If over long periods of time a firm issues a lot of shares and I find that book value growth is near about share price growth (like in Fairfax) then it is highly likely, very highly likely that growth in book value on account of internal accruals is materially lower than growth in book value on account of capital raised on issue of shares. That is because the issuer will mostly have issued shares when shares are priced higher than the firm’s value, which will generally be much higher than book value. So if you mix newly issued shares that are issued at a premium to book continually over a period of time with existing shares that are growing through internal accruals, and you find that book value growth and share price growth in the end are the same, internal accrual growth will have to be lower than share price growth (dividend payout included as it seems low)
As a simplified example, say I issue 10 shares and raise ₹ 100 growing it to ₹ 110 end of year 1 when I raise 10 additional shares at 1.5 times book or ₹ 165. The book value after raising this sum is ₹ 275 with 20 shares outstanding and book value is ₹ 13.75 per share. I can now rightly say that book value grew 37.5% even though the internal accrual which is what should matter for value grew by only 10%.
It does not matter what was exchanged and what value the company got as it would get captured in the internal accrual growth.