cubsfan

Really enjoyed this article Norm - well done. And congrats on a great record Packer - it's obvious you've worked hard at this.

does this work? 7YrForecasts_914.pdf

I thought it was just me!

I decided I would try something similar without traveling. I added a yearly reminder in my calendar to review the global markets. There's GMO's data as you know: https://www.gmo.com/Europe/Research/Forecasts/default.htm Then there's this Google query: cape ratio by country Mebane Faber has some data: http://www.mebanefaber.com/2013/04/16/countries-sectors/ Gurufocus also keeps an updated list, but according to the comments there have been some errors in the data: http://www.gurufocus.com/global-market-valuation.php I hope someone has even better data than this. I would also be interested in data per sector. Very nice! - thanks for those useful links

Yup, sold 80% of my SHLD last week with this ridiculous gov actions looming. Too much sitting on the table. Sold a tech - NOW on valuation. a few other things to raise cash. Hope to get another shot with SHLD.

Now THAT is a great story!

I dont' think increased profits was the issue at all. Selling through HD, Lowes, etc - likely increases sales and profits. When company was acquired, Buffett promised distributors he wouldn't do that. He's just keeping his word.

Yes, that is what can happen to high short interest stocks that are hard to borrow. If the broker can not short the stock easily, with your permission they will arrange a borrow and inform you of the rate to borrow. And the rate may change. That is the chance you take. It seems crazy - but it's the going rate - and you agree you want to short it.

That is truly disgraceful.

Congratulations James - well deserved! I'll let the Cincy Reds thing pass....

I'd certainly like to know the answer to that, being a FAIRX holder. It seems highly unusual that he would close the fund in Feb and re-open 6 months later unless he saw large investment opportunities. But others raised a good point about redemptions and nervous FAIRX holders. I have several people invested in FAIRX, and after 2011 - I get lots of questioning - why does he own SHLD, etc??? Personally, I like his style of concentration - but it's definitely not for everyone.

I subscribe, and I really like it. I'm sure you know about the trial period as well. Just get an issue - read it cover to cover - and see what you think.

Goodhaven owns 300,000 of SHLD, and talked about it extensively in the last report. See page 8: http://www.goodhavenfunds.com/media/pdfs/GHF-Semiannual-f.pdf In fact, I saw the Keith Trauner at the last 2 SHLD meetings.

here you go! Allan_Mecham_2012-02-15_SmartMoney_Magazine_article_-_The_400%_Man-1.pdf

Yep, just finished the book - it's in my Top 5 along with the Greenblatt book. Many practical applications and excellent ideas.

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.