Fairfax Financial Holdings Ltd. ($FFH.TO) has upgraded its operating income forecast to $5 billion, as highlighted in its annual shareholder letter. CEO Prem Watsa expressed confidence in the company's resilience and its ability to compound book value over time, with guidance indicating $150 in operating earnings per share over the forecast period. The company's operating earnings guidance excludes gains, but analysts note that Fairfax has significant unrealized gains that could enhance its financial performance. National Bank Financial (NBF), citing the shareholder letter, considers Fairfax's earnings estimates reasonable, contrasting with other projections. While the timing of realized EPS gains remains uncertain, Fairfax's stock is highlighted for its forward earnings potential, with operating EPS guidance excluding gains.