doughishere

More stuff http://www.law.uchicago.edu/files/file/684-12-abb-ajc-fannie.pdf http://scholarship.law.berkeley.edu/cgi/viewcontent.cgi?article=3481&context=facpubs

Big into sears

http://www.glenbradford.com/wp-content/uploads/2016/03/Deloitte-Fannie.pdf Thomas Alexander and Forrester

Shareholders have started a case in Florida.... Peter Chapman writes... The screenshot attached to this e-mail message shows that Edwards v. Deloitte was filed yesterday in Florida state court. My understanding is that 40 Fannie Mae shareholders are asserting claims against Deloitte for botching their audit of Fannie Mae.

Prefs probably have less liquidity....cherzeca is right but it's the long game that the focus needs to be on. The short game will follow

Cant argue with that...but it ain't over till it's over.....and right now it's not over. I agree it's starting to become a more crowded trade. From Peter Chapman: Magistrate Scoles approved FHFA and Treasury's request to file their Motion to Reinstate a Stay of the Deadline to File an Administrative Record and a Brief in support of that request under seal and file a redacted version for public consumption. Following entry of that order, FHFA and Treasury filed the sealed and redacted versions of their Motion. FHFA and Treasury stick to their positions that no facts make any difference in this case because HERA insulates them from all shareholder litigation. Sent from my iPhone. Will link documents when I get home. 15-00047-0068.pdf 15-00047-0069.pdf

I wouldent read too hard into that.

whats the difference between "remedy withdrawing and "jurisdiction withdrawing? Like if I had to do a "remedy-withdrawing" is...this..what would I say this is? I think I get the jusrisdiction part. Remedy withdraw is just new. What's certification in this context? Like my passport is a certified legit us passport?

http://video.foxbusiness.com/v/4216682073001/charlie-munger-on-carly-fiorinas-presidential-bid/?#sp=show-clips I love wise asses.

https://np.reddit.com/r/pics/comments/47s9en/when_you_find_a_sandbar_in_the_middle_of_the_ocean/d0fdvgv?context=3 Image: http://i.dailymail.co.uk/i/pix/2015/07/25/13/2AD4B2E300000578-3174252-image-a-1_1437827072250.jpg

Its nice to hear it from Buffett but you should really learn it for yourself also. How do we know Buffett isn't lieing to us? And at some point he will be gone and you will no longer have to decide for yourself. How do you know the next guy isnt a scumbag? Even Buffett has a formal education in accounting. He did go to school and study it....ohh well i guess Its all about how well you trust someone. And for the premature haters....im not criticizing Buffet in any way. Im not saying Buffett is bad or hasnt earned his sterling reputation im just saying that its good to check even the most trusted man. And to do so you need to study things independently. I guess the difference is that some people are ok with being passive...id rather be active. Both are neither immoral nor wrong.

Explain it like I'm 5?

Buddy Sent this to me......the gem is on page 6 Note 8 is pretty good. Financial Audit: U.S. Government’s Fiscal Years 2015 and 2014 Consolidated Financial Statements - 2/25/15 http://www.gao.gov/assets/680/675425.pdf

Since were posting shit. Current as of 2/11 gselitigationsummary201602.pdf

we all signed the terms when we created our accounts. Section 3, subsection 34, paragraph 12, part d, clauses (a) and (g) said "no joking allowed"....strictly forbidden.

Ackamn, Bruce and Tilson are at a conference coming up soon in NYC. I bet they talk about F&F there. Next week or so. I think http://theharborinvestmentconference.org/

Others in here might be able to fill in the gaps...I hope ive answered the question somewhat sufficiently. Edit 1: And it is a bit repetitive...ill try to clean it up later. Edit 2: Wow my rough drafts suck...poor spelling...Im working on cleaning it up.

