indythinker85

I agree i dont consider myself a monetary realist but I enjoy Cullen's insights. However, I thought this piece was very weak for many reasons, least of which is he only referred to market valuations not stock specific valuations.

LOL such a good quote. Its outside my circle but was just curious, I dont plan to buy the company. Interesting earlier post about Boston and medicine i was thinking along those lines. I did not realize Baupost has 180 employees thought it was closer to 100.

LOL

Looks like a small position: According to the October stat sheet, Pershing Square has 11 long positions and 2 short positions. The fund has -10% gross exposure in a large cap short and -1% gross exposure in a mid cap short. It would appear that the -10% net exposure in large cap short is Herbalife Ltd. (NYSE:HLF) whereas the new short is a smaller one worth roughly $100 million. http://www.valuewalk.com/2013/11/ackman-herbalife-short/

Ackman up big in October; new short http://www.cnbc.com/id/101167553

Does anyone get Klarman's investments in these small bio-tech companies? http://www.valuewalk.com/2013/11/baupost-group-idix/

LOL OPAP they are making some big changes there CFO just left this week I saw in their press release

http://www.bloomberg.com/news/2013-10-31/greek-recovery-makes-stocks-world-s-best-as-paulson-buys.html

http://www.vanityfair.com/business/2013/12/dan-loeb-cuba-car-accident

http://www.marketfolly.com/2013/10/invest-for-kids-chicago-notes-2013.html http://www.valuewalk.com/2013/10/invest-for-kids-notes-gundlach/ http://blogs.wsj.com/moneybeat/tag/invest-for-kids-2013/ Different conference but Michael Price spoke anyone see further coverage of this? http://www.valuewalk.com/2013/10/gibi-notes-michael-price/

He knows Burry...and Burry recently opened up a new hedge fund. I wonder if there's a connection here. Any news on Burry? Im guessing no, but there's always prayer! Also guessing his letters to shareholders will be very hard to obtain. If anyone has seen anything since hedge fund news came out (has anyone even seen an SEC filing?) would love to read.

Theres an extra short clip of Whitman with Consuelo Mack not sure if everyone (slightly "hidden") saw it so here is the link http://wealthtrack.com/webextra/marty-whitman-philanthropist-making/

Nice shout out congrats Parsad! I have spoken to some famous value investors (Greenblatt, Chou etc) and many seem to be daily visitors here, keep it up! :D

http://www.marketfolly.com/2013/10/notes-excellence-in-investing-san.html and here http://www.valuewalk.com/2013/10/excellence-in-investing-sohn/

Interesting Nokia purchase, found via http://www.marketfolly.com/ and http://valuewalk.com/ Cheers! Third-Point-Q3-2013-TPOI-Letter.pdf

