The Globe and Mail reports in its Tuesday edition that investing has become more complex since the global financial crisis. The Globe's guest columnist Asheef Lalani writes that most institutions now use a "core and explore" strategy, allocating the majority of client capital to a core portfolio of high-quality stocks that track benchmarks. Top practitioners of this approach avoid staying too long in lower-quality stocks, seeking reasons to sell quickly. However, this instinct can lead to mispricing. In the case of Fairfax Financial Holdings is currently trading near levels from June, but its price-to-book ratio has dropped from 1.7 to 1.4. Given the heightened risk to short-term earnings, investor caution is expected. Over the past 11 years, Fairfax has underperformed the S&P/TSX Financials ETF (XFN) in nine of those years since 2015. In 2025, seasonal underperformance for P&C insurers hit a 20-per-cent margin compared with XFN. This disconnect stems from investor concerns over slowing premium growth and falling investment income due to falling interest rates. Fairfax still outperformed Canadian peers like Intact Financial, Definity Financial and Trisura Group, while banks led the broader financial sector.