Grenville

Partner, Thank you for the color!

Hi Partner, Could you elaborate? I'm not planning on buying any appliances in the near future, but I would definitely like to hear more about your experience.

Eddie has a nice bit at the end of his letter about buybacks and creating shareholder value! Its a nice read.

Thanks for posting!

I am impressed with Bruce. Here is his letter. Will be fun to watch. http://www.sec.gov/Archives/edgar/data/745308/000119312511036957/dex991.htm

Great stuff! Thanks for posting!

You can buy FRFHF on Scottrade without the fee

Don't worry about seating, just GO! If you are worried about seating, just show up early.

BUFFETT DROPS IN ON NETJETS® TO HELP CELEBRATE 2010 PROFIT 1-27-11 http://www.netjets.com/Learn_More/Press_Releases/2011/pr2011_01_27.asp

Hi Packer, I took brief look at Carmike the other day and wanted to get your thoughts on a few things that worry me given that the thesis will take time to play out. + Carmike looks to generate good operating cash flows, but management is keen on expansion at the tune of 22mln a year or so (limited by debt covenants) to build out to 3,000 screens. This drops the FCF yield. + Looking at the Q3 2010 report for the first nine months 173,500 options and 134,500 restricted stock were granted. The share issuance is at a 3% run rate per year which will add up over time to eat into owner earnings. + Management stated on the recent call that they would like to keep debt at 200mln and use free cash to expand, pay down debt (to 200mln), or pay a dividend. They would prefer not buying back stock as the float is low at 13mln. positives + The ceo is buying stock in the open market + Their revenues seem to have held up well over the rough economy + Leucadia director on the board and buying shares in open market + 30mln cash payment from screenvision for 30yr contract I have a very limited understanding of the industry and carmike. It seems like one would need to hold over the long term for the thesis to play out as FCF will stay low as the chain expands.

Hi valuegeek, Thank you for your commentary. Thanks for the link!

Happy New Year everyone!

A bunch of them are listed on the ORH NAIC filings.

noticeably faster here on the west coast!

finetrader, Thank you for the commentary regarding the job post and the fact that the individual was looking for a CFA!

http://www.nytimes.com/2010/12/04/science/04nuke.html?_r=1&hp "Spurred by a pledge of $50 million from Warren E. Buffett, the billionaire investor and philanthropist, the board of the International Atomic Energy Agency voted Friday to set up a global nuclear fuel bank that aspiring nations can turn to for reactor fuel instead of making it themselves." ..... “The spread of weapons of incredible destructive capability is the No. 1 problem facing mankind,” he said. The bank, Mr. Buffett added, promised to get at least “part of the genie back in the bottle.”

barminov, what filings? where can one find those filings? Hi dual_bid, The TRS is listed in ORH NAIC Q3 filings. You can download the report at NAIC.com. It goes into depth about specific holdings including foreign stocks. Hi Grenville, you probably meant ".org". Can you provide a direct link to the company's NAIC filings? Yes, it is .org. You will need to create a login id to search the database. Here is the title of the filing. 2010 Quarter 3 Financial Data for Odyssey Amer Reins Co (Cocode: 23680)

barminov, what filings? where can one find those filings? Hi dual_bid, The TRS is listed in ORH NAIC Q3 filings. You can download the report at NAIC.com. It goes into depth about specific holdings including foreign stocks.

It's also interesting to see the Indian arm. Executive Vice President Berkadia Services India Private Limited http://www.berkadia.com/Berkadia/wcfContent.aspx?id=79

Thank you all! That's what I was looking for.

Where do you guys go to find these insider buys? I didn't see them on Sedar. I know you can find them on canadian insider, but where is the original filing location. I know in the US, you can find them on the sec.gov site.

Hi barminov, Thank you for confirming the switch between the common to TR swaps!

jeffmori7, Thanks for posting the article. Very nice information about Todd Combs from Carol Loomis!

From the Q3 10Q "During the third quarter of 2010, the company added $546.1 of notional amount to its equity total return swaps – long positions for investment purposes..." Equity derivatives: Notional amounts Equity index total return swaps – short positions . . . 5,040.8 Equity total return swaps – short positions . . . . . . .518.4 Equity total return swaps – long positions . . . . . . . .1,131.9 Would this explain the drop in the equity portfolio holdings?

Hi Shane.Smith, You should look back at their holdings the last couple of years. I was unfortunately a shareholder when they had over 15% in WAMU which they rode down to nothing. The entire time, I didn't feel like Nygren came clean with the mistake. I can't remember what else he held, but he has lost my confidence forever. The same goes with the Davis folks at New York Venture when they lost over a billion on AIG and then another huge slug on Merrill Lynch. Mutual funds have one big issue which is liquidity when the markets drop. This can be a bigger problem for value mutual funds which need time to allow their ideas to work out. 2008-2009 showed that issue to me with Third Avenue who were net sellers when they wanted to be net buyers. The shareholders at the time pay the price for other's wanting their money back.