The Globe and Mail reports in its Wednesday, May 1, edition that Fairfax Financial is on the other side of an inflection point in its earnings and valuation that positions it for an extraordinary run over the next decade. The Globe's guest columnist Asheef Lalani writes that Fairfax is following in the footsteps of Warren Buffett's Berkshire Hathaway, which shot up 27 times after it reached the size Fairfax is now in 1995. Over all, Fairfax has a $65-billion (U.S.) investment portfolio thanks to its retained earnings and float, which provides it low-cost leverage. It also benefits from the current high-interest-rate environment because it has locked in investment income by extending the average maturity of its bond portfolio -- which represents over 75 per cent of the total investment portfolio -- to four years. As a result, Fairfax's earnings are the most reliable they have ever been. In Mr. Lalani's view, Fairfax Financial represents a compelling investment opportunity and has a better setup than Berkshire Hathaway did almost 30 years ago. Existing shareholders should update their old intrinsic value estimates for the company to avoid missing out on what could be a generational investment opportunity.