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manualofideas

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Everything posted by manualofideas

  1. We've sent the questions to Allan. He said he would do the interview but that it might take a while for him to respond. Now we're in "waiting patiently" mode. Will update the Board as soon as we have something. Thanks all, John
  2. A great cause -- last year's raise for Dakshana is truly impressive! (see the auction description on eBay)
  3. We just made our recent interview with fellow board member Keith Smith publicly available at http://www.beyondproxy.com/keith-smith-interview/ In the interview, Keith discusses his investment philosophy, investing in Fairfax, and also highlights two of his best ideas. Enjoy!
  4. We sent out an email yesterday with a bunch of resources related to value investing in Asia. Many boardmembers probably saw that email, but here it is just in case: 1. KB Kee's 86-page presentation entitled "Wide-Moat Investing in the Asian Capital Jungle," presented at the Value Investing Seminar 2014 in Trani, Italy. Inside, KB Kee shows how to uncover long-term compounding machines as well as steer clear of accounting fraud in Asia. See http://bit.ly/1xnYytu 2. Exclusive one-hour conversation with KB Kee on wide-moat investing and accounting fraud in Asia: http://bit.ly/YcIo6W 3. Sample of The Moat Report Asia, featuring home improvement retailer Home Product Center: http://bit.ly/1qhbbhg Another sample issue: http://www.moatreport.com/sample 4. Famed value investor Tom Russo on why investors should not "China-cleanse" their portfolios: http://bit.ly/1pujFBr 5. Chan Lee and Albert Yong on Nexen Tire and the investment opportunity in Korean preferreds: http://bit.ly/1Dzmcok 6. Selected exclusive insights into Asian investing by leading Asia-focused investment managers: http://bit.ly/1rfO2Ca 7. Exclusive conversation on value investing in Asia with Hong Kong-based Guillaume Kaminer: http://bit.ly/1BcojKQ 8. John Burbank on China: http://bit.ly/1u19MCt 9. Exclusive interview with fund manager Peter Kennan on deep value investing and activism in Asia: http://bit.ly/1rwfIlA 10. Professor Guy Weyns of Singapore Management University on systematizing fundamental analysis: Enjoy!
  5. I may be biased because Guy is a friend, but I found the book an enjoyable and worthwhile read. It is not necessarily a how-to on investing, although it does include some excellent advice on constructing a value-oriented investment process and other pieces of practical wisdom. To me, the book really served as confirmation that it is never too late to adopt the right principles, and that success is not accidental. Each of us can vastly increase our chances of success in business and life by associating with people we respect and by studying those who have succeeded in the past.
  6. Both of Toby Carlisle's books are superb, and he is always someone I enjoy listening to as well. He is definitely in the minority of investors who do in-depth and rigorous research. Here is a presentation Toby gave at last year's Deep Value Summit -- it not only includes an idea but also an overview of his deep value approach: http://www.valueconferences.com/2013/05/tobias-carlisle/
  7. I am definitely forgetting many, but here are a few: Sahm Adrangi Jeremy Deal Daniel Gladis Phil Ordway Jake Rosser Dan Sheehan Rahul Saraogi Isaac Schwartz Todd Sullivan Glenn Surowiec Josh Tarasoff
  8. Just for reference, there were already some replies in the existing thread on Guy's book: http://www.cornerofberkshireandfairfax.ca/forum/books/the-education-of-a-value-investor-by-guy-spier/
  9. I listened to the audio version, and it was excellent. It made me want to go visit those remote mountains. --John
  10. [amazonsearch]The Education of a Value Investor[/amazonsearch] This should be a great and inspiring read for all of us -- already available for pre-order.
  11. Great points, Parsad! You remind us of Prem's long-term track record which is truly outstanding. And his reputation remains as strong as ever, in our view. It just seemed so easy to capture the M&A spread because Prem's statements seemed like money in the bank. However, any of us who tried to capture the spread for a quick (riskless?!) profit were speculating not on Prem but on the thesis that all the short-term M&A traders out there are dumb. Guess what? They're NOT dumb. In fact, maybe we were slightly dumb for thinking we could beat the short-term trading world at their own game. Why not stick to what we do best as value investors, which is to appraise businesses, find deep discounts, and invest in for the long term? This is truly where the edge is for people on this board. It's NOT in short-term speculation, even if BBRY seemed too good to pass up. Actually, it was too good to be true! Parsad, just a note on managing money for a great group of partners -- this is really hard to find! Many investors may SEEM great and long term-oriented when things are going well. You really only find out your true friends and partners when times get tough. So don't be surprised if some of them turn out to have been less than you thought. Over time, though, you'll find a group of the right people (and you may have done so already!) and it will be a real joy to associate with such people. That's what makes it all worthwhile over time. Good luck to all.
  12. We've done a one-hour interview with Richard Oldfield. Here's some of it: and here:
  13. You may also like the attached presentation from Equity Income Summit 2013. income13-kenny-feng.pdf
  14. It was a real pleasure to speak with and learn from James. Since he is a Board member, here's a direct link to the full interview:
  15. Eric, great point. It really comes down to whether you look at relative wealth or absolute wealth. Each of us on this board is much wealthier than people 100 years ago in absolute terms, but not necessarily in relative terms. It's probably a worthwhile goal to strive more toward the absolute end of things, because we will be quite a bit happier if we keep things in that perspective. Unfortunately, it's not always easy to ignore what others have.
  16. Eric, you're pointing out an adjustment that may or may not be true. If you can get some of your administrative tasks done by a remote worker, you can hire someone in the Philippines pretty cheaply today. The tendency to adjust should also not be viewed only from one side of the coin. There are many things to which Fitzgerald did not have access but which would have greatly increased his quality of life. For example, there was no advanced healthcare available -- at any price -- back then. So, you could say his income was below today's poverty line in terms of access to good healthcare. Or, he was unable to enjoy the Internet -- again, at any price. He did not have modern cars, modern travel opportunities, the list goes on. In a way, everyone who lived before WWII was a pauper compared to any middle-income person today. It all depends on the vantage point.
  17. Here are some insights into the sell decision by value investor Dave Sather: http://www.beyondproxy.com/thought-leader-dave-sather/
  18. Too bad the government has no balls to prosecute funds like SAC and Sigma until their principals end up behind bars. Settlements are essentially a fine. You do illegal things and we'll fine you -- if we ever get to you and prove it. Anything other than jail time means almost nothing. Cheers!
  19. Hi all, here is our 2010 interview with Allan Mecham. Enjoy! moi201004_allan_mecham_interview.pdf
  20. You might enjoy the following Q&A with James Montier at European Investing Summit 2012: http://www.valueconferences.com/2013/02/james-montier-on-applying-the-seven-immutable-laws-of-investing-to-the-eurocrisis/ We asked Montier to apply the seven immutable laws of investing to the Eurocrisis...
  21. Would any of you ascribe any importance to the word "rapidly"? The only importance that might be ascribed to the word "rapidly" is it proves Sokol is an asshole.
  22. The conclusion from the civilized country statistics on gun deaths is inescapable. So it's fine to be against gun control, but just be honest and say you're accepting roughly 10,000 excess gun deaths annually in the U.S. as a result of current gun laws. That's all.
  23. Ron, Thanks a lot for your nice feedback. We would venture a guess but Mohnish clearly preferred to leave the company unnamed, and we're a bit too close to the situation to venture a guess. I hope you understand. Warmly, John
  24. I wish we could weigh in on this discussion... (Hope you enjoyed the session with Mohnish and Guy!)
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