CorpRaider

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.

Hellsten, which one is that? The collection of essays?

Probably just increases odd of a good, normal 20% correction turning into a 40% "crash". It won't precipitate, but it will likely exacerbate.

I appreciate it.

Did he talk about IBM in this interview? Trying to find that clip (I've seen some of the quotes). I can check out the episode on Charlie's site. Thanks for the call-out.

Just throwing out another idea in an attempt to be helpful here: You could maybe check out PEFIX. One of the pimco stocksplus funds using the EM RAFI index for the futures side.

Just read the Opec report the other day, they're forecasting European GDP to contract by about .5% this year, U.S growth has been revised down to around 1.5%. That is roughly 50% of the world's GDP growing at 0.5% a year right now with a lot of central bank monetization. As far as lack of marginal workers, they're out there in droves and more will come back in the fold if the economy heats up, which it probably won't, its been almost 6 years since 08, we're due for another 'correction.' I think Hoisington is right and as soon as QE stops, rates will drop. What happens to the GDP's of all the oil producing countries when the price of Oil hits 75 again? They're barely growing as it is, I think the reason a lot of oil stocks are cheap is because this is being priced in. 1.5% GDP is pretty darn good with sequester and big tax hikes. With no additional austerity, I bet most would project, what, 3.0%+ GDP?

Yeah I like to follow the trends in margin debt, but that would probably really only be relevant to the severity of whatever decline is precipitated by an unknown event. A 5% S&P earnings yield doesn't blow my skirt up...

You could probably make a pretty convincing case if you pulled together some sentiment stats, examined the fund flows and asset allocations people have on and then compared the performance of whatever index you like with its longer-term performance and argue that a few more years of outperformance might be required to get people off the sideline and get a "return to the mean" over the longer term.

Timber and New Zealand farmland, no?

I agree, lots of energy looks pretty cheap to me. I suppose I need to stress test it at $70 oil and see how cheap it looks. I've not been through the normal boom and bust in the oil patch that some of you more wizened fellows may have, but it seems like the tendency is to overshoot bigtime on production until some people go bankrupt, which some argue is what we need in nat gas. Makes me think, perhaps I should go with Exxon or Chevron or someone with a fortress balance sheet that is basically a specialist investment banking firm for energy.

blakely was hillarious.

That was good. At 83, he might have another 20+ years in him!

Coal? Irish or Greek real estate?

Interesting. Thanks for flagging these.

Awesome. You should tear up the prenuptial for that! Congrats.