fairfax’s guiding principles, which are essentially unchanged, for the past 40 years. The principles guide Prem’s personal and business actions, every day. And some of them include thinking long-term, empowering people, and following the Golden Rule, be honest, and have integrity in all your dealings, be a team player, with no ego, and give back to the communities where you work, because doing good by doing well is your social responsibility.
I could recount many examples of Fairfax’s culture in action, over the years. But a few quick examples are Prem’s ability to build strong, long-term relationships, based on honesty and integrity, with an eye to finding win-win solutions, when challenges inevitably arise. By following the Golden Rule, which was evidenced by Fairfax not reducing headcount in its insurance operations during COVID, a decision reflecting Prem’s belief in supporting employees. And finally, by Fairfax contributing over $300 million to charitable organizations, since 1991, to make local communities stronger.
In closing, Prem, Prem, you have shown great vision. You’ve demonstrated integrity, resiliency, courage, dedication, your hallmark humility, and exceptional leadership, through many business cycles, over several decades. And your efforts have not only made Fairfax, but Canada, a better place to live in. Congratulations from your board, and the Fairfax employees, on this well-deserved award, and I know the best is yet to come, for both you and Fairfax. Thank you very much.
Jenna Donelson
Thank you for those remarks, Bill, for giving us a little bit of insight, as well, into the history and culture at Fairfax. Next, we will hear from the Right Honourable David Johnston, Canada’s 28th Governor General, who is joining us with his testimonial on screen.
The Right Honourable David Johnston, Canada’s 28th Governor General [By Video]
Good day, everyone. I’m David Johnston. I’m honoured and delighted to be with you today, to speak about my very dear friend, Prem Watsa. I have two messages, today. One about Canada, and the Empire Club. The second about a remarkable Canadian, Prem Watsa, who chose Canada half a century ago, and has made extraordinary contributions over those five decades. Canada needs its heroes to inspire the next generation to focus on the public good, and make this blessed country even better for all. I salute the Empire Club for its initiative, to select and celebrate our heroes. Such recognition is especially vital, as we face a pivotal moment in global history, where celebrating values and achievements is essential to inspire progress. Prem is such an inspiring choice, because he exemplifies qualities that build communities and nations, not just successful companies, but also innovation, trust, and faith.
First, innovation. Prem arrived in Canada from India at 21, with $50 in his pocket, and an exceptional education from an Indian Institute of Technology. While pursuing an MBA at Western University, he sold air conditioning door-to-door, to fund his studies. He joined Confederation Life as an investment analyst, later raising startup capital to buy a small insurance company. From these beginnings, he founded Fairfax Financial, whose name reflects fair and friendly acquisitions. Under Prem’s leadership, Fairfax has achieved extraordinary growth, an initial $1,000 investment in 1985 is now worth nearly $2 million, with annual growth of 18.4%.
Second, trust in values. Fairfax’s guiding principles, unchanged since its founding, emphasize honesty, teamwork, loyalty, and treating others as you wish to be treated. Prem fosters trust through decentralization, the magic of empowerment, empowering employees across 100-plus subsidiaries worldwide, to innovate and succeed. As George Shultz once said, “Trust is the coin of the realm,” and Prem exemplifies that ideal.
And third, faith. Prem’s Christian faith, centred on empathy and the Golden Rule, has guided his personal and professional life. Even while paying off their first mortgage, Prem and Nalini tithed 10% of their income to charity, a commitment they’ve upheld for decades. Fairfax has donated over $350 million to charity, over the past three decades, while also enabling employees to volunteer for local causes.
One of Prem’s most impactful roles has been as chair of the Horatio Alger Association of Canada, which provides scholarships and mentoring to marginalized youth. This initiative reflects Canada’s value of equality of opportunity, helping young people achieve their dreams, over 100 each year. I know of no scholarship program that is as ambitious and effective as this one, in reaching out to young people from the most marginalized circumstances.
Prem’s humility also sets him apart. When asked to serve as chancellor of the University of Waterloo, he hesitated, saying, “I’m just a poor guy from India, who got lucky.” Yet he ultimately accepted, bringing humour, warmth, and inspiration to the role. If I were to summarize Prem’s guiding principles, it would be the words of the prophet Michael, “Seek justice, show mercy, and walk humbly before thy God.” How appropriate to honour Prem Watsa, a visionary leader, a community builder, and a great Canadian. Thank you.
Jenna Donelson
Some timely and insightful remarks from David Johnston. Please join me, now, in welcoming Kathleen Taylor to the stage. She is the chair of the Hospital for Sick Children, and friend of Prem Watsa. Welcome, Kathleen.
Kathleen Taylor, Chair, Hospital for Sick Children
Thank you, Jenna, and good afternoon, everyone. Prem, it’s an absolute pleasure and privilege to be here at the Canadian Club today, to help honour and celebrate you. For my part today, I’m going to pick up on a theme that both David and Bill called out, which is Prem’s incredible contributions to philanthropy, and in particular, to Prem’s virtually lifelong dedication, as a volunteer director at Sick Kids. In Prem’s own words, Sick Kids holds a special place in his heart. And over the last three decades—think of that, three decades—we, at the Hospital for Sick Children ,and the Sick Kids Foundation, have been blessed as an organization, where Prem has devoted so much of his time, his talent, and his treasure.
