kiwing100

Thank you for sharing the link to the video.

Links to Dear Fellow Shareholders - collection of letters by Martin Whitman https://mjwhitman.pressbooks.com/ https://mjwhitman.pressbooks.com/front-matter/introduction/ Table of contents o Important Information o Foreword o Introduction • The Roots o Equity Strategies Fund Proxy Vote o Equity Strategies Fund Investment Philosophy o Equity Strategies Fund Launches Third Avenue Funds o Inaugural Third Avenue Funds Letter to Shareholders • Investment Philosophy o Third Avenue Value Investment Philosophy o Third Avenue is Different o Consistent Performance and Averaging Down o Value Investing at Third Avenue o The Concept of Net-Nets o The Third Avenue Formula for Investing o Net-Nets on Steroids o Fundamental Finance o Third Avenue and the Efficient Market Hypothesis • Portfolio Management o Portfolio Diversification o Risk Arbitrage o Index Funds and the General Market o The Importance of Buying Cheap o The Moral Hazard Question o Third Avenue Value Fund Compared to Private Equity Funds o Risk from a Third Avenue Point of View o Securities Regulation, Disclosure and Third Avenue o Characteristics of Long-Term Investing o Thoughts on the Detroit Bailout o On Creditworthiness • Modern Security Analysis o The Unimportance, and the Importance, of Book Value o Third Avenue Approach to Valuation o Corporate Valuation o Role of Accounting in Security Analysis o Fair Disclosure o How Third Avenue uses Accounting Disclosures o Proposed Elimination of Double Taxation on Corporate Dividends o Reforming Generally Accepted Accounting Principles o So What Are Earnings, Anyway? o Conventional Security Analysts o Corporate Uses of Cash o Financial Accounting • Graham and Dodd Fundamentals o A Balanced Approach to Value Investing o Third Avenue vs. Graham and Dodd o Graham and Dodd and the Efficient Market o Graham and Dodd Revisited • Academic Finance o Modern Capital Theory and Fundamental Investing o The Third Avenue Approach vs. The Conventional Academic Approach o Third Avenue and the Efficient Market o Generally Accepted Accounting Principles and the Enron Mess o Reconciling Modern Capital Theory and Value Investing o Characteristics in Modern Capital Theory o Going Concerns and Investment Type Companies o Value Investing

Links to Dear Fellow Shareholders - collection of letters by Martin Whitman https://mjwhitman.pressbooks.com/ https://mjwhitman.pressbooks.com/front-matter/introduction/ Table of contents o Important Information o Foreword o Introduction • The Roots o Equity Strategies Fund Proxy Vote o Equity Strategies Fund Investment Philosophy o Equity Strategies Fund Launches Third Avenue Funds o Inaugural Third Avenue Funds Letter to Shareholders • Investment Philosophy o Third Avenue Value Investment Philosophy o Third Avenue is Different o Consistent Performance and Averaging Down o Value Investing at Third Avenue o The Concept of Net-Nets o The Third Avenue Formula for Investing o Net-Nets on Steroids o Fundamental Finance o Third Avenue and the Efficient Market Hypothesis • Portfolio Management o Portfolio Diversification o Risk Arbitrage o Index Funds and the General Market o The Importance of Buying Cheap o The Moral Hazard Question o Third Avenue Value Fund Compared to Private Equity Funds o Risk from a Third Avenue Point of View o Securities Regulation, Disclosure and Third Avenue o Characteristics of Long-Term Investing o Thoughts on the Detroit Bailout o On Creditworthiness • Modern Security Analysis o The Unimportance, and the Importance, of Book Value o Third Avenue Approach to Valuation o Corporate Valuation o Role of Accounting in Security Analysis o Fair Disclosure o How Third Avenue uses Accounting Disclosures o Proposed Elimination of Double Taxation on Corporate Dividends o Reforming Generally Accepted Accounting Principles o So What Are Earnings, Anyway? o Conventional Security Analysts o Corporate Uses of Cash o Financial Accounting • Graham and Dodd Fundamentals o A Balanced Approach to Value Investing o Third Avenue vs. Graham and Dodd o Graham and Dodd and the Efficient Market o Graham and Dodd Revisited • Academic Finance o Modern Capital Theory and Fundamental Investing o The Third Avenue Approach vs. The Conventional Academic Approach o Third Avenue and the Efficient Market o Generally Accepted Accounting Principles and the Enron Mess o Reconciling Modern Capital Theory and Value Investing o Characteristics in Modern Capital Theory o Going Concerns and Investment Type Companies o Value Investing

Book review https://www.santangelsreview.com/2014/04/28/book-review-and-lessons-from-dream-big-a-glimpse-inside-the-strategies-and-tactics-of-3g-capital/

In case you're interested, here is the interview by John Stumpf on Mad Money that Buffett was referring to.

