mranski

Turtle Creek Asset Management

FYI, I recall, (could be mistaken), that umbrella liability policies exclude business related activities?

i've also noticed in my city that starbucks controls downtown, where Tim Horton is strong outside of downtown. Also Tim's location selection seems really good, they have absolutely prime spots. Tim's is experimenting with co branding with Cold Stone Ice Cream. Apparently one of the rationales is that you get sales at times when the lunch and coffee traffic slow. Not sure I get this, it seems like a second rate brand (cold stone) dragging down a first rate brand to me. I can't see Starbucks doing that with Baskin Robbins, but maybe they will or do. Orange julius is co branding with DQ in my town, it looks awkward but maybe it works. As an investor in Starbucks, having the founder involved is comforting versus Tim's where they seem to have had trouble with the CEO position.

i think the seats (leather) make a difference in the experience versus the hard plastic. p.s. there was a post on another board speaking of a flight attendant who bought the original starbucks 1992 IPO, 20,000 shares and never sold. With splits, wow, do the math. The message was basically to just ride a good thing. Hard to know how someone had the foresight to hold for so long, or just luck maybe. The punchcard theory at work. Questionable to buy ipos as a strategy though, as the results are often not great.

1-Not finding funds in late 08, early 09 to take advantage of the lifetime bargains appearing in front of my eyes. 2-Atlantic Power

Must have asked for liability exemption and not been able to get it, surely.

You've inspired me to watch the movie "Office Space" again.

Thanks for the post. Does anyone know if BHSI will be targeting the same classes of business as Markel?

My brother calls WF, Whole Paycheque.

I would guess commercial property, commercial general liability, business professional liability etc. Aig's bread and butter I think . Could be a pretty long runway for Berkshire and they will be formidable competition. Not sure how much this will affect Markel. Next step, Geico and home insurance?

They sell/make a really good Sambal Oelek sauce also.

Another undervalued life insurer . http://seekingalpha.com/article/1363731-the-road-to-omaha-sighting-the-duck-as-an-elephant?source=yahoo

The economics of life insurers might be a consideration also. It seems even more commoditized than P&C. My life broker gave me a dozen insurer prices in about 30 seconds off his computer, for virtually the same policy. Not a lot of pricing power there for an insurer, so the margins must be pretty set and constrained. Also, the life insurers changed the business model by guaranteeing stock market returns. So far this hasn't worked well.

Regarding owner operators (compounders) and portfolio concentration, I think WEB has clearly embraced the portfolio concentration, but i'm not sure about the owner operator. He still seems to embrace non owner operators . i.e. BNI, IBM, WFC, Lubrizol.

Francois Rochon article on those quebec companies: http://www.montrealgazette.com/business/your-business/Fran%C3%A7ois+Rochon+Being+boring+pays+dividends/7466678/story.html

For example, a mechanical clock is replaced by an electronic clock I agree, but it surprises me that most watches still use mechanical arms on a dial, even 3 or 4 arm dials, instead of digital?

Agree on the Moat with Stella Jones, can't see how the barriers to entry are high, as the business is so simple, however, they seem to be able to drive costs down with acquistions, and remove competitors. My friend follows them closely, thinks they are a $200 stock. Richelieu I would love to own slightly cheaper. Currently have Power and Mty.

Francois Rochon (Giverny) talks about RCH as his major error of omission, even though he knew management and the business quite well. Oh, and Stella Jones (SJ). In BC we have enviable timber, and many lumber companies, yet this small montreal firm seems to dominate the treated lumber business.

Not Quebecois, (Lotusland, high school french). However impressed with some quebec based comapnies such as MTY, Richlieu, Alimentation Couchetard, Power Corp.

There is a Loews thread under Investment Ideas if you missed it. http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/l-loews/

Thanks for the links on Francois Rochon. I agree about him, he has a talent for stocks and good articles with specific stock opinions. He is one of the few investors to recommend (or analyze ) MTY group which has been a good investment for me. Unfortunately Francois was lost to me in the Euro Macro noise of the last few years.

It reminds me of bit of Canadian comedian Rick Mercer's segment 'Talking to Americans" It is quite funny, not really political, but it is amazing what stupid things people will say if it is presented to them cleverly.

I didn't think Clinton had ever left!

i'd have to say i concur with the comments of Stubble Jumper. i'd add that i would not like to see 2 classes of board members if unavoidable. (annual payers and not) however, sanjeev's issues need addressing. i too was unaware of the donation tab and would support a periodic drive. To me, the TMF board membership has been hurt the most by obnoxious repetive posters. There have been alot of complaints about the posting (posters) and then the freedom of opinion arguments prevail. I am just speculating but I think this negatively affected that board more than we think.

thanks, i found the number of messages too short also. i'll try the 50.