Prem joined the Sick Kids Foundation board in the mid-’90s, and has co-chaired the joint hospital and foundation investment and pension committee, ever since. With his expert guidance over that almost 30 years, the foundation and hospital investments have seen top decile annualized returns. Prem and his dedicated chair, Erwin Rotenberg, over at the hospital, have steadfastly maintained a long-term, value-oriented perspective, ensuring that our assets are carefully managed, to support the institution’s long-term goals.
In addition to attending and chairing, literally dozens and dozens and dozens of committee meetings, Prem spent hours of his free time watching the markets, overseeing portfolio strategies, and managing our investment managers, always thinking about how to get the best outcome for Sick Kids. Both funds started at very modest levels. The Sick Kids Foundation at about $150,000, the hospital at just under $300,000. And each of them have grown impressively, with the foundation’s endowment now standing at $1.5 billion, and the hospital pension and other plans at just under $2 billion. Moreover, excess investment returns have helped to fuel many of the special programs that are now so very important to our Sick Kids kids, and their families.
Prem has also been a tireless advocate for Sick Kids, across his extensive circle of influence, and I know we would not be where we are today without his support, his expertise, and his passion for our mission, which is “Healthier Kids, A Better World.” Congratulations, Prem, on this amazingly well-deserved honour. Thank you for everything you do, and have done for Sick Kids, for Toronto, for Ontario, and for Canada. Thank you.
Jenna Donelson
Thank you, Kathleen, for giving us some insight into Prem’s tireless advocacy, and thank you to everyone in this room, who serves on the board of Sick Kids Hospital. It’s great work you’re doing. Finally, we are happy to hear from Will Danoff, and some special guests from Fidelity Investments, who are also joining us on the screen. Let’s see what they have to say.
Justin Bennet, Joel Tillinghast, and Will Danoff, Fidelity Investments [By Video]
Justin Bennet: Fidelity joins the celebration on behalf of shareholders, to recognize 40 years of extraordinary wealth creation, and the series of unbelievable decisions that you made to propel Fairfax’s growth. Keep in mind, Prem arrived in Canada with just $8 in his pocket, which doesn’t sound like much, until compared with the $1.50, which is the book value per share that he founded Fairfax with. Since then, he’s turned one-and-a-half dollars into over $1,200.
But achieving the highlights depended on enduring the hardships. When Prem responded with a singular greatness to steer Fairfax through unprecedented manmade and natural disasters, bear raids, and an irrational exuberance. Prem, your passion and perseverance inspire us and make you uniquely valuable to Fidelity’s fund holders. Thank you, Prem. Congratulations.
Joel Tillinghast: I have three words to describe Prem’s intrepid, generous, and gritty. Intrepid, in that Prem considers investments, where others are fearful to go, and possibly neglected. Generous, not only to many charities, but also, in sharing his thoughts and opportunities with Fidelity. Gritty, not everyone can move halfway around the world, to build a leading insurance company. Most people don’t hang in there, when things go against them. Will?
Will Danoff: Yeah. Prem, just want to thank you for everything you’ve done, and join Justin and Joel to congratulate you, on this special recognition. A wise man once said, “When I was younger, I admired clever people. And as I’ve gotten older, I admire kind people.” And it’s a rare opportunity, for Joel, and Justin, and me, to work with somebody who’s both clever and kind. So, thank you so much for what you’ve done at Fairfax, and how you’ve done it. You’ve set the standard, set the bar extremely high, for all public company CEOs. And we’re delighted to share our congratulations with you, tonight. Take care. Thank you.
Jenna Donelson
Some great comments on how you set the standard high, Prem, from the team at Fidelity Investments. Thank you to all of our endorsers, whose heartfelt testimonials underscore the personal impact of Prem’s character and actions. Your words have brought to life the very things that we are here to celebrate today. And at this time, I’m honoured to introduce two people, who have played a pivotal role in organizing today’s event. Kelly Jackson is the past president of the Empire Club, and Vice President of Destination Development at Destination Toronto. And Sheamus Murphy is a Board Director of the Empire Club, and partner and Federal Practice Lead at Council Public Affairs. Kelly and Sheamus are the co-chairs of the Nation Builder Award Selection Committee, leading the thoughtful and rigorous process of identifying honourees, whose work is shaping Canada’s future. They are also my colleagues on the board, and I’m delighted to welcome them to the stage. Please join me, in welcoming Kelly and Sheamus.