Full interview in parts Part 1: http://money.cnn.com/2016/11/11/investing/warren-buffett-donald-trump-stock/ Part 2: http://money.cnn.com/2016/11/11/investing/warren-buffett-wells-fargo-scandal/ Part 3: http://money.cnn.com/2016/11/11/news/economy/warren-buffett-economy-income-inequality/index.html

The David Rubenstein Show: Warren Buffett http://bloom.bg/2fh8gYy

Latest memo from Oaktree Capital's Howard Marks - Political Reality, 17 Aug 2016 https://www.oaktreecapital.com/docs/default-source/memos/political-reality.pdf

For those of you who read the memos of Howard Marks of Oaktree Capital https://www.oaktreecapital.com/docs/default-source/memos/economic-reality.pdf

Many thanks to you for sharing.

For all you Buffett watchers ... FYI **Warren Buffett will be on CNBC's "Squawk Box" on Monday, May 2nd 6AM-9AM ET. Charlie Munger, Vice-Chairman of Berkshire Hathaway, and Bill Gates, Microsoft Founder & Co-Chair of the Bill & Melinda Gates Foundation, will join from 8-9am ET.

Oddball, do you have favorite books on failure you'd like to recommend? Billion Dollar Lessons, anything about Enron, When Genius Failed, The Match King, Invisible Giants (Van Sweringen Brothers book, very off the radar, engaging book) I'd add "Fools Rush In" as a great case study of the disastrous Time Warner/AOL merger. The personalities are fascinating. Oddball, Studying failure is great, fun, interesting and you learn what areas to avoid in the investment world. My bookshelf is littered with books on company failures, investment failures and personal bankruptcies and I collect news stories of such failures. As Charlie Munger says, "tell me where I'm going to die so I won't go there" - classic Jakobi inversion - if you know how to lose money, then you stay away from those areas. By only studying success, you overlook what can go wrong. Klarman and Berkowitz focus on what can go wrong before what can go right. I've heard Berkowitz say that they try and kill the company in his investment thesis before he invests Warren Buffett's favourite business book was "Business Adventures" - it is a great read for investors and is a collection of stories - there's a story about business group think, cornering the stock market, currency peg devaluation. They've reprinted the book recently so you can get a copy. Here is an article from Bill Gates on the book. http://www.marketwatch.com/story/gatess-and-buffetts-favorite-business-book-is-out-of-print-2014-07-17 Quote from Berkowitz interview: What is your strategy for the fund? If I was to build a stock screen like Bruce Berkowitz, what would it look like? We start with this basis: The only thing you can spend is cash. We want companies that generate significant cash in most times. That is how we start. We don’t care much about what they make, but we have to understand it. The balance sheet has to be strong; we want to make sure there are no tricks in the accounting. Then we try and kill the company. We think of all the ways the company can die, whether it’s stupid management or overleveraged balance sheets. If we can’t figure out a way to kill the company, and its generating good cash even in difficult times, then you have the beginning of a good investment.

For those of you interested in Howard Marks, just stumbled onto this, haven't seen it shared, so here you go. It came out a few days after his memo in January. https://www.oaktreecapital.com/docs/default-source/memos/what-does-the-market-know.pdf

http://www.cnbc.com/2016/02/29/live-blog-3-hours-with-warren-buffett.html

It's out - http://www.berkshirehathaway.com/letters/2015ltr.pdf

FYI, just read a news article that WEB's annual letter is due out this weekend.

For those of us who do not know, could you tell us what is the situation that you allude to with respect to Mohnish Pabrai? Thank you in advance for your insight.

https://www.oaktreecapital.com/docs/default-source/memos/on-the-couch.pdf?sfvrsn=4

Thank you for sharing.

http://english.caixin.com/2015-07-16/100829521.html

"With 701 stocks halted on mainland exchanges and at least another 1,240 falling by the 10 percent daily limit, sellers were locked out of about 67 percent of the Chinese market." Full article: http://www.bloomberg.com/news/articles/2015-07-15/china-s-stock-futures-fall-before-economic-growth-data

http://www.bloomberg.com/news/articles/2015-07-08/this-is-why-so-many-chinese-companies-are-suspended

Just heard on Bloomberg There is a restriction on the number of index futures which can be short sold in China. This has the impact of long selling of stocks by hedge funds as they can no long hedge out their market risk ...

Was listening to a Bloomberg news report from a reporter on the ground in Athens, yesterday. A couple of interesting comments. The reporter noted some behaviour by Greeks given current circumstances; 1. Some Greeks are maxing out their credit cards and buying TV's, electronic items (perhaps in fear that these imported items will become more expensive if Greece leaves single currency). It seems that they believe that if the Greek banks go bankrupt, or if Greece leaves the Euro single currency, they believe that they will not have to pay the amount back to the bank ... (or to offset against their bank balance which they are unable to currently access) 2. Greeks are buying Rolexes, jewellery as a store of value, in the event that Greece leaves the single currency union.