Grenville

The deflation bets in Europe and US should gain back some ground too!

Here's the list of trust preferreds that are being redeemed: http://sec.gov/Archives/edgar/data/72971/000119312511239166/d8k.htm If someone knows where in the prospectus the line about Capital Treatment event is for these specific securities, that would be helpful. I haven't looked, but it would help when cross referencing other securities.

Happy Birthday, and many more to come!

BML-H - Merrill Lynch Preferred that is now a Bank of America Preferred Current Price = 14.4 Par: 25 Call Date: 11/28/09 Semiannual interest: Libor + 0.65% with a floor of 3% Current yield @ 14.4 ~ 5.2% Typical trade price YTD ~ 17 Return to typical trade price YTD ~ 22% Return to par ~ 74% There's a whole host of preferreds to choose from but the floating rates are trading at the largest discount due to the lower interest payment. The upside is that there are trading at huge discounts to par. Another similar floating rate pref BML-G

Great article on Moynihan. Seems like the right guy for the job.

Berkshiremystery, Great reporting, much appreciated! It helps to get a better feel for the brand and the history of William Ashley. Looks like a nice acquisition.

Very cool!

Not to be nit picky, but just keep in mind that as Buffett does more acquisitions goodwill becomes a larger portion of book value than in the past.

Santayana, Good point. The price action on both the 10 year and the 1 to 3 year look worrisome.

Looks interesting, just saw this article: http://www.rte.ie/news/2011/0725/boi.html Private investors to put up to €1.1bn into BoI Additional detail: http://www.irishtimes.com/newspaper/finance/2011/0726/1224301383971.html

This is the first time they have bought common shares (400,000 at 10.7 ORH). Pref A 6% 100 mln ~ 8 mln shares @ 12.41 Pref B 6.5% 32. 5mln ~3 mln shares @ 10.7 totals about ~20% before the new equity raise

Dcollon, I don't know who posted on the board, but I do know that Prem recommended the book at his recent talk at the Ivey School of Business. I haven't read it, but I will push it up toward the top of the stack.

Nice article on Crum & Forster http://www.propertycasualty360.com/2011/06/17/contrarian-style-still-in-place-at-rebranded-crum

I'd like to start a thread that tracks Fairfax Financial's charitable donations. It's always interesting to see how the company continues to "to do good by doing well." "OdysseyRe donated $10 million to Stamford Hospital to be used toward a $575 million upgrade, which city planners hope will serve as a magnet for further development in the city’s west end. ... The OdysseyRe gift will support the creation of a new emergency department that will double the number and size of exam rooms. Stamford Hospital also is planning multiple medical buildings equipped with surgical suites, inpatient rooms and other space." http://westfaironline.com/2011/13619-stamford-hospital-launches-drive/

Thanks for posting!

Could it just mean they need a higher coupon to get the other bond holders to tender their debt? Any thoughts on the fact that they are moving the debt to the holding company level instead of at the subs?

Another more liquid way to bet on deflation is zero coupon bonds. Jeast posted an ETF from PIMCO, again I haven't looked into what exactly it holds but here's the ticker: zroz Nice bond site, I like the history of trades they have. Thanks!

Thank you for the responses. I'll have to look into the indenture and read all the details. I'll post any thoughts after I examine...I'm busy for the next month, but I've been wanting to buy some bonds and this might be a good opportunity.

Nice idea! A couple of questions: 1. Are these bonds available to retail investors? 2. Have you tried to buy any of these? Where do you have to go to buy them? ie. IB, Scottrade, or a big Broker...?

Reading that book right now......love it so far! Just curious, how did you get a copy of the book in advance of the meeting?

Great analysis guys! It's nice to have a forum to understand this because it's a big deal for those of us learning and investing in Berkshire! On a side note, I did think the very blatant plug for Ajit as CEO seemed a little out place and not usual.

It's too bad Warren didn't find out about the large purchase until March 16 after he had made the agreement to purchase Lubrizol. It's a very weird set of circumstances, since I can't imagine ~3mil is a worth the risk to one's reputation given his wealth through MidAmerican.

I don't think they were insider purchases. No purchase prices were listed.

JEast, Thanks for the tip on the zeros through ETFs. At least from my initial understanding, ETFs look like a good way to invest into bonds.

Do you include goodwill in your calculation of book value per share?