[Berkshire Posts 25% Intel Gain by Shunning Buy-and-Hold]

Yes, if anything, this is the traditional style of value investing, you sell when the business rises to its intrinsic value, or when you start seeing better opportunities for that cash locked up in the investment. People mistakenly think that Buffet tries to hold his stocks forever, when in reality only a few stocks are worth holding forever.

[Loews Corporation]

I think it can be valued at both liquidation and operational value. Keep in mind that a firm can trade for less than liquidation if the firm is destroying capital or if the assets or liabilities are undervalued/overvalued. That can be the case in some financials.

 

What I mean is, you have to separate "Operational businesses" from "nonoperating assets". So if Loews has operational businesses you can value in terms of CF, you should do so, but the nonoperational components like cash/bonds should be valued at liquidation.

 

IMO, even if a nonoperating asset is valuable, it should not be valued if the firm doesn't have the ability or intention to release the asset. Say Microsoft has a goldmine under its HQ...

 

Loews, being an odd collection of assets should be valued on the basis of its businesses individually, and then summed up...Not easy, but I don't see ambiguity there.

[Guys vs gals]

Claire Barnes is a woman has an outstanding record apparently.

 

http://www.apolloinvestment.com/cbarnes.htm

 

[Anonymous Size of your Portfolio Poll]

10K in my Roth IRA  :D

[SHOSR - Sears Hometown & Outlet Stores Rights]

What is interesting is that ESL is buying the rights too. Rights are about 2.20, so we would want the shares to be worth far more than 17.20 for this to be worth anything.