Parsad

We're still small...$6M now. We usually build up the position over a week, and it just keeps increasing as prices fall...we love it when prices fall! We don't add unless the price falls below the last previous buy, and it's a judgement call based on my instincts. Some things are very undervalued, so we go in very hard each buy...like BAC or DELL was. Some things are undervalued, but don't keep falling to distressed levels...like AAPL...so not as hard and we are very patient. A full position is 12-15%, and if it is really, really cheap with a decent margin, we go to 25% of the fund. Nothing in the fund is anywhere near 25% right now, but we have two positions between 12-15%. We are still about 33% cash. Cheers!

Of course it's only because they are releasing loan loss provisions. Because of course when profits are punished due to increased provisioning that's the way it should be. Correct. Remember, they've had spreads tighten on them as well with lower rates, so everything comes around...good and bad. They also have the highest capitalization ratios in decades, so they will be in much better shape to handle changes in the economic cycle. Cheers!

I can't see anything but good news for the banks after the stress tests. I think WFC will increase its dividend again and buy back even more shares. I think BAC will issue at least $7B in dividends and buybacks, while still maintaining the highest Tier 1 Common Equity under Basel III. U.S. Banks will have another record year in 2013. WFC will go over $40 this year, and BAC will go over $15. Cheers!

According to the FDIC, 2nd best year ever for U.S. banks. Cheers! http://www.bloomberg.com/news/2013-02-26/u-s-banks-report-second-best-earnings-ever-in-2012-fdic-says.html?cmpid=yhoo

SD? Yup! Cheers!

Incidentally, you guys are being too hard on Moore. He's premature...that's what she said...I couldn't resist...but not necessarily wrong. When you can't find something, hold cash. When you find something, buy it. We have lots of cash because I couldn't find stuff that I could commit to and liked. But for the last three days, I've been buying alot of one stock...so there you go. Things can change in a hurry in this business...you have to be flexible. Cheers!

One of my favorite lines, from my favorite movie of all time! Notice the quote on my posts. Cheers!

Probably a small server issue and they've rebooted or fixed it. Cheers!

I'm guessing we should start hearing some leaks from the stress test results...maybe even starting the end of this week. BAC hits tangible book very soon! ;D Cheers!

Reminder Folks! Get your tickets purchased for the "Ben Graham 2013 Value Investing Conference" and "Fairfax Financial 8th Annual Shareholder's Dinner". Details are below and tickets are going! Cheers! Wednesday April 10, 2013 Ben Graham Centre's 2013 Value Investing Conference Fairmont Royal York Ballroom Tentatively: 8am-5pm Host: Dr. George Athanassakos, Ben Graham Chair at the Richard Ivey School of Business The value investor panel will include Francis Chou, Tim McElvaine, Robert Robotti and Tom Russo. The morning speaker will be Gary Shilling and the luncheon speaker will be Jeremy Grantham. Complete details for George's event, including conference ticket and registration information, can be found at: http://www.bengrahaminvesting.ca/Outreach/2013_Conference.htm Fairfax Financial 8th Annual Shareholder's Dinner Fairmont Royal York Ballroom 6:30pm-11:00pm Host: Sanjeev Parsad, Founder of "Corner of Berkshire & Fairfax" website 6:30pm - Meet & Greet 7:00pm - Speakers & Dinner 8:30pm - Presentation Guests (from you know where!) We will of course have our usual raffle and silent auction. A wonderful dinner is on the menu, and a cash bar will be open again. Tickets are $150 (including dinner), or $75 (no dinner, water & beverages will be available). Get your tickets soon, as we are going to be running low. Just go to the "Corner of Berkshire & Fairfax" homepage (www.cornerofberkshireandfairfax.ca), and click on the ticket purchase box on the right hand side. All profits from ticket sales, auctions, and raffle will be donated to the "Crohn's & Colitis Foundation of Canada", in memory of Prem Watsa's executive assistant, JoAnn Butler.

LOL! That's funny Alan. Cheers!

That's a million...no, billion dollar question! Maybe Fairfax should have freelanced and hired Preet Brahara to run the suit! ;D At least Prem will probably win in ethical and moral terms, but it would have been nice to bankrupt "Con-hen" and his ilk. Cheers!

Hi Buffett Groupie, You'll have to set up another poll to do that. Geez, you would think an IT guy would figure that out! ;D Cheers!

Hi Farnam, I put it back up. Cheers!

Hi there Farnam, Mohnish and I had no idea that it was from a site. I've removed it. If anyone wants a copy, please purchase it directly from Farnam's blog. They are very good notes. Cheers!

I don't know who transcribed it, but it was sent to me by the fellow mentioned on page 17! :o Great job whoever did it. Cheers!

Hi Folks, Here is a detailed transcript of the Daily Journal Meeting with Munger. Cheers! DJCO_Meeting.pdf

Hi Oddball, Feel free to put the link here, as the book is out of print, and I'm sure people are interested in a resource for small/micro cap stocks. I don't mind links...just don't put the rates, etc, on here. People should go to the site and decide if they want to pay...I don't want anyone to feel we are endorsing someone specific. Cheers!

Andrew, along with David Polonitza, will be presenting at our dinner in Toronto. You guys should ask Andrew to bring the Walkers Manual back...or maybe an online version. Cheers!

