Grenville

Great interview while Carol was asking questions. Lot more info from Warren than usual in interviews. Thanks for posting!

Very interesting company! Thanks for posting.

Great discussion. Thumbs up to all of you who are reading the opinion and the filings. It will be interesting to see how this plays out. I just finished reading the Perry opinion, still need to process it all. I thought the Perry arguments were better when I first read the various complaints. It does seem like the judge involved is just as important as the legal arguments/lawyers in terms of the outcome of a specific case.

my two cents, if they wipe out existing shareholders then why would anyone reinvest in the entities. The same thing could happen again since F&F don't exist without the govt backstop.

valuecfa, Enjoyed this interview! Thanks for posting.

Thanks for posting the video and transcript! I just watched Stumpf's prepared remarks. They are really good, and I highly recommend them. His comments on the state of the economy are great given his exposure to lots of data!

The letters are a great compilation and an excellent read!

u mean Chase right? Yes. Not Wells Fargo.

Appreciate the color. Very cool that you were able to sit in on the conference!

funny! thanks for sharing.

Good read! Thanks for posting as well.

I reread your initial post. I agree with you.

I was a holder of the Oakmark Select fund through this period when he had a huge stake in WaMu. I never felt like he owned up to the mistake in his shareholder letters both during the crisis and as things got better. In my opinion, until you fess up to your specific mistake and put in process to avoid it in the future, there is a risk you'll repeat it. I don't think WaMu and Wells Fargo are equal. I think if you're going to build a 15% position in a company, you should be confident in the quality of the loan book and the culture of underwriting. Wells Fargo would have made it through the crisis without help, WaMu wouldn't have. The quality of the loans were much worse. Wells Fargo made mistakes in underwriting some products but not on the scale that WaMu did. The WaMu deposit franchise and the footprint had tremendous value, but on the other side the loan book cancelled it out. When I look at banks, I have to feel comfortable with the culture. As an investor we have limited information so we must look for clues. The loan book is similar to the derivative book and their culture of managing risk. You can't avoid everything, but you do have to worry about it. My direct understanding of WaMu isn't great, but it's from what I read around the time it went under and was sold to Wells Fargo.

Quick look at the release. Insurance combined ratios were good. Nice to zee Zenith post 90% CR. I thought this bit about the equity hedges was interesting:

Diary? I think you mean dairy :)

Wow. Germany does know how to pass well and build up, but wow.

Happy Birthday!!! Enjoy your day!

Sweet, it now works from my wife's phone. Haven't been able to browse from her phone in a long time. It was the only way I could keep up with the board when on trips. Thanks!

Not a ringing endorsement some in this board would say (not me as you know). I actually think Mary Barra is behind the ball. She better start doing a better job. Thanks for those links Plan! It does sound like she is behind the ball on this big time, and selling cars is not like getting people to deposit money in a bank. She needs to be good on the PR front whereas Moynihan didn't need to be good at PR to turn BAC around, he needed to get them out of their legal issues. I don't know if I'd be buying a car from a company with endless recalls. Give her some time. Let's see how she proceeds after all of the recalls have been vomited out. We're judging her too quickly. Fair enough.

Not a ringing endorsement some in this board would say (not me as you know). I actually think Mary Barra is behind the ball. She better start doing a better job. Thanks for those links Plan! It does sound like she is behind the ball on this big time, and selling cars is not like getting people to deposit money in a bank. She needs to be good on the PR front whereas Moynihan didn't need to be good at PR to turn BAC around, he needed to get them out of their legal issues. I don't know if I'd be buying a car from a company with endless recalls.

Yes. I hope they set it up so we here in the US/CAD can directly invest.

two good short videos from Mel Watt. http://www.brookings.edu/blogs/brookings-now/posts/2014/05/fhfa-mel-watt-fannie-mae-freddie-mac-current-statutory-mandate

that was great. thanks! +1 Awesome!

Nice little interview. I didn't realize Warren recommended the book during the AGM!

Nice color and good stuff. I like Fairfax building its portfolio across the globe in various niches like this where they can build a platform to invest more in a region.