Parsad

Patrick has finally accepted a salary...$100K! One-third of what each of the other top executives at OSTK receive. I'm guessing that shareholders of OSTK won't exercise their future "Say on Pay" rights. ;D Cheers! http://www.sec.gov/Archives/edgar/data/1130713/000110465911002876/a11-4596_18k.htm

I apologize. Peter was suffering from "Fragile X", the symptoms of which are similiar to Parkinsons. Cheers!

More lawsuits alledging fraud at Countrywide. The same sort of suits should be brought against New Century and Indymac as well. Cheers! http://money.msn.com/business-news/article.aspx?feed=AP&data-ipsquote-timestamp=20110125&id=12815642

About friggin' time! Cheers! http://www.bloomberg.com/news/2011-01-25/sec-considers-letting-shareholders-vote-on-pay-packages-for-top-executives.html

I believe he was suffering from Alzheimers in the last couple of years as well, if I'm not mistaken. He influenced alot of investment managers. One of the deans of the value-investing community...sort of on par with Walter Schloss in my opinion. Cheers!

We're out of Red Robin at the moment. We put the capital to work in some other ideas that came our way that were cheaper. We would go back in if it came down some more. Cheers!

Letter to the board of directors from Patrick Walsh of Oakstreet Capital, who controls 13.3% of the stock: http://finance.yahoo.com/news/Oak-Street-Capital-Management-bw-3706028799.html?x=0&.v=1 Letter back from the board: http://finance.yahoo.com/news/Red-Robin-Gourmet-Burgers-bw-2417801942.html?x=0&.v=1 This should get interesting! Cheers!

What an amazing career and what a great investor! Cheers!

The only regret I have, is that we sold a good chunk of our Chanticleer shares through the last part of the year to realize the long-term tax losses. It was the only investment we had with long-term losses that could offset all of the long-term gains we had from our sale earlier in the year of Biglari Holdings. We planned on buying back our shares in the New Year, but because of the 30-day wash rule, we couldn't. And now, as soon as this announcement came out, we have no chance of getting back in anywhere near the same price. C'est la vie! I'm just happy it worked out in the end for Chanticleer. Cheers!

I cannot comment. I'm sure things will be disclosed as time goes by. It's just great news for Mike, who has worked very hard to get this done, while making sure Chanticleer stayed afloat over the last couple of years. The coolest thing is that Robert Brooks wishes in making Hooters a strong brand, with as strong a balance sheet, will be executed going forward. And it couldn't have happened to a more decent group of guys. Some of you have met Joe Koster and Matt Miller over the years in Omaha, etc, and I think you'll agree Mike picked two great guys to lead the investment side at Chanticleer. Cheers!

I remember someone at the AGM in Chicago asking him, that with all of his new responsibilities (Dakshana, etc), did he have enough time to run the fund properly. His response in a slow, reflective, honest exchange somewhat paraphrased as I can't remember it verbatim..."well there is my family and the children, and then Dakshana, my writing...much of the rest of my waking hours is spent running the fund...in there somwhere I squeeze in exercise and my nap!" I couldn't stop laughing! Cheers!

Short, but very funny speech by Ariana Huffington, on the power of sleep. The ladies on our board will really enjoy this speech! I get 7-8 hours a night, and I'm better for it! ;D Cheers!

It's been a long struggle, but congratulations to Mike Pruitt and his entire team at Chanticleer in getting this deal done. Alot of people said it would never happen...guess what! Good job guys! Cheers! http://www.bizjournals.com/atlanta/news/2011/01/24/hooters-changes-hands.html

Boys, some of my best thinking goes on in there. My legs go numb due to my reading newspapers and 10-K's in there! ;D Thus the reason I don't get an iPad. I wouldn't want to take it in there. And Bronco, you take your iPhone in there with you? Really...really? Cheers!

Unfortunately, I believe the short positions caught up with Peter and the fund was closed to new investors. He is now just running his money and family money. It's too bad, as he's a terrific guy. He's working on his Ph.D. and has become a father. Best of luck to him! Cheers!

Why does David Einhorn call Fairfax a "questionable company" at page 355 of his updated book? Probably for the same reason some people call David Einhorn a "questionable investor". In his updated book, did he discuss New Century? Cheers!

Judging by 13f-hr filings between 11/08 and 11/09, Buffett put a lot of pressure on Simpson to raise cash by selling deeply undervalued shares. At least, that's what I assume because Simpson was doing things like selling Carmax at 11-13 times 2007 earnings. In addition he seems to have been excluded from consideration for the management of holding company assets. The argument that Simpson is too close in age to Buffett and Munger implies no confidence in Simpson's ability to select a replacement. Simpson slammed into the glass ceiling and even (probably) lost his historical autonomy. Could be a possibility, as Simpson's protege who I met at the Pabrai Funds AGM, has/is opened/ing his own fund in Chicago. Although I'm guessing this is really about Simpson retiring, being bored, and then deciding he wanted to keep busy. Cheers!

Almost like Brett Favre, Lou Simpson was retired for a few days and then decided he'd had enough! He's opening his own shop with his wife that will have about $150-200M to start. Thanks to Keith for sending me the info! Cheers! http://www.bloomberg.com/news/2011-01-21/buffett-stock-picker-simpson-opens-florida-firm-after-retiring-from-geico.html

Hi Folks, That's it! We're sold out. I will take names for a waiting list if there are cancellations. What I may also do, if possible, is set up a standing room only area towards the back of the room where we may be able to get a few people in. You won't be able to join for dinner, but you could attend the presentation. Unfortunately, for those standing room only guests, I would set the ticket price at $35 and all of that would go to "The Crohn's & Colitis Foundation of Canada" in JoAnn's name. Cheers and thanks for everybody's support!

I think Gaynor & Company like the money management business (high returns, very low capital expenditures), and if you can find a good horse...well! ;D Cheers!

Looks like Markel is backing them partly. Cheers!

Hi Folks, That's it! We're sold out. I will take names for a waiting list if there are cancellations. What I may also do, if possible, is set up a standing room only area towards the back of the room where we may be able to get a few people in. You won't be able to join for dinner, but you could attend the presentation. Unfortunately, for those standing room only guests, I would set the ticket price at $35 and all of that would go to "The Crohn's & Colitis Foundation of Canada" in JoAnn's name. Cheers and thanks for everybody's support!

One spot left! Who will be the lucky one? ;D Cheers!

Here's an article on Greg Abel, who is David Sokol's right hand man. He's a possible successor for the CEO position at Berkshire in the future. Cheers! http://money.cnn.com/2011/01/18/news/companies/greg_abel_berkshire.fortune/index.htm?source=yahoo_quote

Ok folks, I have room for exactly three more people. That's it! First come, first serve. Cheers!