Parsad

Yup, he's not talking about Fairfax's stake in Overstock, because you can't force them to sell. But if you get enough of Francis' unitholders to worry, especially institutional clients, then you could get some redemptions going. This guy is a piece of shit! Normally I don't get this aggravated, but Francis is one of the most ethical people I know. Buffett would easily hire Francis...without hesitation! I love Prem, Mohnish, Tim et al, but the nicest person I know in the financial industry is Francis. Hands down I would trust him with my money, my family's money, you name it. The guy gave up all compensation while working as vice-president at Fairfax, because he thought it did not look good he was being paid to work there and Fairfax had investments in the Chou funds. He didn't want anyone to ever think he was double-dipping. He's loyal to a fault. Never sold a single share of Fairfax since he bought them at $3! If Prem ever needed him to help out at Hamblin-Watsa, Francis would be there in a second. Never discusses the big score Fairfax made in credit-default swaps. Never says a word, even after Brian Bradstreet and Prem said it was his idea. Never seeks out credit, has incredible humility and goes out of his way every year to attend our dinner. I remember the very first dinner, he just sort of poppped on by, and then Uccmal yelled at me and said "Sanj, Francis is here!" We had no idea he was going to come. Just nine of us for dinner, and here he was just showing up to hang out with us and answer questions. Every year, he never misses our dinner, and then he hangs around for another hour and a half surrounded by shareholders answering all sorts of investment questions. Never complains or says a bad word about anyone. Simply a great guy and role model! I know he's not going to respond to anything Antar says, so that's why I'm venting! ;D Cheers!

Keep the cash. While BAC is still very cheap, the markets in general have gone up quite quickly, and the world's problems haven't suddenly disappeared. Things will get cheaper again, be it the entire market or an individual stock...just wait for the fat pitch. While we are digging for ideas as usual, we cannot find as much that interests us and cash is once again building up. We have plenty of exposure to areas that we thought were cheap, and don't want to go much over where we are. So we'll wait once again! Cheers!

Looks like things are picking up a bit after the post-Christmas slowdown. Cheers! http://www.bloomberg.com/news/2012-02-09/north-american-rail-freight-carloads-for-feb-4-table-.html?cmpid=yhoo

Ok, now you're going over the top. Even I can't join this! Cheers!

He also never comments on how he funded his friend Barry Minkow's exploits, and Minkow is now in the klink for a second term at the University of Life! Take a look at the shit that Antar hangs around with and how they conduct themselves, and take a look at who Francis associates with and how they conduct themselves. Not hard to figure out what's going on. Cheers!

I figure that tangible book will be $14+ by then. I have lots and lots of $15 strike 2014 and $10 2013 (and 2014). They were just so cheap! My thinking is to wait until this coming January and then write a deep-in-the-money 2014 call for every $15 strike call I have. Then take the cash proceeds from writing the calls and use it to exercise the 2013 strike $10 calls (defer the taxes another year while also holding for more gains). Oh my goodness! What a problem to have. ;D Cheers!

In Sam's latest bash (re: article) on Overstock.com, his new target seems to be Francis, as the Chou Funds has been accumulating a significant position in the last little while. Antar is always looking for any target associated with Overstock.com or Patrick Byrne. I would rather just see the two of them go at in a ring and get it over with, but I doubt if Antar wants to take on an ornery Irishman with a black belt, who is just seething and ready to take a bite out of him. Cheers! http://seekingalpha.com/article/352721-francis-chou-s-fund-takes-a-bath-on-overstock-holdings?source=yahoo

Yup, no material cost to BAC for the settlements today. It's all good! ;D Tangible book by Christmas as I said earlier. Cheers! http://finance.yahoo.com/news/Bank-America-Announces-bw-3721419165.html?x=0

So, the House passes the bill to ban insider trading by members of Congress, which is just plain stupid in itself that it hasn't been done already. But then they remove a provision in the bill that now does not require those collecting information from members of the house, and who resell that information, to disclose their activities by making public filings. This is just plain retarded! Cheers! http://www.cnbc.com/id/46326833

I'm pretty sure BAC has accrued for most, if not all, of that settlement. What they don't tell you about Wells or JPM is exactly how much did they acrue. I can assure you that Wells is going to be able to release some of that reserve over time, because they never under fund a liability. Cheers!

Phil Falcone is paying a pretty penny keeping his fund afloat. Cheers! http://www.bloomberg.com/news/2012-02-08/falcone-s-harbinger-said-to-borrow-190-million-from-jefferies-at-15-rate.html

Looks like California and New York have joined, and this thing will get done soon. Some relief for some homeowners, while the banks put the biggest suit behind them. Cheers! http://www.cnbc.com/id/46319978

If it wasn't to be seen by shareholders, I would have already heard about it from Fairfax, so I don't think there is an issue. Maybe Prem made it convoluted to find, just to see exactly how many die-hard followers there are out there! ;D Cheers!

The date on the link I put up says February 7th, so I think it may be a new one. Cheers!

I guess this was on last night and I missed it, but apparently Warren and his son, Howard, were on 60 Minutes last night. The video link isn't ready yet, but probably should be soon enough. Cheers! http://www.cnbc.com/id/40795923

No, you're probably right there. He might have a huge poster of Aerosmith on his other wall, so that probably wouldn't be the right choice. ;D Cheers!

Did you guys take a close look at the bookshelf? It's got all of his books on Buffett on there, including a copy of Securities Analysis and a couple of copies of "Of Permanent Value". The fact that he's got some leatherbound books on there means nothing, except that he's bought some leatherbound books and keeps them on his bookshelf in his office, and values them the same as his investing books...more admirable than anything else. Regardless, the presentation is what people should pay attention to. Cheers!

