The Globe and Mail reports in its Saturday, Dec. 26, edition that the stock market rally that first took hold in the spring was so powerful and all-consuming, it was difficult for any company to be left out. The Globe's Tim Shufelt writes that Fairfax Financial Holdings ($429.50), however, managed to pull it off. Since the March 23 market bottom, Fairfax shares have trailed the S&P/TSX Composite Index by a colossal 50 percentage points. Mr. Shufelt says that feat of underperformance is the result of Fairfax's concentration on some deep-value turnaround plays that have failed to materialize, such as BlackBerry, which is trading 50 per cent below its five-year peak. Additionally, Mr. Shufelt notes that insurance conglomerates such as Fairfax tend to suffer when interest rates are low, because they earn less on reinvested premiums. It is the same kind of business model Warren Buffett built Berkshire Hathaway around, which is one reason Prem Watsa is often compared with the famous U.S. investor. However, considering Berkshire's stock has badly trailed the S&P 500 index over the past decade, perhaps the comparison is apt for the wrong reason.