peter1234

Thanks for putting a name to the East Coast spin-off. Most other managers actually discuss their stocks by name unless there is a good reason not to... ;)

How do you trade this stock? Hint: it is not listed in Eritrea but .... US ;D

+1 :)

Kindle can be pre-ordered now. http://www.amazon.com/Education-Value-Investor-Transformative-Enlightenment/dp/1137278811/ref=tmm_hrd_title_0 ;)

Don't know, but have not heard him talk about currency hedges.

This is an awesome thread! I was wondering if someone understands why Pabrais venture into Japanese net net land was not overly successful? Are these net nets different from Pabrai or a similar bet at a different point in time? Is it just that the more attractive ones are too small for an instituitional manager? ;)

Diana Greenblatt (Joel Greenblatts sister) knows retail: http://www.scribd.com/doc/64866874/Lecture-5-Retail-Investor-Specializing-in-ANF-AEOS-ARO# ;) BTW, you might be looking at 7 foot hurdles as some top investors found out (Ackman, Buffett and others) http://online.wsj.com/articles/buffetts-achilles-heel-retail-investing-1405539148 ;D

Thought this bit was interesting. Looks like not even Todd and Ted found much to buy. ;)

Not anytime soon, it was just voted down by over 98% of the shareholders. +1 It will not happen under Buffett. He will rather allocate to regulated industries. :)

a good example http://www.wired.com/2011/01/ff_lottery/ This is a cool article! ;)

Thanks for a great perspective. Is there a similar setup on the male side or they are (over) confident enough to do it themselves? ;)

Busiest week for US IPOs since November 2007 http://www.ft.com/cms/s/0/f6169cea-1985-11e4-9745-00144feabdc0.html

Thanks, very interesting. Extreme greed to extreme fear in 1 month? Is this thing just very volatile? 1 down week and we are at extreme fear? ... ???

So he spent 65M for Stonetrust and has another 85M for next acquisition(s). ;)

+1

Regarding 1) the way I understand it is this way: Say your hedges/shorts are 3b and your Equity/Longs are 3b so you are 100% hedged. Now your Equity/Longs increase to 3.3b, your hedges/shorts are still at 3b. You are now 3/3.3 or 91% hedged. :) If they realized gains of 300M it means that the 3.3B goes back down to 3B for a 100% hedge ratio (unless if they reinvested 300M). I would've thought we'd hear about a new 300M position given that's a sizeable piece of their equity portfolio so I'm not sure that this was reinvested. Hedges should've been largely flat so it could be that Fairfax closed a large portion of hedges that only show a deceptively small gain of 2M but I would think they'd mention this new stance towards being under hedged but instead said it was due to equity outperformance so I'm still lost. Agreed, just realized the conundrum after posting. May someone else try... ???

Regarding 1) the way I understand it is this way: Say your hedges/shorts are 3b and your Equity/Longs are 3b so you are 100% hedged. Now your Equity/Longs increase to 3.3b, your hedges/shorts are still at 3b. You are now 3/3.3 or 91% hedged. :)

Definitely not. Pabrai has lots of ideas that you won't simply know about by just reading Graham. The three biggest I found were Checklist, position sizing & cloning. I like to watch every Pabrai video because even though he has a policy of not discussing current holdings, he will provide one or two examples of his current holdings nonetheless...or a new perspective on his past holding. +1 I am glad Monish is speaking again more often. I always learn something new from him. :)

Thanks, great story. Shows you that it's good to always have some cash on hand ... ;)

In theory, I absolutely agree with you. In practice, however you might underperform for a few years in a row. So you might fold just before outperforming again and then the LP will not participate. For example, Pabrai uses a similar structure. When he was underperforming, I think most others would/could not keep going. ;)

Because you cannot cover your expenses and pay all your staff. So they might leave. I think early on he guaranteed any losses. Remember, he ran a few different funds. ;)

His AUM has gotten crushed. According to Morningstar, he had $8.7 billion under management...now it's $1.9 billion. However, 2b is still a good chunk of money. Especially if you can manage it with a small staff. ;)

Fair depends which side you are on. ;D If you think you can do 10% pre fees, the difference is quite big at 50%: 1.5% vs 1.0% ;)

+1 ;D

I like his comments and his reasoning is sound and makes sense. Nevertheless, he has badly underperformed the last 5 years. Fascinating that he manages to hold on to that much money. He certainly runs a great business. ;)