Grenville

Munger's Transacation Class A Common Stock ( 1 ) 11/20/2008 S 2,000 ( 2 ) ( 2 ) See footnote 1 ( 1 ) $77,500 ( 3 ) 13,181 D http://www.sec.gov/Archives/edgar/data/1067983/000118143108063602/xslF345X03/rrd224408.xml

Without the hedges, the equity portfolio value will be a tad more volatile in these tumultuous times. Below is the change in value of the top 19 positions from 12/31/08 to today. A drop of about 8.6% or 435 million. 12/31/08 2/17/09 Equity Positions 2,195,441 2,204,769 ODYSSEY RE HLDGS CORP 459,816 430,741 JOHNSON & JOHNSON 317,577 255,532 PFIZER INC 293,676 270,681 Kraft Foods Inc 271,289 235,719 DELL INC 234,720 211,360 Intel 195,414 130,639 General Electric 162,739 141,140 Frontier Communications 158,592 152,340 Magna International Inc 103,625 48,122 Wellsfargo 102,021 61,213 Alcoa 98,713 82,074 Burlington Northern Santa Fe 98,366 79,232 KING PHARMACEUTICALS INC 96,101 126,742 LEVEL 3 COMMUNICATIONS INC 69,019 49,127 INTERNATIONAL COAL GRP 65,074 32,740 Gannett Inc 56,892 47,434 USG CORP 42,645 34,865 Progressive Corp Ohio 36,463 28,669 OVERSTOCK COM INC DEL 5,058,183 4,623,137 total -8.60% -435,046

Thanks for the heads up! It's hard to pass up a <10% dividend with a discount from par of <40%! I bought some ORH.A today. my previous id on the MSN board: masterP3250