Not a whole lot! It was basically me standing in the lobby outside at the Omaha Golf & Country Club, and just noticing Buffett walk in with his security and daughter Susie. I just said "Hi Mr. Buffett, can I get a photo with you? "Sure!" And he shook my hand. I then kind of awkwardly stood there, since my friend John was back inside at the Yellow BRKers Party. "Do you have someone who can take the photo?" Asked Susie? "My friend is inside"..."I can take it for you", she graciously offered. "That would be great! Thanks very much!" And that was it...some more thanks from me...and a "best of luck to you" from Buffett. But it was like a lightning bolt...meeting the guy who brought you this rational framework for investing and life! He then spoke for about 40 minutes at the party. Cheers!

- who was the most surprising person you've ever interviewed ? As in did you have any expectations about certain individuals who blew them out of the park or changed your perception ? It's funny, I never really went into any interview with any preconceived notions. The one amazing thing is that all of them were very nice and personable...even Sardar! ;D Most became very good friends. Larry Sarbit is an awfully funny guy though, so that was one interesting thing. - Who had the most peculiar investment advice you'd ever heard ? Actually the interviews usually had somewhat conventional ideas. The most peculiar idea came from a very good friend of mine and Mohnish's...indirectinvestor! He was interested in buying a pistachio farm outside of Bakersfield, California. It was a great idea, as it's probably gone up 2-3 times in the last two years, but it wasn't your conventional type of idea. - What are the 3 best pieces of advice you've ever gotten ? First was from my father..."You can do whatever you want." Second was from Prem..."Just do it. Whatever money you have or you can raise, start a partnership and build a track record." Third was from my old friend John Zemanovich (lotsofcoke)..."Let me know when you are going to Omaha, and I'll take you to the Yellow BRK'ers Party". That's where I met Buffett the first time, met Mohnish the first time and that trip changed my investing life. I'm sure there was other pieces of great advice over the years, but those come to mind. - What do you love the most about this board ? The comradery, long friendships I've formed, the ability to share ideas and comfort it provides many other people. - What originally attracted you to investing and how do you think that's had an impact on your life & happyness ? My Dad died when I was in my 4th year of university...my Mom was a 37 year old widow and I had to raise my 9-year old brother. I quit school to work, and then realized that I wasn't going to get anywhere working for other people. I started to invest, but was having sporadic luck...Peter Lynch, buy what you know...didn't work! I stumbled across Berkshire's website and read his letters, then Graham. I sold everything and bought Berkshire B's near the bottom in late 1999-early 2000. That changed everything from that day and my happiness has increased 100 fold. It not only improved my life, but my family's and friends. It was the seed that allowed me to create this board, make wonderful new friends, start a partnership with my cousin Alnesh, create our dinner in Toronto, sell a portion of our U.S. partnership to our director and friends Glen & Andrew, assist the CCFC with fundraising...so many good things started from that first Buffett letter I read in late 1998. So many more to come! - In the next 5-10 years where do you see the board going ? I just see it continuing to grow. It's not going to suddenly change into something like the Motley Fool, but it will remain community oriented, relatively small and hopefully will continue to create an atmosphere where investors can change their lives. What better testimonial can we get than Ericopoly buying a fractional Netjets stake when BAC hits $18-20! ;D Cheers!

Thanks very much everyone! It's been my pleasure. I think Ericopoly used the words "life changing" and I'm proof of that! Before I started the board, I was still in a funk 10 years after my father died...I was working to help raise my 9-year old brother with my widowed mother...and this wonderful stock called Berkshire Hathaway popped up on my radar screen. A couple of years later and the original version of this board was started. All the friends I've made...in the industry and outside of it. The wonderful partners that are part of our funds...both still with us and those that have moved to greener pastures. And of course, my comrades who I talk to everyday on this board...debate with, laugh with, and hang out with in one wonderful value investing binge in Toronto! My life is a joy that I never imagined. Cheers!

Poll to see what investor sentiment on this board is like regarding the proxy solicitation against Sandridge Energy and its board of directors. Cheers!

Oh, it will continue as long as I'm alive! I love hanging out with you guys, and I have a blast being able to communicate with so many people. It will continue to evolve at a sloth-like pace, as it has for the last 11 years. I want to maintain a sense of community, so we'll get larger slowly. The boards will continue to be monitored as they have been. I'm still looking at the best ways to make the site mobile. The cheaper and free ways of setting up a site for mobile browsers doesn't work as well with the Simple Machines software and layout. I think it's going to be costly, so it may be a little longer before we do that. I'll let you guys know of any other updates as they happen, if any. Cheers! Out of curiosity have you looked at: http://tapatalk.com/activate_tapatalk.php They have SMF plugin which appears to be free, then users buy the client app from the app store. Thanks Compoundinglife, I'll try that one. I tried 3 other ones, and unfortunately if they are free or cheaper, they don't allow you to really organize the posts in an effective manner, or the appearance was useless. I'll let you know how this one works. Cheers!

Oh, it will continue as long as I'm alive! I love hanging out with you guys, and I have a blast being able to communicate with so many people. It will continue to evolve at a sloth-like pace, as it has for the last 11 years. I want to maintain a sense of community, so we'll get larger slowly. The boards will continue to be monitored as they have been. I'm still looking at the best ways to make the site mobile. The cheaper and free ways of setting up a site for mobile browsers doesn't work as well with the Simple Machines software and layout. I think it's going to be costly, so it may be a little longer before we do that. I'll let you guys know of any other updates as they happen, if any. Cheers!