AtlCDore

Parsad & LC, Thanks for the response. I was able to go into settings (Look & Layout) and change the number to 50 messages. That expanded the number of messages when I click on a Subject. RE #1: when log into the board and click in Investor Message Board it takes me to a page that shows a General Category tab, below that is a tab titled "Corner of Berkshire & Fairfax Message Board-Info Center". Below that it shows the 25 most recent posts. Even if I change the number of messages in settings to 50 it still keeps the most recent posts at 25. I'm guessing I am unable to expand that number? Thanks again. AtlCDore

I have a couple of questions about the functionality of the message board. When I click on "Investor Message Board" it takes me to the page that shows "Recent Posts" on the bottom half of the page. My screen shows the 25 most recent posts. My two questions are: 1) Is it possible to expand the Recent Posts to show 50, 100 posts? I would like to expand it so that it shows more than the 25 most recent posts if possible? 2) Is there an adjustment I can make so when I read a post that message shows up in a different color? This way I know the posts I have read by the color of the post? Thanks in advance. This is a fantastic message board. AtlCDore

Packer, No HK property companies? Or are they more shorter-term investments? Thanks, AtlCDore

Packer, What about Russia? Are you looking at Russian stocks? Thanks, AtlCDore

Packer, Are you ok mentioning the HK property stocks you like? Thanks, AtlCDore

What broker did you use for the Korean stocks? How long did it take you to go through the filing process? Thanks, AtlCDore

Packer, Would you say the HK RE companies have always traded at a discount to NAV to some degree? I owned a handful of HK RE companies back in 2006 following Third Avenue's lead but I haven't followed the sector in the last couple of years. Regarding Korea, do you own the Weiss Korea Opportunity Fund? Thanks, AtlCDore

Packer, Thanks for throwing out the topic. Uranium and the coal sector are both cheap. However the reason why I think coal is problematic is the same reason that uranium may be the right place to be. To elaborate, even though coal is cheap it does cause pollution. China has a well-known pollution problem and at least, on the surface, they seem intent on cleaning up their air. The reality is if they have plans to become the largest economy they need to deal with their pollution problem. And that is why nuclear makes sense for them.

Yes. Without embellishment, 500 hours is way on the low side over time for me when unusual value resides in a business, sometimes by a degree of magnitude for a very interesting company. :) What would a ballpark estimate be for you for an insurance company? And does your industry expertise play into that number if you start a looking at a new company? Actually, Some companies don't take a lot of time to understand if one has a good grasp of the drivers of value, For example, Leucadia. They have a great record of spotting a bargain that gives them a margin of safety. Their new CEO not only understands this, but has been one of their feeders over the years. Now that he's running the show, guess who's going to get first pickings of what their investment banking side sniffs out. They've got a young CEO who's been there done that, highly ethical, shareholder focused, plus still guidance from one of the founders. Oh, by the way, they're still selling for about book value. That doesn't take a lot of analysis. Sometimes lots of extra study might not improve understanding. On the other hand, when I like and own a company, I enjoy following them closely. :) the extra study does stiffen the backbone to stay with a good company if they hit a rough patch or to decline to flip a company merely because their share price went up The extra study also greatly helps understand when to sell an otherwise good company that is a major position. For example, several years ago we had a large position in a company that was in Cpt 11 much like Ted did at the same time with WR Grace. We sold out some as it approached fair value and the remainder as it passed fair value when it came out of Cpt 11. Our edge was the understanding of the company and the industry and the legal environment that we gained after long study showed that a great company in a cyclical industry was headed for a big recession if not a train wreck. It was ironic that a value investor known for less in depth analysis started buying the stock in a very public way after we had sold out 99% of our position. I complimented him in a public public forum for realizing that they were a great company, but pointed out that they were in a cyclical industry. I left unstated the obvious (to me after long study) fact that they were at the top of the cycle. A year later, we bought that company back during the 2008 crash for 3% of the price of the stock at its peak two years earlier, again because we had gained deep understanding of the company, the industry and the dynamics of ownership and support suggesting they would survive the recession. That confidence to act appropriately in changing circumstances was gained only with long study. :) A similar deep understanding after long study has guided our very profitable round trips in the Fannie and Freddie preferreds in the last few years. :) It sounds like you're a fan of LUK. Just curious on your list of ideas where does LUK rank? Thanks

Funny you should mention SBUX. When SBUX was becoming a national brand, I thought to myself how can this concept work. I can't imagine people regularly paying $4 for a cup of coffee. Obviously, I was wrong and SBUX went on to become a brand on par with Coke. I really believe people get a "high" spending money. And once you become addicted it is a very difficult "habit" to break. I remember back on both set of my grandparents (who lived through the depression) and one set never owned a credit card and thus had no credit and the other had a credit card that they rarely used. The times have certainly changed. A friend who was making really good money became more in debt as he made more money. Unfortunately, he is not an isolated case.

At first thought I would agree with you but I have come to believe most Americans are spenders and not savers. A distant friend owns some of those payday loan places and told me that his best clients are the guys who make $300-500k who need to come in and get a $50k loan for 30 days. I was shocked that a guy who makes that amount of money would ever need a loan. But given how people flip cars, expensive vacations and just waste money I am now a believer that the vast majority of people have a genetic predisposition against saving money.

You may want to speak with your accountant to make sure it is considered ordinary income vs investment income. If you generate investment income, I think you are somewhat limited in regards to placing it into an IRA. If you can do so, take a look at a SEP IRA. From what I remember from several years back, I was able to put much more into a SEP IRA.

My Bad. I'm off to an inauspicious start.

"For example, if I can write a 5 year put option on WFC with something like a $200 strike, the value of that put would carry a premium that compensates me for a reasonable approximation of the dividends that WFC will pay over the next 5 years. When assigned after 5 years, I get the shares and still no tax bill due yet." Eric, There is a good chance you may pay a premium to buy a deep in the money put 5 years out. But more importantly, you should verify with your accountant that buying a deep-in-the-money put will not trigger the IRS into thinking that you "sold" the stock. Best, AtlCDore