Sheamus Murphy, Board Director, Empire Club of Canada; Partner & Federal Practice Lead, Council Public Affairs
Thanks so much, Jenna. For over 122 years, the Empire Club has been making history, as the venue where Canada’s leaders have shared their vision for building our nation. But it was only six years ago that the Empire Club created the Nation Builder Award, to recognize special individuals or groups, who are making a significant contribution to our country. The Nation Builder Award is not a lifetime achievement award; it is for those who continue to actively make Canada the best place in the world to live, work and play. As a co-chair of the Nation Builder Committee, alongside my friend Kelly Jackson, I joined other Empire Club board members in a comprehensive process, to choose our next Nation Builder. We knew it was no small task, as we had to meet the high bar of past Nation Builder recipients, like Wes Hall, who joins us today, the inspirational founder of Canada’s most preeminent shareholder advisory firm, who has fought systemic anti-Black racism and fostered Black entrepreneurship and leadership in Canada; Dr. Hailey Wickenheiser, four-time Olympic gold medallist, one of the greatest hockey players of all time, and role model, especially to women and girls, who aspire to greatness; Perry Bellegarde joins us today, who, as National Chief of the Assembly of First Nations, gave voice to a national desire for Reconciliation between Indigenous people and settlers; Canada’s frontline health workers, who sacrificed so much for us, during the COVID-19 pandemic; and Masai Ujiri and the Toronto Raptors, in the wake of their inspirational NBA championship victory.
Today, we are so pleased that Prem Watts will join these outstanding Canadians. This year’s selection committee comprised seven of our board members, who brought a diverse range of expertise and perspectives to the table. I’d like to thank each and every one of them for their dedication and hard work, in making this year’s selection. Let’s give them a round of applause. I’d like to now invite Kelly to the podium, to share more about the Nation Builder Award, and why Prem Watsa is a perfect recipient for this year.
Kelly Jackson, Past President, Empire Club of Canada; Vice President, Destination Development, Destination Toronto
Thank you, Sheamus. Each year, we receive several nominations for this award. Nominees come from a wide range of backgrounds, and they have all made impressive contributions to our country. The criteria to be considered for this award is simple, yet profound. It falls into four categories—impact, leadership, recognition, and activation. The recipient of this award must have made a positive and lasting contribution to Canadian society. They must be an inspiring role model for all Canadians. They have a stellar national and international reputation. And they have demonstrated an ability to mobilize Canadians on matters that are important for the future of our country. I think it’s fair to say that, against this criteria, Prem Watsa’s nomination immediately stood out.
As a committee, we found Mr. Watsa’s journey and achievements inspiring, embodying resilience, ingenuity, and characterized by both an unwavering commitment to excellence in business, and a deep belief in opportunity creation. As the founder and CEO of Fairfax Financial Holdings, he has demonstrated remarkable leadership, leading the company with distinction in the insurance and investment sectors, while fostering significant growth and innovation across the industry. Certainly, we have heard many examples of that from our endorsers. Mr. Watsa’s contributions extend, though, well beyond the business world. His commitment to philanthropy and volunteerism is clear. He has significantly supported education, and healthcare initiatives, and organizations in several ways, including dedicating his time and expertise. He inspires future generations of entrepreneurs, not just to build the next great Canadian company, but to be an engaged Canadian while doing so, finding their own ways to uplift individuals and communities, across our country. So, on behalf of the Nation Builder Committee, congratulations, Mr. Watsa. I have to say, you made our job pretty easy. I would now like to invite Jenna Donelson back to the podium, to officially present Mr. Watsa with this year’s award.
Jenna Donelson
Thank you, Kelly and Sheamus, for your thoughtful remarks, and for your hard work on this event. And now, to our guest of honour. Prem, your story inspires us all. From arriving in Canada as a young student, to building Fairfax into a global leader, your contributions to business and philanthropy cannot be understated. As we have heard so eloquently today, you embody the very heart of this award, resilience, innovation, and generosity. On behalf of the Empire Club of Canada, I’d like to thank you for leading with vision, purpose, and heart. Now, will you all please join me in welcoming to the stage our 2024 Nation Builder Award recipient, Mr. Prem Watsa.
Prem Watsa, Founder, Chairman & CEO, Fairfax Financial Holdings
Good afternoon, my friends. It’s terrific to be here. I couldn’t recognize myself, with all those comments that were made. But I wanted to say that there’s so many bosses here today. Presidents, chairmen, chairperson, vice-presidents, and sometimes, I’ve been called a boss, too. And so, it reminded me of the story of this person who wanted to buy a parrot. So, he goes to the store to buy a parrot, and there’s three parrots there. And he says, “How much is that one?” He says, “That parrot, sir, is $500.” He says, “$500 for a parrot? Why is that?” “Well, the parrot knows how to use a computer.” The man then says, “How about that second parrot?” “It’s $1,000, sir. $1,000.” “$1,000 for a parrot? What can that parrot do?” “Well, you know, what that parrot can do. AI, is all about AI, and this parrot can do that.” So, he’s a little worried. Now he says, “How about that last parrot?” And he says, sharp photos here, “That last parrot, $2,000.” He says, “$2,000? Why would it go for $2,000?” He says, “To be quite honest, I don’t know why. But the other—the parrot doesn’t do anything, but the other two parrots call him Boss.” So, good afternoon, my friends. It’s really, really a pleasure to be here. And those lovely comments that you all made were very, very generous, and I thank the CEO, Kent Emerson, and the Chair, Jenna Donelson, for this great honour.
