Parsad

Public company will be investing directly in Bermuda vehicle. MPIC Funds will be the largest shareholder in the public company. All acquisitions of private enterprises will occur through the public company, while MPIC will continue to manage assets as it does. At some point, Corner Market Capital (MPIC's general partner) will be roled into the company like Hamblin-Watsa was in Fairfax, and it will become another cash flow machine for the pubco. Already a public company. Press release will go out in the next couple of days. Will move to a larger listing in the New Year. Cheers!

Dear boardmembers and readers of Corner of Berkshire & Fairfax: Over the next few weeks, I will be providing significant information about our new public company vehicle to interested parties. Several years ago, Prem told me over lunch to just start my fund with whatever I could raise. Alnesh and I were fortunate enough to raise four hundred thousand from three unknown, but very trusting partners, and so we slowly but surely started the MPIC Funds! All three partners are still with us, and one of them is our director Andrew Cooke! Now over 8 years later, and ironically at the same time my friend Mohnish Pabrai is launching his own but far larger vehicle, we have a confluence of activity that has lead to this. The targeted distressed company is in turnaround mode where we are restoring cash flows from a portion of its business that was inactive. We have spent several months implementing absent internal controls, that were simply washing the existing cash flows into oblivion, rather than creating any value for shareholders. A complete change in culture, the board and management was required. We are also set to participate as one of the largest investors in a new Bermuda reinsurance vehicle, with at least one board seat, and it will be run by a well-known insurance executive and a very talented actuary. We've been fortunate enough to associate with good people, who complement the deficiencies within our own skillset. At the same time, we are in the process of preparing a private placement for the company to increase investment capital. The first step will be to issue rights to existing shareholders to maintain their ownership. After that, the remaining participation will come from MPIC partners who will be given the first chance to invest directly into this company, and any interest by those that contact me and ask to be put on our information list when we finally disclose all of the details. I've been very vocal about management and corporate behavior in the past. I assure you that this vehicle will be one of the few to live up to the ethical standards of those managers and mentors who we hold in such high regard. Cost efficiencies, return on investment, and a solid balance sheet will be the long-term objectives as we seek out investments and businesses with a margin of safety. We will walk the walk as we have with our funds, and we promise to talk the talk...no surprises in compensation here! And the company will never carry my name! Finally, the MPIC Funds will be the largest investor in the company, and we expect our partners to do very well over the long-term by leveraging captive capital through this enterprise. Our office address will be changing over the next few months, as I will be at the new company's head office virtually every day. I thank you all my friends, partners and board members! Sometimes you are fortunate enough to get to do exactly what you want, and I've been blessed with that luck for the last few years. Details are forthcoming, but these days...as we've often heard others say...I truly tap dance to work! If you are interested in receiving information about the company and private placement when fully drafted, please email me at cornermarketcapital@gmail.com. We hope to have the private placement fully closed by the end of November. Sanjeev Parsad

Article on China's shadow banking system: http://www.ft.com/cms/s/0/08036554-2f62-11e4-a79c-00144feabdc0.html Cheers!

Nothing new, but always fun to see the size and scope of what he's accomplished. Cheers! http://finance.yahoo.com/news/warren-buffett-facts-about-his-wealth-193006548.html

He looks like he's lost a fair amount of weight since I last saw him in April. Good for Mohnish! Interestingly enough, Allan Mecham and Ben Raybould are big cyclists too, and they are planning a trip to NYC to ride with a bunch of people in October! Cycling has regained its 1970's & 1980's popularity. Cheers!

Enjoy! Cheers!

Does that mean Buffett will be in Mayweather's corner next fight with Justin Bieber! Bieber might corrupt Buffett! ;D Cheers!

I know Ericopoly loved the Lego Movie...Cheers! http://finance.yahoo.com/news/american-dream-illustrated-with-legos-brookings-200611923.html

Related to their conversion of USG convertible debt to shares: http://finance.yahoo.com/news/berkshire-pay-896-000-fine-164431886.html About 24 minutes of net earnings! ;D Cheers!

