Phaceliacapital

He has a "G7" fund, don't know what it's for..

http://www.scribd.com/doc/220058063/Warren-Buffett-Live-Interview-Transcript-April-23-2014

Marlin, you have quite the life experience it seems!

I was kidding, sorry, maybe a message board is not the ideal place for sarcasm..

Oh so you were the one who took Stephanie with him to his hotel room!!

He makes the case that it isn't the same: http://ftalphaville.ft.com/2014/04/01/1817912/hello-alphaville-this-is-rock-n-roll/ http://ftalphaville.ft.com/files/2014/04/Deutsche-on-state-controlled-1-272x421.png

http://blogs.barrons.com/emergingmarketsdaily/2014/03/14/deutsche-why-russia-should-be-a-frontier-market/ Smith argues Russia deserves a frontier market status, or a class of its own, not because of geopolitical risk. Rather, Russia faces a broad-based corporate governance issue: Enterprises forgo corporate profits at the bidding of the politicians.

Carnival. I thought Morningstar had calculated that it takes an average of 18 months to wash out reputational blunders.

Regarding Gazprom, it's not a good company to invest in because it's Putin's "playground" and he raises/lowers prices whenever he wants.. However, it's fair to assume that he will always target good overall profitability, right? So as a shareholder, does this really impact us? Is it not more the case of having a company that either makes some money, or a shitload of money? If you look at Gazprom's position, it's incredible, right? 1) Their proven gas reserves are 10x (!!) ExxonMobils and PetroChina (fun fact, they're 30x Lukoils) 2) Their total pipelines length is 168 thousand km! (including a shitload of compressor stations, distribution stations etc etc). How do you replace this?

CTC is currently yielding a 11% FCF yield and +/- 8% dividend yield.

Yeah but the planes in portfolio are chosen by management right?

I think this was posted in another thread but can't find it so credits go to original poster: http://www.gurufocus.com/news/246779/7footers-in-a-sea-of-pygmies-why-concentrating-on-just-the-averages-obscures-true-market-insights I thought the following findings were insightful: Would love to see this analysis from a EV/FCF and/or ROIC perspective.

Wondering the same thing!

I think most of the moat comes from the capital allocation skills from the management.

The simulator thing, in and of itself, does not overly concern me, based on a couple of observations. 1) My next door neighbor is a commercial pilot. He has a number of books about airplanes, photo books like "Chicago from the air", and, in the eight years I've known him, looks up at every airplane that comes overhead...every single time. 2) I bartended at a hotel years ago. We had a number of Rail Road employees (Soo Line for those who are interested) who would stay there. It was remarkable....after an 8 hour day they would come to the bar and, for 6 hours, drink beer (not excessively, mind you) and talk about trains, the entire time, day after day. Many of these guys have elaborate model trains in their homes. Exactly, one of my friends is a pilot and he is sincerely disappointed if he sees a plane but it is too far off to see what type it is..

http://www.zerohedge.com/news/2014-03-14/core-inflation-drops-most-9-months

From the other thread:

I used it a couple of years ago but quit after a while, for no particular reason now that I think of it

I am arriving the 7th, and staying at the Intercontinental Toronto Centre hotel!

Are you kidding me?! I put the entire Fiat thread in a word document to read it over the weekend a few months ago. Thanks! I feel a little stupid for never looking for a print all button earlier... :D

Yes, only US equities list there. It has been rumored on many occasions (but never confirmed) that Fiat is one of Pabrai's multibaggers, along with ZINC. Guy Spier is also invested in Fiat.

BN) Billionaire Ross to Sell Part of Stake in Bank of Ireland +------------------------------------------------------------------------------+ Billionaire Ross to Sell Part of Stake in Bank of Ireland 2014-03-04 08:08:31.841 GMT By Dara Doyle March 4 (Bloomberg) -- Wilbur Ross, the U.S. billionaire investor in struggling industries, is selling a portion of his stake in Bank of Ireland Plc, after the value of his investment more than trebled. The bank’s shares fell in Dublin trading. Deutsche Bank AG said in an e-mail today it’s acting as a placing agent of “an accelerated bookbuilding to institutional investors” of about 2 billion Bank of Ireland shares on behalf of Wilbur Ross and Fairfax Financial Holdings Ltd. That’s 6.4 percent of the Dublin-based bank, Deutsche Bank said. Davy, Ireland’s largest securities firm, is also placing the shares. “Given the appreciation in the bank’s share price and its current premium valuation, we are not surprised to see some of the original North American anchor investors move to take some cash off the table,” said Ciaran Callaghan, an analyst at Dublin-based Merrion Capital. “In some sense, they have done their job and made their return. In 2011, WL Ross & Co. was part of a group of investors that paid about 1.1 euros ($1.5 billion) for a 34.9 percent stake in the lender. The invetsors paid 10 cent a share. The lender lost 490 million euros last year, its loss narrowing 73 percent from a year earlier. Bank of Ireland is now trading profitably and generating capital, Chief Executive Officer Richie Boucher said yesterday. Bank of Ireland dropped 4.9 percent to 34 euro cents as of 8:02 a.m. in Dublin trading. Pat Farrell, a spokesman for the bank, declined to comment on any sale of shares.

I wouldn't necessarily agree with that statement, I think that those shipping titans that were born and raised in the shipping industry (for a quick summary, those mentioned in Dynasties of the Sea) are significantly more capable to assess the value of a ship than those private equity players/hedge funds that are entering the industry as they are starving for yield.

Read it in two sessions, don't know if I agree with the plot twist but it was amusing nonetheless. You definitely notice the difference in the two books in that the author is really trying to educate the reader. Great read.