Now, I’m accepting this award on behalf of our company, Fairfax Financial, which has been in, this is our 40th year, on behalf of our presidents, and all our employees. Our company has always believed in the team effort, and it’s always used, I use Reagan, President Reagan’s philosophy, “When nothing in the world is impossible, if you don’t care who gets the credit?” And we’ve been fortunate to build our company on that principle. Now, it’s, I must tell you, this is going back for me, for a long time. Because 1979, I was here, sitting down here, and I think in the same room, and Sir John Templeton was making a speech, 1979. And I heard a speech. We were all investment. I was an analyst. Heard a speech, and I wrote a little note to him—and believe it or not, disagreed with something that he said—and said I would love to meet him. Long story short, within a week, he said, I replied, “Yep, three months from now, I’ll meet you.” And there was a company by the name of A.E. Ames, and so I met him. And thus began a 30-year relationship with Sir John Templeton. He was a mentor, a great, wise person, and to me, almost a saint. And we’re so happy today, to have Heather Dill Templeton, his granddaughter, and Lauren Templeton, his grandniece. Let’s give them a nice round of applause. Nice to see them.
Fairfax, as you’ve heard, is a Canadian story. It’s a immigrant story. An immigrant, who was welcomed into this great country 52 years ago. I had no money, never bought a stock before, never knew anyone in business, because my father was a teacher, an educator, who ultimately became the principal of a very good school. And in India, my three siblings and I were very blessed to be raised by two wonderful parents. So, 52 years ago, as I was roaming the streets of London and Toronto, I’d never have thought I’d be here in front of you, and making this speech. When we took control of Fairfax, as Bill has said, and others have said, in 1985, 39 years ago, it was a small public trucking insurance company, listed in Canada, and it had never made $1 million, in its history. Today it writes approximately $33 billion in premium in 100 countries, employs 22,000 people, and last year, Fairfax made U.S. $4.4 billion, and only six companies in Canada made more. Our stock, as Bill was saying, was three-and-a-quarter, 3.23 to be exact, in 1985, and today it’s 2,000, about 600 times what it was 39 years ago, a compound rate of almost 19%.
But why were we successful? And a lot of people helped me along the way, and this is an opportunity to thank them. But all I learned was in Canada. I learned everything in this beautiful country. And, you know, I’m just so grateful, as you can imagine, an immigrant coming to Canada, and learning everything here. In the interest of time, I won’t go into all of the detail, but first of all, I wanted to say, I’ve been married to my wife, Nalini, for 51 years, and I would not be here, if not for her. And she’s right here, so I wanted to recognize my good wife, Nalini. We have three healthy, hardworking children, Ben, Christine, Stephanie, my daughter-in-law, Molly, and my son-in-law, Quinn, and five grandchildren, wonderful grandchildren. We’re very thankful for the Good Lord, for all of them. I’m also thankful we are, you know, you get someone from India, you don’t get one or two people; you get a tribe. I’m also very thankful to my extended family. My brother, David, and his wife, Margaret—Margaret’s here—who sponsored me to Canada in 1972, and my sisters, Cooper and Nava, and my brother-in-law, Robbie, and their children and grandchildren.
Of course, as I said earlier, this is a Canadian story, a country built on the free enterprise principle, that allows companies to prosper. As a new immigrant to Canada, my life changed when John Watson and Jim Martin from Confederation Life offered me a job as an investment analyst. John introduced me to Ben Graham, one of the few places that talked about Ben Graham, and value investing. My road to Damascus had begun. I asked Nalini, if we had a son—I was so enthused about it, that if we had a son, could we name him Ben? She agreed. And we did have a son, and he’s got Ben, that’s how Ben got his name. And Ben is not into marketing, and not into fashion, and all. He’s a great long-term value investor. And Ben is here with us today. And nine years later, my life changed again when Tony Arrow, who’s here, offered me a job at Gardner Watson, a small investment broker in Toronto. I’d become a vice-president at Confederation Life, and Nalini agreed that I could accept the job. No guarantee. Tony told me, “You’re a bureaucrat. You’re asking for a guarantee, and stuff.” No guarantee. But if she’d said, if Nalini had said no, I would not have taken it.
It was there that so many coincidences take place, that I met Francis Chu, who’s right here. Francis introduced me to the concept of float. Insurance companies have float. And Francis, I had followed Buffett, and a lot of good investors. Of course, Sir John Templeton. But I didn’t understand the concept of float, until Francis introduced me. And that’s the big strength of an insurance company. And we parlayed that, over 39 years. A big thank you to Tony and Francis, and they’re both here.
At Fairfax, right from 1985, 39 years ago, we wanted to build a good company, one based on guiding principles, that emphasized honesty, integrity in business, and building a business over the long term, not on quarterly profits. Our culture was based on the Golden Rule: treat people like you want to be treated yourself. And I’ve been fortunate to have an outstanding team, that I’ve worked with all these years. Our Fairfax officers, our presidents of our decentralized operations, Hamlin-Watson partners, investment partners, and our directors. I want to particularly thank Andy Bernard, who runs our insurance business, and Peter Clark, our presidents, both being with us for 30 years, 30 long years. Roger Lace and Brian Bradstreet and I have worked for almost 50 years. Quite exceptional. 50 years, we’ve worked together, and still friends. I want to thank our lead director, Bill McFarland. Do you hear him? He’s dedicated to Fairfax. We’ve known him for a long time. David Johnston, who’s a director and a good friend of mine. Thank Katie Taylor, who was so kind, 20 years with Sick Children, devoted her philanthropy to a Sick Children’s hospital. And Will Danoff, and his partners from Fidelity, who are the largest shareholder of Fairfax, and have been a shareholder for a long, long time, and I really appreciate their kind words.