Hi AtlCDore, Glad you enjoy the board! Answers to your questions: 1) Yes, you can adjust the number of posts visible through your profiles and settings. 2) I don't believe so. Cheers!

LOL! Alnesh and I are neither young, nor the best! But we won't ever truly f**k up because of that as well. Cheers!

...And Correctly Predicted No One Would Listen http://finance.yahoo.com/news/30-years-ago-warren-buffett-160500867.html Well, I think many on here listened, correct? Cheers!

+1! Could not have said it any more eloquently. Cheers!

Lol... I dont think my Wife or kids would agree. The thing is they are never really gone, just managed. I think the same goes for depression, bipolar, and schizophrenia etc. So far, there is no cure all. There is so much about the brain/ and body we dont know. FWIW, you never struck me as someone who might have had an issue with depression. A. You're absolutely correct! Cheers!

Amazing Al! I've known you for about 10 years, and I've always thought you were the calmest person I've ever met. You're voice barely oscillates when you are speaking. Glad you were able to deal with the panic attacks! Cheers!

I thought this was funny...are we pretty close to this happening soon? https://www.youtube.com/watch?v=F86AEuh9mlE Cheers!

Hi Vishnu, Glad it worked for you and you were able to move forward! All the best, Sanjeev

Maybe that's what gets me through the day after dealing with you assholes! ;D Cheers!

It was probably one of you jackasses who complained! No, let's not sue the Fibrek board, but go after the bidder. Sheesh! Cheers!

For those that think suicide is difficult to understand, I would give a simple analogy that may be easier to grasp: Remember the people jumping out of despair from the Twin Towers because fire and smoke raged around them, with absolutely no sense that anyone would have any chance of helping them get out of there? Now imagine the same sort of despair in your own mind, FOR WHATEVER REASON, and you'll have some idea what compels people to suicide. Their pain or mental anguish, is as real as the physical manifestation of pain from fire, smoke, etc. Just a sense of helplessness, at which point logic, a good night's sleep, therapy, love, fear and pretty much anything else will not ease the suffering. When I was a young teenager, I thought of suicide because I was bullied in my early years of high school. Thank goodness I never went through with it, and today I can't imagine that young fella actually having felt such despair where these thoughts had gone through my mind at that age. But it did! It was real! And all the love from my parents, family, friends, the thought of leaving my little brother, a future life never lived...almost didn't matter. Only taking one step forward, another day of dealing with the torment, allowed me to eventually get through it...and that's the only solace I can pass on to anyone who ever thought the same thing. Can you imagine if I had killed myself then...because some punk ass bitches liked throwing me in a locker or harassing me on the way home? A few years later my Dad died, so my 9 year-old brother would have been raised solely by our mother. I would never have met Buffett or Prem. This board would not exist. Alnesh would be working at some large accounting firm because he would not have gone out on his own or started Corner Market Capital with me. All of the birthdays, Christmases, dinners, lunches, friends...old and new...none of it would have happened. It really is a wonderful life! But some people just forget, because they are in just so much pain and can't see through it at the moment. So, be soft in your judgments of those people! Cheers!

It was booked solid. Couldn't get two rooms there, so we are at the Fairmont Newport Beach...10-15 minutes from you. What day are you getting there? Cheers!

He was amazing, especially when he was younger. He could make the best improv personalities look stale with the sheer speed his mind worked at. Not only was he quick with his wit, the stuff was wickedly funny. Even as he got older, and the jokes springing modestly slower from his lips, his mind worked faster than pretty much any other comedian. The only one that comes close, but who's humour is far more juvenile, is perhaps Jim Carrey, who equally suffers from the voices at the back of his cranium.

Two of the most impactful comedians I grew up watching for most of my life were Robin Williams and Eddie Murphy...the third would be Bill Cosby. Very sad to see such a great comedian and actor succumb to depression!

Apparently committed suicide. A great, manic, comic genius!

Unfortunately not open to the public, and with the combination of the Dhandho meeting, every seat becomes valuable for Pabrai Funds partners and Dhandho shareholders. Cheers!