Parsad

Thanks for posting the audio...much appreciated! Cheers!

Awesome. A quick question Parsad: is it possible when writing responses to "quote" just selected areas, rather than "inserting quote" and then deleting what you don't want to quote? Maybe this is a vBulletin only feature, but on other forums, you can highlight the text and a dialog box that says "quote" appears and if clicked, only quotes that section of the message in the reply editor. Thank you! You can do it the way I just did your comments: Highlight the text, right click copy, paste in reply, and then highlight again and click the italics button. It won't include the name of the person you are quoting, but you will just quote what you want. Cheers!

Berkshire responds to an article: http://finance.yahoo.com/news/berkshire-hathaway-inc-news-release-210000294.html Cheers!

Oooohh, the media is going to be all over this one...some of the titles of articles to come: Blackberry Saviour Loses Big Betting Against Market Watsa Happening at Fairfax Market Bear Fairfax Growls to Big 3rd Quarter Loss Should Watsa Change His Macro Views? Watsa Wrong With Watsa? Buffett of North's Results Go South Here's to the chance to buy Fairfax under $400 again! Cheers!

Amazon. They were losing tons of money by plowing everything they could and more into their business. It worked! But this often not the case, rather than often the case. Cheers!

So much for Bill's retirement! ;D Also notice, that there was no comment by Prem Watsa, but instead Paul Rivett. Andy Barnard on insurance, Paul on non-insurance investments & Hamblin-Watsa...Fairfax's decentralized management will prove to be a competitive advantage over time, and will allow the retention of quality managers. Cheers!

Congratulations Jeff! Cheers!

LOL! No. They are coming very slowly to me. If we get to the point where we file our position, you guys will know then. Cheers!

Could be both, couldn't it? ;D This time I'm not even going to respond to any future guesses at all. You guys are seriously too good at this, and any clues I give, somehow you will figure it out. I've learned my lesson once now already. Cheers!

Mohnish is doing his annual lunch auction on Ebay, with proceeds going to his foundation Dakshana. Bidding has topped $4,000! Wow! Keep it going guys...you will be having lunch with the "Bono of Value Investing" as I've affectionately anointed him! Jai Ho! http://www.ebay.com/itm/121200878501 John Mihaljevic, founder of Manual of Ideas, is also generously donating a Munger bust he has. Bidding is already at $1,600+! All proceeds go to Dakshana. Cheers! http://www.ebay.ca/itm/Charlie-Munger-Bronze-Bust-/121201494668?pt=LH_DefaultDomain_0&hash=item1c382c0a8c Cheers!

No, but it's big. I didn't go all in with BAC in my personal portfolio, but close. I've also found something else that I'm really intrigued by and think it could be even better...5-10 bagger in a relatively short period of time. You guys would be surprised! Has risk like anything, but I'm trying to take a big position. What else am I going to do with all of this cash! ;D Cheers!

That response looks similar to the response Buffett gives to anybody who asks if they can work with him or work for him. When I was younger I wrote Buffett a letter asking if I could intern for him and got a similar response. I'm guessing Mohnish asked Buffett something similar since the letter was dated in 1999, which I think is right before Mohnish started his own investing career. He did. Buffett told him that he would be better off doing it on his own. Cheers!

Very nice of him! Much appreciated. Cheers!

Just keep expectations tempered folks. Cheers!

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!