Very helpful thread thank you guys

Nice find i didnt know he was on today! I also found full or partial transcript http://www.valuewalk.com/2013/10/buffett-dimon-bare-throat-like-wolf-submission/ BETTY LIU, BLOOMBERG: He’s one of the most famous investors of all time. And now Warren Buffett is turning his focus to a new book written by his son and grandson. I’m joined now by three generations of the Buffetts, Berkshire Hathaway Chairman and CEO, Warren Buffett, his son, Howard G. Buffett, and grandson, Howard W. Buffett. Welcome to all of you. This is a historic moment here having the three of you sit here in our Bloomberg studio. HOWARD W. BUFFETT, AMERICAN PHILANTHROPIST: First time we’ve done it. LIU: First time you’ve done it, okay. Howard, let’s start with you because you are the driver of this book, “40 Chances, Hope in a Hungry World,” that you’ve just published. And part of that came from – well first of all how did you rope everybody into helping you with this, especially your dad? HOWARD G. BUFFETT: And it was easy for him. I just promised him more Dairy Queen. And I can’t tell you what I have on him. LIU: All right so the idea of the book for those who haven’t read it is that everybody has about 40 years in their lifetime, right, to do, to make a difference in this world. And you kind of learned this from farming. You said you went to an event and you heard another farmer talk about the 40 chances that you have to really make the most out of your land. And this is where you got the idea for this. HOWARD G. BUFFETT: Yes. And I thought about that. It actually changed a few things I did in farming, but more importantly it really kind of made me think about how – now the problem with bringing Warren along is my dad is that he has about 80 chances than most of us more, but LIU: And counting. HOWARD G. BUFFETT: – he’s telling me that. But most people really have about 40 good years. You get through school. You get a little experience and you think about the goals you want to accomplish, and the legacy you want to build or whatever it is you want to do. And really 40 years is probably the prime that you have to do that. LIU: And why did you choose hunger, fighting hunger? HOWARD G. BUFFETT: Well hunger is kind of a natural for me from the sense that I really understand agriculture. And that’s where it begins. And if you go around the world there’s billions of farmers literally that can’t feed their families, which is something that really is we would never think of that here, but there’s a lot of farmers that are hungry and their families are hungry. And it’s a production issue. And it’s a complicated production issue because of infrastructure and government. LIU: It’s more than just providing them skills. It’s more than providing them seeds. HOWARD G. BUFFETT: It’s way than, yes, way more than that. LIU: It’s more than education. HOWARD G. BUFFETT: Yes. It’s way more than that, but it’s all those pieces you have to put together. And on a continent like Africa it’s a challenge because you have limited infrastructure and you have – you do have a lot of governance issues. And so but it’s something a core part of it is really basic production. LIU: Warren, I read the foreword that you wrote, which was say half, say very typical Warren Buffett style. You could really relate to it. And I want to just read one excerpt of the foreword that you wrote in this book. You wrote, “In this ovarian lottery my children received some lucky tickets. Many people who experience such good fortune react by simply enjoying their position in life. This approach is understandable though it can become distasteful.” Have you been happy with Howard and your family, your children have done with their money? WARREN BUFFETT, CHAIRMAN AND CEO, BERKSHIRE HATHAWAY: It’s one of the things that has made me the happiest in life. My kids could do nothing. And instead they’ve – he – all three of them have elected to spend every day, and in Howie’s case enormous effort in helping other people. And I just think that’s terrific. It makes me feel very good. LIU: Ovarian lottery, where’d you come up with that? WARREN BUFFETT: Well I came up with that a long, long time ago to describe the situation that – I was lucky. I was born in the United States. The odds were 30 or 40-to-1 against that. I had some lucky genes. I was born at the right time. If I’d been born thousands of years ago I’d be some animal’s lunch because I can’t run very fast or climb trees. So there’s so much chance in how we enter the world. And - LIU: And you were always aware to make sure your children and their grandchildren, and your grandchildren would be grounded. WARREN BUFFETT: Yes. And we’re not – how you came out of the womb has really nothing to do with what kind of person you are. You decide what kind of person you’re going to be. It does decide whether maybe you never have to do an item of work in your life and maybe determine whether you’re fighting uphill all of the time, but where in my life, in my eyes is we’re all created equal, and but we don’t all have an equal opportunity by a longshot. And my kids really work every day in trying to even up the scorecard. LIU: Howie, I know that – we had you on earlier when you were first starting to just about to a lecture at Columbia University, which is of course where your grandfather graduated from. Is the Buffett name, do you feel that that had an aura around it when you were there? Or do people treat you the same? Or tell me how that affected you. HOWARD W. BUFFETT: Well it actually I haven’t noticed anything too unique or out of the ordinary. What’s been wonderful is that the students that I’m speaking with every lecture just they love hearing stories and they love hearing about “40 Chances,” and what we’ve done in the book and what we’ve done around the world. And I assign “40 Chances” as the reading. I didn’t make them go out and buy copies. I gave them a copy, but they’ve really loved the book. And getting feedback from them on what their favorite stories are and the people that are inspiring them through those stories as well has just been so fulfilling. LIU: And it definitely sounds that way. Now, Howard, you are going to eventually become the non-executive chairman of Berkshire Hathaway. How has your work at the foundation, how do you think that that’s going to help you when you eventually join as the non-executive chairman?

