cubsfan

Grew up 50 miles outside of Chicago, live in the western suburbs of Chicago now.

If I remember correctly, I think his dividend fund is managed by Zeke Ashton.

I thought this book of his was really good. He gives most of credit to other great value investors by highlighting their thinking. I agree he's viewed as promotional, but I do think Tilson has incredible energy. He's also reducing his role in the Value Investor Congress, and maybe that will help his current investor's in his new fund.

I've subscribed to Morningstar for 4 years and have been very happy with them. For $250/yr or whatever it is - I think it's a very good source. I do like the 10 year financial view. I think SOME of the analyst reports are insightful with emphasis on indentifying moats as protectors of intrinsic value. I also like free cash flow view. So if you're a value investor from the Buffett/Graham school - I think the data is pretty good and matches the way I think as an investor. If you're looking for these types of things, $250 may be well worth the price.

Sorry - I've never been to the meeting. I became a MKL shareholder in December. But Bob Miles had highly recommended the meeting. I was under the impression it was about 2 hours.

Racemize - thanks much - I would have been messing around way on the other side of town!

Yes - that is how the answer came off to me - and I know there is no way that is true if you read his letters and User's Manual. I was with 3 other guys that got exactly that impression from Warren's comments - and I kinda of set them straight at dinner. The numbers are really important to him. He probably could have answered the question better.

BTW - does anyone know what time the Markel meeting is today? I am assuming it is at the Marriott by Borshiems, but I have not be able to locate any details. Thanks in advance if you know.

Yea - what Howard actually said was - If you pressed him on where we are at, he would tend to think we are int he 7th inning or so, slightly on the right side swing of the pendulum. He said these thing are incredibly difficult to predict, and you should view anyone skeptically that is so sure exactly where we are at. So your comment above really agrees with his view - you can't be too sure. The Mark's presentation was great.

Go in on the south entrance, near the expressway. It's an elevated entrance, since it is somewhat on a hill. Most people don't even see it. After going to 9 meetings, this is the fast way in. Doors open at 7:00am. We get there a little before 6, with a cup of coffee. All the lines are plenty long. With this entrance, you will get in faster and directly to the auditorium. You'll get plenty good seats. If you are late, the auxillary conference & ballrooms have great audio and very comfortable seats.

Slides from the Value Investors Conference posted on Gurufocus: http://www.gurufocus.com/news/217194/francis-chou-presentation--2013-ben-graham-centre-value-investing-conference Russo, Chou, Robotti, McElvaine slides all posted.

Valeant is also influenced by Jeffrey Ubben of ValueAct Capital. ValueAct holds a board seat, was instrumental in some of their larger acquisitions, also involved in the current CEO selection - and influences the capital allocation process. VRX is ValueAct's 3rd largest holding at 14% - and continue to buy shares themselves, whilst the company executes on aggressive acquisition strategy. http://articles.marketwatch.com/2011-03-30/investing/30680551_1_valeant-shares-ubben-michael-pearson http://www.dataroma.com/m/holdings.php?m=VA

The download may be disabled, but you can still replay the sessions. It took me a minute to figure it out. Pick you session, then go to the upper right hand corner - press the arrow - and the echo player fires up. I've already watched a couple of them.

In case you're interested, I just booked a room at the Strathcona Hotel about 1 block away. Room rate is $144/night. Never stayed there, so we will see how it is. http://www.thestrathconahotel.com

I'm curious, when did Buffett mention vice stocks? Past AGMs? Don't recall this, though have heard him talk about how many letters from gamblers he gets (when talking about state lotteries). I think it's mainly Charlie, who has mentioned in several interviews that Berkshire would never invest in a casino because it's a dirty business. Buffett I think once said that he would never be in the tobacco business, but he doesn't mind owning a retailer (referencing Costco) that sells tobacco. I think they were once offered to buy a tobacco company, and even though they liked the economics, they chose against it for moral reasons. EDIT: As far as when they've said it, I'm not sure, but I'm trying to do a google search. Yes, that is correct - I think the company was called Conwood Holdings or something like that. Charlie talked about it. Said it was one of the best economic deals they ever saw, and the people were great - but they took a pass because of the business it was in.

GMCR - is $54 today. Expensive borrow. VALE - $19 - iron ore for China, etc - any hiccups here, Vale has issues Green Mountain heavily shorted, VALE not so much.

He made that comment in regards to the quality of Costco's private label products (Kirkland), starting to rival the branded products.

Farnamstreet: I was at the meeting as well. I took pages and pages of notes. But you make me look like a complete piker. Nice job - I'm sending a donation - as I like your notes way better than mine. Thanks much.

Here are some other notes posted by a few of us: http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/value-investing-hooligans!/ It was a fun meeting.

I really enjoy reading the SHLD and LUK annual letters.

"So it's a bit of an optical illusion." I never looked at it that way - so good point. It likely works better for those of us who stayed. I put 8 or 9 people into this fund, 2 bailed, as they couldn't take it. I kept hearing, no wonder he's down, he owns Sears, look at BAC being sued like crazy, what's wrong with him, etc, etc. So for them it was a permanent loss. It just so important that people understand the manager they own. Especially when times get tough.

Maybe I worded it poorly. He had to liquidate numerous positions at the worst time to meet redemptions. BRKb, GS, C, etc, etc - all liquidated - down to 5% cash from 30% cash. Those we are good investments - but he did keep his favorites. That was real havoc caused by the massive redemptions.

"Everyone seems to be making the assumption that BB will never open the fund back up to new investors. There are other funds that have stopped accepting new money when there is a lack of opportunities and then opened things back up when the circumstances warrant. What is to stop them from doing this?" Nothing at all. He wants capital that understands his strategy. The liquidation of 2011 caused a lot of havoc for the fund. He couldn't take advantage of the bargains when he had to meet redemptions on investors that came into the fund in 2010. This will give him a stable capital base for now. Having gone through the last 4 years with BB, I'm happy to see him close both of these funds to new holders, but leave it open for existing holder additions. It wasn't easy sitting through 2011, now I'm glad I did - I always have believed in BB - but he certainly tested the faithful during this period.

No I am actually just a long time suffering Cubs Fan. We never win anything, but Wrigley is a great place to drink beer. But no gaming for me!