I just want a couple of things to you, and then we’ll go into the question-and-answer period. As you heard, David Johnston said we have a policy of donating 2% of pre-tax profits to the communities we operate in. Our whole company, before we took it over, in 1985, Fairfax was worth $2 million Canadian. Today, we donate 2% of pre-tax profits, that’s $80 million U.S., all over the world—Canada, United States, the rest of the world. And cumulatively, over the years, we’ve donated in excess of $350 million. But what I learned is when a business does well, its customers benefit—you’re never in business, if your customers don’t benefit—its employees benefit, the shareholders benefit, but so do the community that operates in. Some years ago, I realized governments also benefit by the taxes that you pay—maybe a little too much. We call all of this doing good by doing well. But we never forget that we have to do well first, over the long term, so that we can do good.
Let me end by saying that Canada was built on the free enterprise system, freedom to build businesses with limited regulation, and low taxes. The healthy competition resulted in Canada having one of the highest per capita incomes in the world. It resulted in our small country becoming a G7 country, one of the largest economies in the world. Unfortunately, recently, we have strayed far from these principles, and we have to come back to these essentials of a market economy. Thank you. We have to get back to becoming an entrepreneurial economy, where anything is possible, and entrepreneurs are encouraged, and not stifled by regulation and taxes. We need to recognize government is not the answer, but a facilitator, a strong facilitator.
In my mind, Canada’s greatest achievement was the building of the Canadian Pacific Railroad, that linked British Columbia to the East Coast, and made Canada one country. It was the vision of our first Prime Minister, John A. Macdonald, but it was built by a private company, Canadian Pacific, founded by George Stevens, an immigrant from Scotland to Canada, and run by an American, William Cornelius Van Horne, who built it in record time, four years. We built that whole railway, 3,000 miles through mountains, lakes, uncharted territory, and the government loans were paid back. They had loans from the government, they thought they’d take ten years to pay it back; paid it back in one year. Unbelievable.
I am, many of you have said, I’m the president of the Horatio Alger Association of Canada, which recognizes individuals who’ve come from very humble beginnings and have done exceptionally well in Canada. One of our members—I just want to give you a couple of tidbits, as to how these people have done in Canada. One of our members is Dominic D’Alessandro. Many of you have known him. Born in post-war Italy, and raised in a working-class Montreal neighbourhood, Dominic D’Alessandro’s journey from a young immigrant to the CEO of Manulife Financial, showcases Canada’s promise of opportunity, through education, hard work, and ambition. His leadership turned Manulife into one of the world’s largest financial services companies.
And then there’s Tracy Robinson, Tracy’s journey from growing up on a farm and roots of Saskatchewan, no indoor plumbing, to becoming the president and chief executive officer of Canadian National Railway, exemplifies the transformative power of hard work and creativity in Canada. Finally, Ed Sonshine was born in a displaced persons camp in Germany to Holocaust survivors. Ed, Edward Sonshine’s journey to becoming the founder of RioCan, Canada’s largest REIT, showcases, again, the opportunities available in Canada through education, hard work, and free enterprise.
We have 28 members in the Horatio Alger Association of Canada, and all have stories like these. And in fact, David Johnston himself is a member. David was a poor boy from Sault Ste. Marie, who was lucky enough to go to Harvard University on a scholarship, and became principal of McGill University, you know, the principal of the University of Waterloo, and then became our most loved governor-general. Dominic, Tracy, Ed, David came from very humble beginnings in Canada, and lived the Canadian dream, because of our free enterprise system that we have in Canada.
Given the importance of the free enterprise system in Canada’s history, Fairfax has decided to establish the Centre for Free Enterprise, at Huron University. Much thanks and gratitude to Barry Craig, president of Huron University.
Fairfax has been a labour of love, for all the leaders of our company. I think of the Good Lord owning everything, and we are just stewards of what he entrusts us with. I have arranged my affairs so that even after my death, Fairfax will not be subject to a takeover ,and continue to be a Canadian company—hopefully, operating from that same office that we have—operating with our guiding principles run professionally. Business has a huge impact in the world, and with the good Lord’s help, it has become a calling for me.
So, let me close with two quotations. One from my dad, who said, “Work as hard as you can, as though everything depended on you. Pray as hard as you can, as though everything depended on God.” And finally, a quotation that I really love, and I’ve quoted it before, from the Bible, “What profit did the man or woman, if he or she gained the whole world, but lost his soul?” Ladies and gentlemen, thank you once again for giving me the honour to talk to you.
Jenna Donelson
Thank you, Prem, for those inspiring remarks, and thank you for your ongoing commitment to entrepreneurship. It is now my pleasure to introduce our moderator for today’s fireside chat, Andrew Willis. Andrew is a respected business columnist at The Globe and Mail, bringing decades of expertise in finance and industry to his reporting. Please join me in welcoming to the stage, Andrew Willis.
