Parsad

I wouldn't read too much into the stock price. Insurance is positive, hedges are negative, bond portfolio is negative, equities are positive, BBRY is negative, possible inclusion into indices is positive and a host of other possibilities. Cheers!

Unfortunately, the letters are not public. Cheers!

I know, but I thought I would get people excited. Cheers!

Not sure if this was posted or not. Interesting ties to Fairfax! Thanks to John for sending me the link! http://business.financialpost.com/2013/10/19/meet-michael-sitrick-the-fixer-you-call-when-your-reputation-is-on-the-line/

As of October 1, 2013, we are managing $2.5 Million of float of a small privately held insurance company in a separate account. I like the Founder/CEO quite a bit and explored getting them to invest in one of the funds, but the various state insurance regulations made that option too onerous. Besides, the US funds are closed. These funds represent a small percentage of their float. The amount we manage for them may increase over time. The investment style is likely to be a lot more concentrated than Pabrai Funds. When fully invested, three or four positions will likely make up 90+% of assets. I have not had any new investment ideas in about 15 months. Thus, as I write this letter, the separate account is 100% invested in money market funds. Alright groupies, go to work! Who do you think the CEO and company are? Is Mohnish diversifying into managing insurance assets? Could this be Monsieur Jain's National Indemnity? C'mon throw your ideas out there. Cheers!

Wow! Never knew they were friends. I remember watching Williams with the Bulls. Cheers!

He'll possibly push his agenda as the largest shareholder until he possibly forces board members out. Either tow the line or you will be out. Cheers!

Hi Munger, You might be coming when we are in another shortened set of "lean years"! I'm sure there will be plenty of questions about the hedges, BBRY and three years of a stock market running up. Might feel like old times once the media is done putting them through the wringer. ;D Cheers!

That contract better be more binding than the paper it's written on. How many ways has he figured out how to get what he wants? If the CBRL board agrees to a contract, it will be a short tenure for the current board. Let's see if they are smarter than that! Cheers!

Working from the home office today...just toast, eggs and a Nespresso! Cheers!

Maybe they spent too much money on the Google Ads! They were very nice looking ads. Cheers!

For an old guy, Buffett is incredibly in tune with popular culture. I think he was referencing Stephen Wolf, but alluding to the quote from Pulp Fiction as well. This is the guy who just played Walter White in his own AGM film, before the huge ode to Breaking Bad that the rest of the world was writing for the last five months as the show ended. He's incredibly in touch with all facets of American culture from politics, sports, entertainment, etc. That's what makes him so fascinating to even the non-investor! Cheers!

Short article on Arlington. Cheers! http://seekingalpha.com/article/1753932-learning-from-arlington-values-picks?source=yahoo

Some of the managers and analysts are given portions of the portfolio to manage (from half a billion plus to just ten million). It could be that the position is one an analyst took. Cheers!

+1! Cheers!

We are one-third sold out already! Get your tickets before they are gone. Cheers!

I think it's too premature to come to any conclusions on Tracy Britt. Those articles seemed quite sensationalistic, so I'm not sure they carry much weight with me. Time will show if she is qualified or not, but Buffett certainly thinks she's talented...at the same time, she is young too. I would let time guide any decision on her abilities. Cheers!

I have a copy of it, actually. I don't think she would mind me posting: Dear Mr. Buffett, Enclosed with this letter, please find a copy of the 6th edition of Graham and Dodd's Security Analysis which features your forward. Rest assured, this book is not for you! I know that you already have two beloved copies of this book, and since I don’t have an original copy with Graham’s notes inside, there is little that I can do to add to your library. Rather, it is my hope that you will find the time to sign this book and have someone return it using the return label provided. In January, my husband is opening his first investment fund, based on the principles of Graham, Marks, and of course, you. Over the last few years, he has devoured any information on value investing and analysis with a passion! I would love to present him with this book, which already means so much to him, made even more special with an inscription from his personal hero. He would be overjoyed, and I will have won the "greatest gift game" for at least the next decade. We both admire and respect you and your career, and I hope that this letter finds you well. Thank you for being an inspiration to so many, especially my husband who has never been happier since finding his own passion for value investing. With great respect and thanks, That's a great letter she wrote! She's a keeper...not only does she actually listen to you about Buffett and value investing, but she got the greatest investor to sign a book for you and mail it back. You won't ever do better than her! ;D Cheers!

I think nowadays you can just buy a degree! Common sense cannot be bought. Cheers!

Very nice! You owe your wife a nice gift from Borsheim's now! ;D Cheers!

No, check the math Siddarth...closer to 14.5% annualized, during a period when the S&P did less than 5% annualized. Cheers!

+1...fully agree! Cheers!

Should have just put her up in a house in the Hamptons for a week, and not exchanged any cash! ;D Cheers!

Hedge fund Common Sense Investment facing massive redemptions after prostitution bust! http://finance.yahoo.com/news/fund-slammed-founders-prostitution-bust-194535306.html But somehow Chanos kept all of his assets after it was revealed that Spitzer's hooker mistress was staying at his place all summer a few years ago and called him "Uncle Jim!" Difference between New York and Portland! ;D Cheers!

Thanks! I actually celebrate both...U.S. & Canadian Thanksgivings. I have a lot to be thankful for! ;D Cheers!