So...Amortization is the write off of assets...Assets depreciate over their economic life. If i purchase a car for $10,000 and depreciate the car over 10 years I charge off $1000 each year for 10 years as an expense. Assume no other costs like maintenance go into the car. Well what happens when the car actually runs for 15 year....I "in a way" get 5 years of "free" economical use of that car. Where all revenue generated for that last 5 years has no associated expense. Theres no "charge off" for the last 5 years. Webs just warning that revenue generated after the "charge of"(amortization expense) can be much greater because there is no associated expense from year 10 to 15 in my car example. if my car needs to get replaced and I buy a new one, well i need to start to expense amortization of the new car and revenues from my use of the car are going to drop in proportion to the amortization expense.

First off I highly recommend an accounting course at a major university if you can get the time to do it. Its one of those important skill sets that I think you can never spend too much time learning...but thats just me. I've fallen in love with it. Make sure you pick one with good standards...and most importantly make sure you learn. Its up to you to learn from it. Doing awesome by asking questions now. Accounting has a lot of finesse to it. GAAP is a set of Principles that are meant to be guidelines to managers and other users of financial statement in reporting the "status" of the business with the goal of "accurately" reporting the situation of the business...because humans cant agree on all measures of how to report items....companies often report them "proforma" which is a fancy way of saying how they(managers) think it should be reported. People dont agree because they are subject to their own incentives and biases on how to report them....GAAP tries to eliminate these and does a good job for the most part. GAAP and "economic reality" can deviate because...its not a perfect system its a human system. Key point: Amortization charges get deducted in the earnings by a schedule based on certain assumptions and thus are subject to considerable bias and "flexibility." WEB basically believes that the GAAP way of doing things does not reflect economic reality for certain assets on BRK balance sheet. Soo...lets look at BRK report. I believe you are looking into this passage: If you have something like software, we call it an intangible asset, Buffett states that the "amortization charges are very real expenses." Software gets old after a while...certian software are no longer useful. It becomes obsolete. Expenses in developing new software are very real costs and need to be taken into account....GAAP provides guidelines on how to do it. Think of it this way your car depreciates, maintaining it and eventually getting rid of of it over the course of its useful lifetime are very real concerns....software is similar. GAAP provides "guidelines" on how to do it. Again....But the true economic value of lots of things are not as easily determinable as an automobile or software. Buffett uses the example of the "amortization of customer relationships." This is what we call an intangible asset. This is an imperfect analogy.....but.........I go to the same lady i get a haircut from for the last 5 years because we know each other....I call her up say hey its Doughishere can you fit me in wednesday at 1pm. She says yes and when i go we know each other so well that i dont even have to tell her how to do my hair....how do you account for that relationship? GAAP would say depreciate the relationship like software. Well, the depreciation depends on a lot of factors one being the assumption of how long the relationship is going to continue. I may move citys in 1 year, 5-years or 10 years who knows when that customer relationship is over. But how do i report that unknown? She gets my business all the time, because i dont dare let just anyone touch my hair, but how do you account for that? Now WEB makes his own, non-GAAP, assumptions on how he thinks the economic realities of the Patents, Customer relationships...yadda yadda are. These are in the earnings statement because Amortization charges get deducted in the earnings He warns that....."Depreciation charges, we want to emphasize, are different: Every dime of depreciation expense we report is a real cost. That’s true, moreover, at most other companies. When CEOs tout EBITDA as a valuation guide, wire them up for a polygraph test." Maybe we need to hook him up to a polygraph test at the meeting this weekend......I'm kidding.

I nominate cherzeca and Merk for the Delegate from COBF. Edit: Ehh...we've been though the rumor mill though so time will tell.

my question is who did they ask? perry, berky, acky, or wash federal etc etc. if they want to settle they should find a big table first The answering of one question only leads to two more.....somethings dirty.

....the fact that they asked for terms. Tell Hirohito we want unconditional surrender.

Are you saying Mel is taking his stance at the guidance from the Commander an Chief himself? Thats the reason for his sudden change of heart? Tha'd be rich if he was. We are in an election year. Hillary is gonna need some coinage if shes gonna go up against trump come November. Pure speculation. But fun to entertain non the less.

Today... Touché Luke. Putting sh*t together. Me Likey. God my emotions swing so much.

We hear what we want to hear... personally, i decided to hold my breath.