http://www.ase.gr/content/en/Announcements/CompaniesPress/Press.asp?press_id=172848 Press Release 21/10/2013 FAIRFAX BECOMES THE 3rd LARGEST SHAREHOLDER IN MYTILINEOS GROUP Fairfax to be represented in the Group’s Board of Directors MYTILINEOS HOLDINGS S.A. (“MYTILINEOS Group”) and Fairfax Financial Holdings Limited (“Fairfax”) are stepping up their cooperation through the increase of the stake that Fairfax holds in the share capital of MYTILINEOS Group. As of 18 October 2013, the interest held by Fairfax in MYTILINEOS Group stands at 5.02%, making Fairfax the third largest MYTILINEOS Group shareholder. This alliance is expected to also be demonstrated by the representation of Fairfax in MYTILINEOS Group's Board of Directors. Mr. Wade Burton, Vice President and Portfolio Manager and Member of the Investment Committee in Hamblin Watsa Investment Counsel Ltd., a Fairfax subsidiary, will be appointed as an Independent Member to the Board of Directors of MYTILINEOS Group. Correspondingly, Mr. Dimitris Papadopoulos, Executive Director Corporate Affairs of MYTILINEOS Group, will be appointed Independent Member as one of Fairfax’s representatives to the Board of Directors of Eurobank Properties Real Estate Investment Company. Fairfax's Chairman and CEO, Mr. Prem Watsa made the following statement: “Under the leadership of Prime Minister Antonis Samaras, we continue to support Greece and believe that the country continues to make great strides towards addressing the key areas of its economy, thus encouraging foreign investment and creating a positive momentum that will foster increased employment and infrastructure development. Within this context, we have decided to strengthen our alliance with Evangelos Mytilineos, Chairman and CEO of MYTILINEOS Group, one of the most prominent industrial groups in Greece and the region. We believe MYTILINEOS Group, under the leadership of Evangelos Mytilineos’, to be one of the best run companies in the heavy industries sector and that they will continue to be a key player in the development of the Greek economy and its infrastructure. ” On his part, MYTILINEOS Group Chairman and CEO, Mr. Evangelos Mytilineos made the following statement: “MYTILINEOS Group, firmly committed to its long-term vision to achieve growth and support the Greek economy, entered into a major strategic alliance with Fairfax. We welcome Fairfax to MYTILINEOS Group and we express our profound satisfaction for our future joint-course with a prominent long-term investor, headed by Prem Watsa, a global and most respected business leader, which is now the 3rd largest shareholder of MYTILINEOS Group. This development is evidence of Fairfax’s confidence in the MYTILINEOS Group’s potential and value, as well as in the capabilities and prospects of the Greek economy. Furthermore, itunderlines MYTILINEOS Group's extrovert profile, through a major alliance that is expected to strengthen our company’s access to the international capital markets and help us achieve our business goals in the key sectors of Energy, EPC Projects and Metallurgy.” Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. MYTILINEOS Group is a leading Greek industry active in Metallurgy & Mines, Energy and EPC Projects. Established in Greece in 1990, the Group’s holding company, MYTILINEOS HOLDINGS S.A., is listed on the Athens Exchange, has a consolidated turnover in excess of €1.5 billion and employs some 2,500 people directly and many more indirectly in Greece and abroad. For more details, please contact: Mrs Katerina Mouzouraki, MYTILINEOS Group Press Office & Media Relations Supervisor (Tel.: 210 6877484, Fax: 210 6877400, e-mail: [email protected]).

http://ify.valuewalk.com/wp-content/uploads/2013/10/Greenlight-Q3-2013.pdf via http://www.marketfolly.com/

Im 25-40 (much closer to 25) and have way less than 1 million, but could be there soon with the way these markets are moving.

Was about to link that, great article, love PMJar. Cheers!

More http://www.valuewalk.com/2013/10/baupost-group-letter/ has anyone seen full letter? :)

Looks like Baupost Q2 is out http://www.valuewalk.com/2013/10/baupost-group-lehman/

http://online.wsj.com/article/SB10001424052702304441404579119742104942198.html?mod=rss_mobile_uber_feed Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting. Mr. Buffett approached that figure after he collected another hefty payment last week, bringing to nearly 40% the pretax income on his crisis-era investments, according to a Wall Street Journal analysis.

New interview The Short-Seller Stands Tall William Ackman: ‘You Need a Thick Skin to Be in This Business’ http://www.nytimes.com/2013/10/06/magazine/william-ackman-you-need-a-thick-skin-to-be-in-this-business.html?partner=rss&emc=rss&_r=1&