FIRESIDE CHAT
Andrew Willis
Well, thank you very much. That was an incredible speech, Prem. Made more incredible by the fact that Prem doesn’t do public speeches. I want to pay tribute, as we start this little session, to the Empire Club, for bringing this wonderful man to the stage. Because no one is lower profile for his business, or his charitable activities. Prem has never sought the limelight. This, I believe—I’ve been covering your company, since 1988; I believe this is the first on the record interview I have ever done. It’s not just that he’s media shy—I have to tease Prem, for a moment, he doesn’t know I’m going down this route. I’ve talked to a number of companies, where Fairfax is a significant investor. They have a nickname for this gentleman. They call him “What is a Prem?” Unless things are going wrong, Prem’s not in your ear, telling you how to run your company. As long as things are going well, he is a happy, patient, long-term shareholder. If things go wrong, he is an involved and constructive shareholder.
Prem Watsa
Make a few phone calls.
Andrew Willis
I imagine you do. The one thing I will say about Prem—and again, because I have this long history with him, and it’s a terrific relationship—the reason that the two of us get along so well is that, once a year, Prem stages an annual meeting like no other. Between the annual report from Fairfax, and the annual meeting where you share all your thoughts, I learned more than I did in five years of university. I was a slow learner; university took a while. Since I mentioned university, I thought we’d start out by talking a little bit about Canada, and building on some of your remarks. You had a choice to make, coming out of school. You’re a chemical engineer. You chose Canada. I’d love to know why you’ve picked this country.
Prem Watsa
You know, it’s a very good question. It’s what happens to most immigrants. So, how do I come to Canada? My brother came, a year before. Why did he come to Canada? He had married an English girl, whose family had all settled in London, Ontario. And I came to London, Ontario, and there was only one place I wanted to do a business education. And there’s only—because I’m staying with my brother in a small little room, there’s only one place I could go to. The university, those days, University of Western Ontario, now called the Ivey Institute Business School. And it happened to be, perhaps, the best business school in Canada. And so, it was a lot of good fortune, really. You might call it lucky, or you might call it blessings, and I call it blessings.
Andrew Willis
Would you make the same decision now, given where Canada stands, and all the challenges we face, but all the opportunities we still offer?
Prem Watsa
Andy, it’s on its way to change, coming back to, that’s why we created this Free Enterprise Institute. Canada, there’s a lovely book written by a fellow by the name of Michael Bliss, who passed away. I met him before. It’s called “Northern Enterprise, 500 Years of Canadian Business History.” Five hundred, from the time the fishermen, the furriers, you know, Molson, McGill. Unbelievable history. But what comes out is how Canada was built by free enterprise, by freedom. And we do need government, don’t get me wrong, and you have to be compassionate, and help people who haven’t done well, for whatever reason. But we’ve perhaps forgotten this idea of free enterprise, and I’d like to think we’re on an upswing here, soon.
Andrew Willis
Well, take me back to the decisions that you were making, in the 1980s. You had worked at Confederation Life, you’d worked on Bay Street. You had really good jobs, and then you make the plunge into Fairfax. What was it that drove you to be an entrepreneur, and how do we bottle that?
Prem Watsa
So, Tony comes, Tony Al comes and says, you know, he wants to hire me. He says, you’re a bureaucrat, you’re staying here at Confederation Life, come on out and join the free world, and take a chance. And I had three children. That’s why I said I had to ask my wife, before I could take the job. But the only reason I did—because I love the people I worked with—the only reason I did was because there was a, you know, lack of a better word, insurance company, right? So, a little bureaucracy. My boss, John Watson, was fantastic. The people I worked with were fantastic. But they had all these rules. So, you couldn’t buy this and you couldn’t buy that, and if you went this, you had to go right to the board, and all of that. And then this, Tony came out and said, we’ll help you build a money management firm for individuals, not for institutions, for individuals. And that’s how I joined them.
And I met Francis Chu, as I mentioned to you. And then, this one company—and this is for all of you, you just have to listen and see what happens—the company is Markel Financial, which we changed their name, was going bankrupt; they needed money. And I had to raise $5 million. It’s the toughest $5 million I’ve ever raised. Since then, I’ve raised…
Andrew Willis
Several billion?
Prem Watsa
…a little bit of money. But I had $5 million. But then, I was 35 years old. I had no experience. How do you run a company? I’m the chairman of the board. And I had a really good mentor by the name of Robert Hartog. I said, Robert, how do you pass resolution? What’s a resolution? So, it was, so I could understand, every bank said no. And the only people who lent me the money—which I never thought they would, it didn’t strike me that they would—was Confederation Life, the people I worked with for nine years. They lent me the money, and I paid them back in nine months. It was such a good deal. But the banks, none of the banks lent me the money. But you can see, from their standpoint, 35 years old, he’s never had any experience, we can’t lend him the money.