...a 20% cut to minimum wage! Yup, that's not going to lead to riots. What a mess. Cheers! http://www.bloomberg.com/news/2012-02-08/greece-to-pledge-20-cut-in-minimum-wage-pension-cut-draft-accord-shows.html

Bond sales for Maiden Lane II are almost complete, and AIG should get it's one billion dollars that was deferred. Cheers! http://finance.yahoo.com/blogs/daniel-gross/sale-bonds-component-aig-rescue-winds-down-200121719.html;_ylt=AvEoAPN0CjrLfI.IQi4fk.uiuYdG;_ylu=X3oDMTQ0dWExNmtrBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDNjIxZjZhMGQtZGQ4Zi0zMTJmLWJkMTctZjdmZDFjNjhiYmQwBHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyA2U1YTBkYTIwLTUyOWUtMTFlMS1iZjRmLTE5ZGRiNzQ0ZTY0Mw--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Never judge a book by its cover...no matter how nice the cover! Article on Kathy Ireland and her burdgeoning retail empire, as well as her links to Buffett and NFM. Cheers! http://www.forbes.com/forbes/2012/0227/feature-swimsuit-model-empire-kathy-ireland-supermogul.html

Really good article about Don Graham and Washington Post. Cheers! http://www.forbes.com/forbes/2012/0227/feature-washington-post-don-graham-trouble-company-nice-guy-finish-last.html

How much is he up already this year? Several of his positions have already risen 30%+ YTD, with AIG and MBIA holding him back in the two funds respectively. Berkowitz has wittled the fund down to incredibly concentrated positions. If he gets any traction on AIG and MBIA, it would be easy to see the funds rise 30% plus in 2012. Cheers! Great, 30% rise. Now that leaves you "only" 17% more to go just to break even. I think the point is that those investors who sold anywhere near the bottom, just cost themselves 30%+ in returns to get them back up to break even. It's not Berkowitz's returns you should concern yourself with. Feel bad for the investor who sold out of fear and probably kept the funds in cash! Berkowitz will make his money and more over time. Cheers!

And just to be curious, as I'm not aware of the answer, what was you full-time job back then Sanjeev, before the fund? When I started the message board, I was a supervisor for Loblaws! I quit that year and started working as a mutual fund and insurance dealer because I wanted to get into the financial industry after meeting Buffett. I had no idea how, and I quit university after my father died when I was 21, so that was my stepping stone into the business. But over the next few years I was really frustrated with the incestuous relationship between the dealers and brokers in the industry. They do a complete disservice to the investor! It wasn't until 2006 when I started the fund...the best thing I ever did. And it would never have happened if I didn't have lunch with Prem, who said just start the fund with whatever money you have saved and can raise...build a track record! But that lunch only occurred because we contacted Fairfax regarding the short attack in 2003, which we only noticed because a handful of us Fairfax shareholders had gathered on this board and were wondering what the hell was going on! Very funny how little things can make a big difference in someone's life and how interconnected they all are! ;D That first time I went to Fairfax's office was incredible! Francis and JoAnn just spent the whole day taking me around to everyone's office, and then I was allowed to sit with each person in their office and ask questions for about 20-30 minutes. You name them, I spent time with them that day...Fairfax executives, vice-presidents, Hamblin-Watsa principals and analysts. I also got to see their archive room, where they have an actual part-time librarian who catalogs and organizes all of the historical annual reports Prem has accumulated through the years...thousands and thousands! I saw the trading desk where Frances Burke constantly executes their trade orders directly from. In the middle of all that, I had a nearly two-hour lunch with Prem in the boardroom...Indian food! I barely ate anything because I was so busy asking him questions and listening to what he had to say. Every year, I would go visit the office and spend some time there. I remember one year I was supposed to meet Francis for a while, so JoAnn arranged for us to meet him in the smaller boardroom at Fairfax, since he had already left his vice-president position and was now solely at the Chou Funds. We sat there and talked for about four hours making little cappucinos from the automated coffee machine Fairfax has in their kitchen! ;D Francis, my friend Dr. Ajay Desai, our director Andrew Cooke (whose father JoAnn originally worked for before joining Fairfax), Alnesh and myself...four hours plus just sitting there and talking about investing! JoAnn would come in and check up on us every half hour and see if we needed anything. She was fantastic! That's why I do the dinner in her memory now, and why we raise money for "The Crohn's & Colitis Foundation of Canada". You've got me reminiscing. Anyway, so that's a bit of that. Cheers!

How much is he up already this year? Several of his positions have already risen 30%+ YTD, with AIG and MBIA holding him back in the two funds respectively. Berkowitz has wittled the fund down to incredibly concentrated positions. If he gets any traction on AIG and MBIA, it would be easy to see the funds rise 30% plus in 2012. Cheers!

You got it Petey! That's the whole poiint of this forum. Uccmal was a relatively smaller investor before he bought Fairfax when people were throwing it away. He could retire now if he wanted to. Ericopoly was a relatively smaller investor too before he bought Fairfax...he did retire after! ;D Now Eric is working on what he's going to leave his children with his recent investments going full throttle! Ten years ago, I wasn't running a fund. I started a message board with 9 of my friends so that we could just talk about Berkshire Hathaway...I didn't know Francis...I didn't know Prem...and I barely knew Mohnish...and I certainly didn't know all the wonderful people that have come and gone on here. The three stories above are just a smattering of what has happened to people on here over the years. There are so many similiar stories! That's why this forum remains open to people's opinions and we encourage everyone, from the small investor or large investor, to share your stories. It doesn't matter how big the bank account is or how much in assets you manage, it's what you have to say and where do you go from here! I don't know too many investors, professional or otherwise, that have done as well as Uccmal or Ericopoly in terms of return over the last 8-10 years...there are lessons there for everyone! Cheers!