By Laura Noonan LONDON (Reuters) - Bets on debt-ravaged Greece or ailing phone maker BlackBerry would make many investors flee, but for Prem Watsa both are part of a "cautious" strategy he employs to manage Fairfax Financial's $23.3 billion portfolio. His 2011 investment in Bank of Ireland - the only domestic Irish bank not forced into state ownership after a financial crisis - has almost trebled in value to 845 million euros ($1.15 billion). Investments in Greece and a $4.7 billion bid for BlackBerry, which has faded almost to irrelevance in a competitive smartphone market, fit the pattern of contrarian investments, but it's too early to say if they will succeed.



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