Andrew Willis
So, I do love the synchronicity, here. You went to the Empire Club in ’79. You heard John Templeton. That changed your life. Somewhere out here in this audience, this incredibly impressively large audience, there are individuals thinking, you know what? I have it in me to be an entrepreneur, but right now I’m working, I’m a bureaucrat at—I’m not going to name names, although there’s several banks I’d love to name—what would be your advice to someone in this crowd considering taking the plunge, putting their house, you know, mortgage, re-mortgaging their house?
Prem Watsa
And so, what I would say is, Canada is a wonderful country. There’s no limit to what you could do. When I came here, I said, unemployment? I mean, look at the jobs that are available here. I couldn’t believe it. And Canada is a land of opportunity, always has been. And we have to be successful, just like our own philosophy, doing good by doing well. You have to do well first. The country has to do well. And then we, you know, have charitable philanthropy, and you have taxes, and you help people who are not doing well. But we’ve forgotten about the fact that this country has to do well.
And look at this group, here. No question in my mind we could do well, if you cut the regulation, if you cut—for example, they say, Andy, that to build a house in Florida, and to build a house in Toronto, the regulations will make it twice as expensive. Like, if you could build a house half the price in Florida or Texas, compared to us, just because of all the taxes, regulation, all that, that we have. And then people who come, who graduate, can’t buy a house in Toronto. And so, we have to change all that. And I like to think, if we go through these cycles, and that the next cycle is going to be a good one.
Andrew Willis
I’d love to get a little bit of your investment philosophy, as well. And I have to preface this by talking about what a contrarian indicator Prem is, versus the Globe and Mail. Prem invested in Ireland, after the global financial crisis. There is a Globe and Mail headline with my name on it saying “This will be a disaster for Fairfax.” He made millions. We wrote that same thing about Greece. Oh, Greek banks, who could ever make money in Greek banks? Well, Fairfax can make money in Greek banks. Can you just distill your contrarian philosophies, and your discipline, into something that all of us can take away from this lunch?
Prem Watsa
So, Sir John Templeton would say that you should try to buy a dollar for 50 cents. So, you do all your work, and then you try to figure out what it’s worth, and say it’s worth a dollar, then you try to buy it for 50 cents. That was a simple advice to everyone, a dollar for 50 cents. And, you know, when we went to the Bank of Ireland, we went to Ireland, Ireland was having all sorts of problems. But Ireland was a great country. And the key was the fellow running the Bank of Ireland was a terrific man. So, one of my friends introduced us. We went there. And Wade Burton and others, we went to Ireland, and we met him. And he said—we were ready to put 10 percent. He said that would be terrific, but the government has 60 percent, so, it will still be a government bank. And so, we said how much do you need? We were able to get other shareholders, including Fidelity, and the government’s percentage went right down below 10 percent. So, it was run like a…
Andrew Willis
A real business. Sure.
Prem Watsa
…a real business. And it was phenomenal. We bought it at, you know, they like to keep the price low. So, it was 35 cents, I think it was—no, we bought it at 10 cents. And two or three years ago, later, it went to 35 cents. And it was one of our best investments. We made about a billion dollars on that. But I didn’t notice that you didn’t think it was a good deal.
Andrew Willis
You’re very kind not to tease. As some of you have noticed—because I’m getting a lot of questions right now—there is a, on your program, there’s the ability to send questions up to Prem and I. And Prem, I’m going to go to this. And just building on what we’re talking about, on your approach, can you talk about some of the other values or disciplines that you’ve gained or learned, during your time running Fairfax?
Prem Watsa
So, the key over this, you know, I’ve been in the business for 50 years, the key is the people who run it. And so, that’s one. Like, when you have a terrific person as the CEO, or Chairman, or Executive Chair, and they’ve got a good track record, and they’re building it over the long term, and you’re buying it at a reasonable price, it should work out. But the stock market, Ben Graham said, you know, it goes up and down. If you think the stock market knows more than you, you shouldn’t be in the stock market. Like, you have to know all the details. Stock market’s just up in supply and demand. It goes up, it goes down. So, Mr. Graham said, when it’s up, you should think you should sell. And when it goes down, it’s depressed and it’s coming way down, like in 2008, 2009, then you might say, that’s the time to buy. But the rest of the time, don’t bother about the stock market, don’t even bother to look at it. Time to buy, time to sell.
Andrew Willis
When you look at the stock market right now, with this frenzy around AI and technology, want to give us a quick take on…
Prem Watsa
A quick take.
Andrew Willis
…how much Nvidia do you own, Prem? That’s what I thought.
Prem Watsa
So, Nvidia, let me take you back to 2000, which is the dot-com boom. Microsoft, $60 a share. In three years, it dropped 75%. And you never saw $60 for 16 years, 15 years. I was just looking at the other stocks. Cisco, some of you might remember. Cisco was $80 a share, in 2000. The whole stock market, Canadian stock market, all our banks, all our insurance companies, mining, everything wasn’t worth what one company, Cisco was worth; $80 a share. It had no splits, it continues to do well. 25 years later, today, it’s worth $60 a share. So, you have to be careful what you pay. You know, and there used to be something called “Nifty Fifty,” for some of you who followed the stock market. That was in the ’70s. And the Nifty Fifty, when it got hit in ’74, in the ’60s and ’70s, there were 50 times earnings, 60 times earnings. And then the bubble burst, in ’74. And those prices of the Nifty Fifty—and you had, like, Johnson & Johnson and McDonald’s, but you also had Eastman Kodak, and you had Polaroid—you never saw those prices for 15, 16 years. Even though they were a very good company, McDonald’s was a very good company. And so, the price is very important. People who run it are very important.
