Savvy rich guy Prem Watsa doubles his stake in RIM

As the tech and finance pundits sink their teeth into Research in Motion, Fairfax Financial CEO Prem Watsa is sinking his money instead. Watsa and Fairfax have nearly doubled their combined stake in RIM to 5.12 per cent following the game of executive musical chairs that ended Mike Lazaridis and Jim Balsillie’s tenure, installed Thorsten Heins as CEO and minted Watsa as the company’s newest board member. That means the group now owns 26.85 million RIM shares, worth a total of $437 million. Watsa, who was reportedly the major catalyst for the reshuffle, has been called Canada’s Warren Buffet for his ability to spot a shrewd investment—in other words, he’s not somebody who would waste his money on a failing company. Perhaps we shouldn’t count RIM out just yet. Read the entire story [Globe and Mail] »