CorpRaider

I think the movement in crude on this interim deal will indicate that the market very much had a premium built in for the shiite and sunni luke warm proxy war that is going on right now. Iran is just another factor in that and I'm glad we won't be manuvered into doing the fighting for the Saudis. The only thing I don't get is how the why does hezbollah/the shiites chant "death to america" when the sunni terrorists bomb them? WTF did we do? Is that your only cheer? We've been killing the same type of guys for the last decade.

Congrats Packer!

All I know about Hussman is that if we have a couple more up years, he might be "retired".

That's pretty disappointing. Seems like he's doing the same thing as he criticized O'Shaugnessy for (giving up on the strategy due to a few years of underperformance). I thought the underperformance of the international funds made them attractive at this point. They waisted a lot of time and money working up data for the international stocks. Also, I've heard him say on numerous occassions, that he didn't implement the long short arbitrage strategy around the formula companies because it worked in his data until it eventually blew up.

You're the man. I have a similar set up but with a mac mini instead of a pro an no use for windows. Excel is obsolete OP. Check out the free google and mac productivity apps. It was a good run from the Lotus 1-2-3 features they stole. P.S. I am not long MSFT. hah.

Isn't (relative) HFT and program trading what is generally blamed for the 1987 crash?

Who knows? You might become the next Dan Fuss by applying your equity style, issue by issue, business analysis to the corporate issues and later you can get some schmoe to run the government portfolio.

LOL. You guys are going to cost the young man his career and his girlfriend!

Hey, I'd rather buy disney or diageo but right now Mr. Market doesn't have a sale on those.

I downloaded it. Thanks for your efforts!

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).