And today, Nvidia, the terrific company, but it sells at 50 times earnings. After the earnings have gone through, like a rocket, then you put a 50 times earnings on top of it. And so, we just stay away from things like that. The technology has done so well, but they’re all selling at very expensive prices. And the S&P standard was 500, 35 to 40% is in technology, is in about 10 stocks. And it’s never been that concentrated.
So, Ben Graham was asked, what do you do when you see—this is the Nifty Fifty, in ’74—he said, what do you do? And the best thing to do is stay away. Don’t invest in it, and don’t go close to it, and stay away from it. And that’s probably what I would say to you.
Andrew Willis
We’re hitting the limit on our time. I’ve got tons and tons of fabulous questions. I am going to conclude with one last one, because it’s just so off the headlines. You are an investor, you are a philanthropist. What do you think of Canada, the idea of Canada is the 51st state.
Prem Watsa
Of course, that’s not going to be possible.
Andrew Willis
Excellent answer.
Prem Watsa
But let me tell you that we’ve got all these tariffs, and negotiations. And we’re going to be able to, you know, Mr. Trump is a negotiator—very smart, by the way, very smart—but he’s a negotiator, and that’s his experience, in New York real estate. And so, we just have to learn to negotiate with him. And he needs us, as much as we need them. And we have such fantastic relationships. Sixty percent of our business is in the United States. Sixty percent. Our friends are in the U.S., our families are in the United States. You know, brothers and sisters, all across the border. So, I just think this will get resolved soon.
Andrew Willis
With that very optimistic view, on a very difficult situation, on behalf of the Empire Club, and all of this audience, Prem, I thank you for this rare chance to, first to honour you, and secondly, to hear your wisdom on the markets. And on behalf of all of you, thrilled to be up here. Thank you very much.
Prem Watsa
Thank you very much.
Jenna Donelson
Thank you both, for that lively, and engaging, and informative discussion. I now have the pleasure of introducing Adam Sinclair, Managing Director and Head of Fig Investment Banking at BMO, to the podium, to deliver appreciation remarks. Welcome, Adam.
Note of Appreciation by Adam Sinclair, Managing Director & Head of Fig Investment Banking, BMO
I promise, I’ll be brief. Thank you very much, for an inspiring conversation. It’s my pleasure to be here on behalf of BMO, to recognize the remarkable accomplishments of Prem Watsa. Our bank’s partnership with Prem goes back almost 40 years. As one of Canada’s most influential business leaders, Prem is a true visionary, and changemaker in our country. His legacy extends far beyond his contributions to the financial industry. Prem’s passion and commitment to philanthropy, and he has had a profound impact on Canada, our health system, education, and alleviating poverty. Congratulations, Prem, on this remarkable achievement. Your journey has been nothing short of extraordinary. Thank you for being a role model on how to lead with both head and heart, reminding us all that true success lies in creating a legacy that inspires others to grow, and give back to our great country. Thank you to the Empire Club for hosting this event, and thank you all for joining.
Concluding Remarks by Jenna Donelson
Thank you, Adam, for those thoughtful remarks. As we conclude today’s event, I want to, once again, thank Prem Watsa, for sharing his incredible journey with us, Andrew Willis, for facilitating such an engaging conversation, all of our speakers on this stage, and of course, our sponsors. Your support ensures that the Empire Club can continue to create impactful events, and experiences like today’s.
I also just want to say a special thank you to those who’ve donated student tables for today’s event. Perry Productions, Gareth Seltzer, Barclays Bank of Canada, Duncan Jackman and Maple Leaf Foods, thank you for bringing our students into the room. We really appreciate you. And to our students, who are all here in the room, we are glad you’re here. If you want to go and look up John Templeton’s speech, you can do so on our Empire Club Foundation website, and get a little inspiration of your own. Thank you all for being a part of advancing public dialogue on topics that matter.
If you’d like to stay connected, please subscribe to our newsletter, by scanning the QR code that you will find on your tables. I’m also excited to announce the launch of our Empire Club membership program. Starting today, members will have access to exclusive discounts, benefits, premium content, and much more. So, if you want early access, find our staff, and sign up.
I also hope you will join us at our upcoming events. On February 13th, we join forces with the Ontario Chamber of Commerce, for the launch of their “2025 Economic Outlook and Business Confidence Analysis.” This event will be a unique opportunity to shape the conversation around Ontario’s economic future. And on February 19th, we are partnering with the Canadian Manufacturers and Exporters, to present “Manufacturing and Exporting in the New World Order: Trade, Tariffs, and Trump.” I think we’re all going to be saying those three words, for a while. We will feature a panel of experts, to discuss trade and Canadian sovereignty.
As a club of record, all Empire Club events are available to watch and listen to on our website. A recording of this event will be available shortly. Thank you all for being here, for such a special occasion. I wish you a wonderful day. This meeting is now adjourned. Thank you.
