CorpRaider

I don't know that it matters what the typical iranian on the street thinks. It may matter that the supreme leader has watched a lot of other command and control structures crumble recently and he might need to weigh the possibility something like that will happen to him partially as a result of the sanctions versus the need for a nuke.

You probably don't pay attention because the israelis have been screaming that iran would have a bomb within 6 months for about 6 years now. Seems to me more likely now than at any point since the shah that Iran MIGHT rejoin the world community. That is not to say it is at all likely. If the sunnis, israelis and shiites are determined to have more proxy wars and maybe even some skirmishes I just hope the US gives them wide berth. I hope there is enough energy in Canada, Mexico, Brazil, the US and Russia to just ignore them and leave them to fight out who is the most favored by the god of abraham.

Yeah, I think you're right about the FNSAX formerly holding SPY, I think that was the original source of my speculation about the EFA held by the international version.

Thanks for the head's up on the blog.

Yeah, I almost think of them as a disciplined energy focused investment banking/PE shop (the PE thing because of operational capabilities they can bring). If one thought there were likely to be lots of opportunities in this space, they would probably be one of the best jockey stocks, especially if you have to put $4 billion to work as an initial position.

Its weird to hear someone pronounce again like that, whilst talking about smoking crack.

The us select (FNSAX) holds more like 120 issues, which is of course many more stocks than suggested in the little book. The other one holds the larger number the "value index" one (the big secret). The international select fund (FNAAX) holds a lot of EFA, not SPY; but I agree it is odd (though less odd than if it held SPY). I presumed it was because they were still working to deploy all of the assets or because they exclude financials from the international funds until they can get comfortable with computing the metrics, but it is odd.

That's big enough that its probably a WEB buy, no? Looks like Yacktman has been buying as well. Bmichaud and I were just talking about XOM…probably while he was buying. I sucked my thumb. Oh well.

Me too. The RAFI EM index sports a sub 10 P/E and about a .50 price to book ratio.

I believe dataroma only lists his equity securities The full filing is here: http://www.sec.gov/Archives/edgar/data/1096344/000119312513413006/d553329dnq.htm Dataroma seems to be just wrong a lot lately.

Damn nice memo. I like the check marks and the bold italics. It just says, "Fairholme".

I personally wouldn't buy both FVVAX and PRFZ for 100% of a portfolio. Seems like that would be a lot of overlap in ~1000 small and mid cap US stocks with a value/fundamental weighting.

She should angle for a public defender gig and do the public service forgiveness thing after 10 years. If she's really into criminal defense and willing to move to podunk USA, I doubt it would be a problem. Re: the love or debt thing; I think its just another factor. The biggest worry would be if the existence of the debt would place a strain on your relationship. I don't see why it would unless you assumed liability for the debt or commingled assets. The biggest financial impacts from a marriage are obviously the impact on your health and potential for divorce. Of course those are harder to assess than the existence of a liability. Its like picking a business with a strained balance sheet but with great estimated future cash generating potential. The cigar butters would probably not be able to get around the balance sheet. hah!

Packer is smarter than me but just for some additional feedback, I would go with the FNAAX of those you asked about. I like FNSAX better longer term, but it has smoked its index lately and you gotta like buying the magic formula when it has underperformed. I would also add AKREX to the names mentioned here. The Chuck Akre owns MKL, CFX and a lot of the compounders mentioned on this site. If you're outside of a tax advantaged account, you can make a compelling case for an ETF over a mutual fund. If you're a Greenblatt acolyte looking for an ETF, you might be interested in CSD, RSP, PRF or PRFZ.

I like FIDO alright but they are damned annoying about their forms as has been pointed out and they always want you to call them. I do like their CMA though. Let me recommend TD Ameritrade to you to check out. I really don't have any complaints with them so far. I like their mobile app probably the best of any of the half dozen or so I have (not sure why I have so many). The new site is pretty slick as well. I've never used IB as fees infuriate me. I would much rather pay a little more for a trade (after all, I should be trying to limit my activity).

Mobile Home Parks and RV Pads? SUI.

WTH are you canadians doing up there? Just don't re-elect him to multiple terms or you will be up there with the District of Columbia! Did Detroit's mayor ever cop to smoking crack? I think he killed a guy or something, right? I think Robocop would have had to come to the rescue soon if they didn't get taken over by the state.

Nice list. If you spot the next Home Depot, be sure and let me know. I'm buying some CFX dammit.

Seems highly likely to me that MKL will use the formula of Berkshire to create great wealth, but it won't quite be the next Berkshire. Maybe a "less rich man's" BRK. But that's still probably good enough for all intents and purposes. Really only Greenblatt is a peer to Warren in performance terms (check out the discussion of his record in Dhando). If he took over something for permanent capital and didn't draw a 2 and 20 next week, I would be all kinds of "in".

Sorry, your first sentence reminded me of greenblatt. I'm probably misquoting, but: "You can run through a dynamite factory with a burning torch and survive, but you're still an idiot."

I saw the tease and the family tree attachment on the Facebook update, it was neat to check out the tree. Its an attachment to the article on the site. This story might be enough for me to renew my subscription; they were on sort of thin ice with me after several boring issues. Here's to all your families being as rich but not as effed up! hah.

PEFIX, SPE

I looked at it when the most recent FDA hold was placed, but didn't open a position. To me, the investment in THRX is much easier to wrap your brain around. I mean you have a recent valuation on the license revenue stream from the elan bid. I made some decent cake in Chiron in a similar situation years ago (with a major pharma holding a controlling/large interest in a smaller biopharma) so I may be feeling nostalgic.

Very interesting. I wish he would have let him speak instead of trying to testify through him, but Fama handled him pretty well.

The revised version published in 2003: http://www.amazon.com/Alchemy-Finance-Wiley-Investment-Classics/dp/0471445495 Thanks.