Prem Watsa, the chairman and CEO of Toronto-based Fairfax Financial Holdings Ltd., who is well-known for predicting the financial collapse in 2007-2008, has bought roughly $149 million worth of Fairfax shares, reports BNN Bloomberg Canada.

Watsa is a controlling shareholder at Fairfax, with just under 42% of the votes at the company. The new purchase has brought Watsa 482,600 subordinate voting shares. At Fairfax’s recent annual shareholder meeting, Watsa called the shares “ridiculously cheap,” adding that it’s the first time in the company’s 35-year history that he’s seen them trading at such a steep discount to their intrinsic value. He called the purchase “an excellent long-term investment,” the article quotes him as saying.

Though Watsa garners an annual salary of $600,000, he does not receive any compensation on stock options or bonuses as other executives at Fairfax do, at Watsa’s request. Fairfax is a holding company with many subsidiaries involved in property and casualty insurance, reinsurance, and investment management, the article notes.