[Westaim and Arena]

You should also look up Way's track record at HCC. From 1993 (when HCC went public) until 2005, when Way resigned, HCC grew book value per share at ~21% per year. Outstanding long-term track record as an insurance executive.

[Arlington Ranger Fund October Letter]

Not to purposely drudge up an old thread, but does anyone happen to have copies of other letters from Mecham besides the October 2012 letter? Would be really interested in reading both more recent and older letters.

[Daily Journal Annual Meeting]

Any update on timing?

["Value Line" Like Publications by Country]

Does Citi still do that? Has anyone found that compilation?

["Value Line" Like Publications by Country]

Thanks Oddball, that New Zealand book is a great find.

 

Folks, are there others?

 

Also, trying to remember, what resource did Buffett use to go through Korean stocks?

["Value Line" Like Publications by Country]

Hi everyone,

 

I've been trying to figure out what are the Value Line equivalent type publications by country, and was looking for some help. I know about the Japan Company Handbook for Japan, but what about for other developed countries (e.g., Canada, UK, France, Germany, etc.)? Would love to make a list here so that all of us have a resource. Thanks guys!

 

Best,

PSD Financier

[Walker's Manual of Unlisted Stocks - Harry Eisenberg]

I just purchased the 2000 version and am eagerly awaiting it in the mail. Any sense how many of the companies from the 2000 version are still traded? Additionally, anyone know where I could find a 2002-2003 or a 2006 version?

[Cash option is priceless]

One simple way to think about it, is to use your track record as a rule of thumb. If you were able to generate say 10% over a period of more than 5 years then that is the potential return you can ascribe to your cash.

The longer the time frame the higher the probability; put another way, the more certain you can be.

 

If you are being paid 1% to tie up your cash for a year you are leaving 9% on the table. If you are paid 4% then 6% are left on the table, etc.

 

Using that you need to consider the general opportunity set and the less it is (which will happen as the market gets more and more overvalued) the closer a "crash"/revaluation. In this case the option value of the cash increases the closer you get to the point of the "crash"/revaluation.

 

Having said all of that, for me at least, in reality cash is a residual of my ability to find things on my terms. So cash builds in general as the market goes up, not because I take a view on the market, but because I cannot find things that fit my criteria anymore mainly because it is too expensive.

 

This makes sense, but at the same time, Schroeder says that Buffett literally quantifies the option value, and that he assumes no strike price and no expiration date. If we assume a certain CAGR we believe we can achieve over a lifetime (say 10%), is there a way to use binomial option pricing or Black Scholes to actually quantify the option price relative to the opportunity cost? Or am I thinking too much about this and it really is a simple comparison between the opportunity cost now and what I believe I can generate over time?